Data Design Diversity - RSG Consulting
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2021 Interwoven Evolutions in the practice of law Data Design Diversity We hear a lot about innovation in the business of law. But for most law firms, this still means innovation in the delivery of legal services. Little is written about how the practice of law is changing. RSG’s research over the past three years reveals significant changes in the practice of law: from digitising clients to non-legal fee-earners in law firms. However, not all law firms are ready to make these changes. Only 19% of partners in major law firms feel confident they understand the digital economy and its implications for the practice of law. This report sets out what clients need, the state of play in the profession and the SIX ways law firms need to evolve.
Interwoven REPORT 2021 The practice of law is not The complex problems faced by multinationals do not have legal keeping up with client changes practice area name tags. In-house legal functions have jumped ahead in using cognitively diverse teams, and how they pool expertise and How many lawyers think of Be knowledge. We see this in many significant legal purchasers such as AB- InBev, Google, Pfizer and Deutsche Bank. But when partners predicted multi-faceted their cars as iPhones? the biggest changes to their practices over the next three years, the most common answer was virtual working. Design thinking caught on quickly in the profession. But Digital is more than using its main application over the technology better. But past four years has been to for many lawyers, their streamline legal processes understanding of its implications ends there. Half and make documents look Be Be the partners surveyed in 2020 pretty. It is only now being applied to legal content and usable digital counted video conferencing its most effective users are as automation. Only 13% of in-house lawyers. Only 13% law firms have a data strategy of the 500 legal expertise that sees the value of using submissions received into Clients want their client and third-party data to enhance their advice to clients. the FT report in 2020, where firms put forward their lawyers to: flagship legal solutions for clients, involved design thinking. The pandemic accelerated business model changes for many companies such as General Whilst companies such as Unilever can Be Be Motors. But only 6% of partners said that report doing business up to 40% faster client changes will impact the practice of law (through streamlining contracting times) fast future-ready in the next few years. GM now likes to say it only 14% of law firms said that they use data moves at “ventilator-speed,” as it reimagines to provide time and cost savings for clients. its product and go-to market strategy, such as seeing cars as moving iPhones.
Interwoven REPORT 2021 TO FROM BRINGING THE ‘WHOLE’ WORKING IN SILOES FIRM TO CLIENTS Firms need to evolve on six FROM TO TOPIC-BASED, PRACTICE AREA fronts APPROACHES COMMUNITIES OF EXPERTISE This image identifies the TO six evolutions we see are FROM DATA ENHANCED necessary for law firms to INTUITION AND KNOWLEDGE keep pace with clients and JUDGEMENT the market. Many firms have already begun their journeys and are at various stages. FROM TO Underpinning the six evolutions BEING A SERVICE A FIRM THAT DELIVERS are what RSG is calling ‘the BUSINESS EXPERIENCES three Ds’. Firms need to become more proficient in: collecting and using data, TO leading with a design-thinking FROM INCLUSIVE FEE-EARNING mindset, and prioritising NON-LAWYERS BEING TEAMS OF KNOWLEDGE diverse viewpoints to solve OUTSIDE THE TEAM PROFESSIONALS complex client problems. TO FROM COLLABORATING WITH COMPETING WITH PEERS ON CLIENT-LED PEER LAW FIRMS PLATFORMS
Interwoven REPORT 2021 The evidence About the RSG Interwoven Report 2021 Timeframe: 2018-2021 Four key stakeholder groups, globally: Based on the research for all our projects in the last three years, the RSG team decided to bring survey data, case studies and insights from thousands of interviews together 1 2 3 4 to sum up the changes we see to the practice of law. For more information Private practice law Corporations: CEOs, Law companies, legal Academia, non- profits, professional n To purchase the full Interwoven report, contact RSG firms: partners, c-suite CTOs, CIOs, CFOs, technology firms, big peer organisations, Consulting. The report consists of a 35-slide deck, which business professionals, COOs, general four firms, consulting bar associations etc. covers in analytical detail the changing client demands leadership teams counsel, deputy GCs, firms: CEOs, CTOs, and the shifts law firms need to make to meet them, legal operational Partners, CMOs, 100+ long-form with global case studies and survey data to inform future 2600 Interviews professionals product designers interviews and access strategic discussions. 600 Surveyed 2250 Interviews 400 Interviews to research studies n RSG would be happy to customise the report for law 3500 Case Studies 250 Surveyed 300 Case Studies firms in interactive workshop sessions, designed to help 750 Case Studies law firm leaders and other key internal stakeholders think deeply and differently about where the practice of law is headed. n To find out more, please email mary.ormerod@rsgconsulting.com Image from the series Interwoven, Unidentified 18, 2017 © Kyle Meyer, Courtesy Yossi Milo Gallery, New York
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