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The Legal Services Act creates the ability for law firms to not only go public for the first time but also to raise funds externally. With the current market conditions many are understandibly nervous about expansion but few realise the importance of IT and workflow in particular in being able to enable and create competitive advantage.
Many firms have underinvested in IT over the years and working practices have been largely unchanged in spite of the promise of automation and the paperless office. Clients are now however demanding better visibility of what their panel firms are doing and this in turn exposes those firms without the ability to provide timely and accurate management information. Some firms are finding that their clients have invested in web based tools and that they now need to integrate to these tools in order to comply as suppliers.
The outsourcing of support functions, or not, is also a hot topic in the sector and many find that this requires careful consideration because using external providers may not be right for every firm. Of particular concern is the sharing of sensitive client data as well as the changes involved in working practices.
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