The top 3 Challenges facing Law firms and how to solve them.
Legal Industry Trends 2023 – The Great Resignation
This blog post was written by Adam Harbon.
According to an legal industry trends report from Clio, three of the top challenges Legal firms will face in 2023 are:
- Lawyers experiencing the “Great Resignation” trend.
- The increased adoption of remote work, providing flexibility but also causing work-life balance issues.
- The impact of inflation and a potential recession.
Having spent just over a month at Skore and spoken with numerous legal firms in the past few months, I have already witnessed these challenges and agree with the Clio report.
This is the first of a series of blogs from Skore looking at the opportunities for Process Optimisation within legal firms. I’ll focus on the potential implications of implementing a dynamic, insightful and engaging process platform as a way to combat the above issues.
In this first blog let’s examine the Impact of the Great Resignation. Having spoken with a Top 25 UK based legal firm three weeks ago, I was walked through a challenge they were facing with retaining top undergraduate talent, this is not unusual. Unfortunately lots of processes related to client matters within legal firms can be highly complex. The firm was struggling to keep top talent as initially new starters were placed on mundane client work where the processes are unclear or undocumented. In this situation the processes are disparate and split across multiple systems (Visio, PowerPoint, Excel) and some even on paper. These poorly documented processes led to lack of engagement and frustration and contributed to this firm losing top talent to their competition.
If you consider the cost of hiring and sourcing top undergraduate talent, to lose them to the competition in under 12 months means there is a huge loss associated with this challenge. Let alone the time wasted onboarding and cultivating skills and talent for your firm.
Skore addresses this challenge by ensuring process standardisation. Starting with common client matter processes that are easy to map and document on the platform, the overall goal is to create a legal process library for the firm. This process library, easy to update and share with new talent, provides a constant reference and support to any new talent joining your team and helps you understand where your bottlenecks or frustrations may lie.
If you’d like to know more about how Skore is helping legal firms or for a summary of the potential you could recognise from implementing Skore or have any feedback on this blog, please comment or contact me: [email protected]
Read on to explore Adam’s next blog in the series – The Increased Adoption of Remote Working