Since January 2022, there has been a hive of merger and acquisition activity in the legal sector. The SRA states that between June 2022 and May 2023, 404 law firms opened their doors, and between April 2022 and March 2023, 579 firms had closed. This flurry of activity demonstrates the intensity of M&A in the legal market, as firms have merged, divested, and changed status. Some firms, a surprising 54%, have closed their doors and a leading factor is likely market forces and the challenges with ensuring profitability in a modern legal practice.
This trend is only likely to continue as the economic uncertainty and high inflation rates persist. Economic factors may lead more law firms to consider mergers, resizing, or restructuring, as costs and profitability are top of mind for law firm leaders.
- Topic:
- Legal
In today’s world, the term ‘digital transformation’ has become a buzzword for many industries. The legal industry is no exception. Small-sized law firms may have reservations about the implementation of digital transformation. However, as we move further into the digital age, it is becoming increasingly evident that digitisation may be the key to ensuring the success and longevity of small-sized law firms.
In this blog, we will discuss the benefits and challenges of for small-sized law firms and provide some statistics that may help you in the decision-making process, when it comes to progressing and standing out from the competition.
- Topic:
- Legal
Small and medium-sized law firms nationwide often need help managing their cases effectively in today's competitive legal environment. Streamlining case management procedures to guarantee maximum productivity and profitability is essential for survival, growth, and expansion.
In this blog post, we'll look at some useful tactics and resources SME law firms may use to improve their case management processes. We will examine practical actions to help these businesses maximise their productivity and provide great customer service, from task delegation and workflow optimisation to time monitoring and cost-effective technological solutions.
- Topic:
- Legal
As the saying goes, time is money, and this statement holds especially true for law firms. The legal industry is extremely time-sensitive, and every minute matters when it comes to delivering quality legal services to clients. A key factor for industry success must be leveraging technology to streamline legal case management. With the right strategies for legal technology adoption and implementation, medium-sized law firms can increase efficiency, reduce paperwork and human error, and ultimately, deliver better results to their clients.
This blog will explore the best practices for streamlining legal case management in medium-sized law firms.
- Topic:
- Legal
In today’s fast-paced legal landscape, law firms must leverage technology to stay competitive, streamline operations and enhance client service. With over 62% of the industry citing direct competition as the biggest threat to their firm within the next 12 months, it’s becoming more and more compelling for law firms to embrace technology to seek that competitive advantage.
However, with the ever-evolving legal tech ecosystem, it can be challenging for law firms to assess their existing software infrastructure, identify areas for improvement, and navigate the complex realm of legal technology. That’s where Access Legal’s revolutionary tech stack audits come into play.
This blog post will explore how these audits can empower law firms to optimise their existing technology systems, enhancing efficiency and pave the way for greater success.
- Topic:
- Legal
Welcome, fellow legal enthusiasts and law tech aficionados! Today’s blog from Access Legal, delves into the captivating realms of law firm technology and in particular it shines a spotlight on the crucial topic: data privacy.
- Topic:
- Legal
Compliance with the Money Laundering Regulations has remained a top priority for the government and regulators, with HM Revenue & Customs taking action against many estate agents for basic compliance breaches, and the Solicitors Regulation Authority (SRA) taking action against a number of law firms and solicitors for AML related breaches, for example:
- Topic:
- Legal
There have been many goings-on in the world of menopause at work since our last blog on this topic.
We recently had the pleasure of attending the Henpicked: Menopause in the Workplace roadshow, ‘Developing a Menopause Friendly Strategy.’ The event was brimming with engaging and empowering sessions and plenty of practical tips on how employers can become more menopause friendly. It struck us that much of the advice given can be applied in law firms.
With this in mind, below we share an overview of the sessions and our key takeaways…
- Topic:
- Legal
The Access Legal team has many man-years of experience working with law firms. Some of our people have been in the sector for 3+ decades. Over the years, we have worked with all kinds of firms offering a wide range of legal services to private clients as well as commercial.
We have learned enough to know that no two firms’ needs are ever exactly the same, and that the complexities of different areas of law apply whether the firm is large or small. There is no carte blanche rule that says large firms handle high-volume caseloads that are all complex, and small firms handle fewer cases that are less complex. It simply doesn’t work like that. The importance of a robust and efficient case management is key for firms of all sizes. However, there are a few considerations for the larger firm should be looking for when searching for new legal case management software.
- Topic:
- Legal
A Book Review – ‘Tomorrow’s Lawyer’ by Professor Richard Susskind OBE
Third Edition, Published on 7-2-23
Reflecting on the new edition of Richard Susskind’s book “Tomorrow’s Lawyer” many of my colleagues at Access Legal and our law firm customers are debating and asking what the law firm of the future will look like, and particularly what role technology will play.
- Topic:
- Legal
