The 2020 Wolters Kluwer Future Ready Lawyer Survey (of 700 legal professionals across the U.S. and Europe) found that the increasing importance of Legal Technology is the top trend for 76% of respondents – across Europe and the U.S., and across law firms, corporate legal departments and business services firms.
Commentary on the survey
The Top 5 reasons cited as to why a client might leave your firm are:
- The client no longer trusts your firm can meet their needs,
- Your firm doesn’t specialise in the area of law needed by the client,
- Your firm failed to communicate its value proposition properly,
- Your firm did not demonstrate efficiency and productivity, and
- Your firm’s leverage was/is all wrong.
“demonstrate efficiency to your client”
“Moreover, while 79% of the clients said it was important to them that their law firms demonstrate efficiency and productivity was important, only 28% said their law firms can demonstrate that right now. Here’s one reason that’s so. To the lawyers, it’s all about price. Understanding client needs and specialization is not as important.”