With the arrival of alternative business structures (ABSs) comes increased competition for traditional and smaller law firms who may find the new legal arena a more challenging marketplace to operate.
It’s not all plain sailing for ABSs either. Whether your company takes the form of a merged set-up, you’re a retail organisation entering the legal profession for the first time or you’re reviewing the different funding options available, you face many of the same pressures… and more.
Like all legal practices, you have concerns around risk management to achieve compliance, the need to reduce costs in order to lower fees whilst at the same time improving service quality, performing targeted marketing activity for lead generation purposes, attracting and retaining the best talent.
As a potentially new entrant, you may also have a process of familiarisation ahead within the new marketplace, and securing work could be difficult as you need to inform the world about your expanded portfolio and persuade the trialling of your services.
IT and outsourcing services are essential to your successful performance. With the right software installed and back office support, you can streamline processes to drive down costs, customise according to your needs, liberate lawyers from tasks other than vital fee earning activity, and provide real business intelligence to measure, forecast and plan ahead.