Advantages of working with midsize law firms
According to a White Paper with the title “HOW TECHNOLOGY LEVELS THE PLAYING FIELD FOR MIDSIZE LAW FIRMS. Forward-Looking Firms Can Compete for Biglaw Business” published by Thomson Reuters, there are various benefits of working with midsize law firms, which corporate clients are beginning to take notice of.
There is a trend towards relying on outside counsel firms, with an increase of 43 percent for legal departments, according to the Thomson Reuters Legal Executive Institute and Peer Monitor 2019 Report on the State of the Legal Market: A View from the Midsize Firms, which gives well-prepared midsize firms a chance to win important new businesses as clients.
One of the “midsize advantages” Thomson Reuters talk about in their White Paper is the personal attention that is provided by midsize law firms and valued by their clients. Furthermore, the firms´ commitment to innovation is crucial, as it brings a number of benefits, such as agility, specialized expertise, technology investment and adoption, efficiency and cost-effectiveness.
Having the right technology solution is very important for gaining and maintaining clients, especially for midsize firms who want to compete for larger clients´ business. Thus, it is crucial to prioritize tech investments, because investing in the right technology can help law firms to work faster and more effectively, making them more price-competitive.
Successful law firms are mostly increasing their technology investments in the categories efficiency, predictability and transparency, which are the principal needs of most clients. Also, solutions that support greater visibility for the firm, as well as higher quality work, are valued by clients.
As to Thomson Reuters, “there has never been a better time to compete” for midsize firms, as today´s clients are searching for the best results for best value, and preferring firms with the right expertise rather than a prestigious name. Innovation is a crucial factor, with technology playing an important role for midsize law firms in order to be able to compete with bigger ones.