Compliance has become Australia’s fastest growing sector and is currently worth $250 billion a year according to the business unit of the CSIRO known as Data61.
Law firms have mostly been scratching the surface of this opportunity by providing the high level advices that law firms traditionally provide. Change is happening and 2018 may become the year of going vertical.
You may hear the objection that law firms don’t get involved in their clients’ operational issues. That may still be a widely held belief but not one held by a couple of big name professional services organisations such as PWC and Norton Rose.
Towards the end of last year, Norton Rose launched fixed price data privacy compliance packages. At the time, most of the attention was diverted to the chatbot that was part of the launch. The solution is not going to solve every data privacy problem of every organisation but it does highlight a vertical move by a top tier law firm.
PWC is being even more explicit about going vertical, with its slogan: “Solving complex problems from strategy through to execution.”
Data61 is CSIRO’s division that is developing what it calls “Regulation as a Platform”. It is an open data framework which can be accessed using an API.
Law firms have the opportunity to help with their clients’ legal and compliance challenges at a much more operational level thanks to Data61 and other technology. PWC has been an early adopter with its Paid Right service:
With the aid of developments in technology, for law firms, 2018 may become the year of going vertical.
© 2018 Legal Practice Intelligence