Adapt, survive, thrive - Why it’s time the legal sector changed
Every day we read that markets are changing which means companies are changing too. After all, how else would businesses continue to compete if they failed to adopt new and improved ways of operating?
Early adopters are those that recognise the need for change or predict an upcoming trend and adapt before their competitors do. From AI assistants to meat-free burgers to new-wave nuclear power, each of these industries have been identified by Bill Gates and MIT as upcoming early-adopters, making them the next big innovators.
Yet, with such impressive innovation in all these other sectors, why is it taking so long for the legal sector to adapt?
Bill Gates. Getty Images
The Formation of an Evolutionary Gap
The Legal Services Act 2007 ushered in the possibility of real change to how legal work was done, but since then the legal sector hasn’t really changed all that much. In a world where fax machines and paper documents exist, the legal industry remains resistant to change. As a result an evolutionary gap is opening as other industries adapt and advance.
To law firms and partners, change brings with it risk, which is something that many throughout the legal sector seek to avoid. Yet, it’s this natural risk-aversion that puts them in the riskiest position of all. The mindset that traditional methods have got them this far is what stops them from progressing any further, as they fail to see change as one step forwards and not two steps back. But as times change so do client needs and so should the ways in which we operate.
Bridging the Gap
The Legal Standards Board is pushing for change in the legal sector with its recent consultation paper outlining how it hopes to ‘create a more diverse legal services sector that is trusted by everyone and build a market that supports innovation and commands public confidence.’ Since the regulator of regulators can’t make that happen alone, it’s time for law firms to adapt if they want the legal sector to not just survive but thrive.
This is where Bamboo steps in.
Responding to the intentions of the Legal Standards Board, the Bamboo platform provides lawyers with a foundation to build their own practices upon.
As a law firm operating system, we enable lawyers to set up an SRA regulated law firm without the hassle of running the back-office processes. By covering everything from regulation and insurance to legal cashiering and SRA audits, we enable lawyers to take back control of the services they offer, allowing them full flexibility in their work. In replacing the traditional model of a corporate law firm with one that is flexible and customisable, we believe the needs of our lawyers and their clients can be more effectively met.
If you’re interested in becoming an early adopter in a changing legal sector, join the Bamboo platform.