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
According to a poll we carried out during our recent webinar nearly 50% of attendees said they were not aware of everything the Compliance Officer for Legal Practice (COLP) role encompassed when they volunteered for it; 45% said they were not confident that they were carrying out the COLP role effectively now taking into account what we had covered during the webinar!
- 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
Mobile apps first became prevalent in 2008, with the launch of Apple's App Store for the iPhone. The App Store allowed developers to create and distribute mobile apps for the iPhone, making it easier for users to discover and download new applications. Prior to this, mobile apps were mostly limited to pre-installed software or basic games that came with mobile phones. The introduction of the App Store and the subsequent release of Google's Android Market (now known as Google Play) in 2009 marked the beginning of a new era for mobile apps. This led to a surge in mobile app development, with developers creating a wide range of applications for various purposes, such as entertainment, social networking, productivity, and gaming. Since then, mobile apps have become an integral part of our daily lives, and the mobile app industry has continued to grow and evolve with many new tools emerging for both our private lives as well as our business lives.
- 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
As part of the SRA’s approach to equality, diversity and inclusion all firms, regardless of size, are required to report and publish diversity data regarding the make-up of their workforce every two years. The SRA provide a template question set that all employees should have the opportunity to answer. In this article, we’ll provide all the details you need to know and how you can quickly and easily complete the survey with no need for printed surveys, collection boxes, or invasive technology.
- Topic:
- Legal
