P2P

29 I L T A N E T . O R G innovation, real change is tough. It just is. And it's exacerbated by the difficulty of establishing mutually agreed-upon metrics to measure the success of new initiatives that may not always be apparent in the immediate bottom line. When law firm leaders first embark on the path to cultural change, the results will be incremental. There will be difficulties as the culture reshapes for the future. And without a doubt, there will be an exodus of those for whom the new ideas are not a good fit. But over time, trust builds, new ideas emerge, and an openness grows in how to engage with each other and clients in more transformative ways. There will be more dialogue, more questioning, and more "what if" conversations. The collaborative environment required to fuel these new business methods will stimulate a more engaging internal culture and better talent will seek you out. In this post-pandemic pattern, these innovative law firms are starting to work with alternative legal service providers (ALSPs) more strategically, leaning on each other's strengths to transform operations. Legacy cost centers have been replaced with specialist external service providers. And well-chosen technology is hailed as a path to well-being, rather than a threat to a person's search for meaning in a billable hour The game law firms must play now to stay relevant is far past any strategy that requires the players to sit at a desk in a building to win. Understanding the modern client The client today experiences life through a much more holistic lens than even five years ago. The interconnectedness between real-time information, instant gratification, and individual choice permeates every decision, regardless of B2B or B2C. We live in a fluid, evolving, information-driven economy, and expectations of every industry – including legal – must adapt to this new world. Technology is driving the modern client's buying decisions and will continue to do so. Companies like Amazon have already entered the legal industry, powered with more data to understand how people make buying decisions, more leverage to lower prices, and more incentive to do so than any law firm. The change is already underway, and the bar for innovation is rising. Those law firms who can stay closely aligned to the values of their clients, and employees, will win. The time for change is now There is no question that the professional skills of lawyers are specialized and hard won. But within traditional firms, the environment can be dramatically improved by embracing a cultural shift that focuses on innovation for human benefit. ILTA Leigh Vickery is Chief Strategy and Innovation Officer at Level Legal, a provider of data-driven legal services for law firms and Fortune 1000 companies specializing in compliance, privacy, investigations and litigation.

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