Law firm leaders say technology continues to disrupt market

SYDNEY - The global legal industry is at tipping point as firms struggle to keep up with advancements in technology that continue to disrupt the market, according to a report by accountancy and business advisory firm BDO. The BDO Law Firm Leaders Survey  polled managing partners and senior partners of 50 national and international law firms in the UK, 98% of whom said the pace of change in the legal industry, driven mostly by the impact of technology, is a real cause for concern.

Tony Young, Partner in Business Services at BDO Australia, said that although the survey was undertaken in the UK, it captures the sentiment of global law firms, many of whom have a footprint in the local market.
 “Technology and changing client demands are causing law firms to reconsider how legal services are delivered,” he said.
 “The question to ask is if it’s feasible for them to continue to provide legal services in the same way they have done for decades.
 “Law firm leaders must accept that if they want to maintain competitive advantage they will need to be much bolder in their approach to overcome these disruptive market changes.” 
 The report indicates that a new period of disruptive market challenges will dominate the sector during the next five years. It is available at https://www.bdo.co.uk/en-gb/law-firm-leadership-series-2017/overview (ATI).