A new decade in law practice has just begun. This also means that there will be new trends to watch out for. These trends will redefine the way law firms are operating. It can deliver a wide array of benefits, including better customer service and profitability, among others.
- Increased Demand
It is expected that in 2020, there will be a higher demand for legal services. Law firms should find ways to meet this growth in demand. One of the best ways to do this is to use a law practice management software, such as Rocket Matter.
- Investments will Pour In
In one report from Forbes, the author notes that legal industry investment is poised to get bigger in 2020 and the coming years. From private equity to venture capital, it is not surprising that we will see more entrepreneurs investing their money in the legal sector. We can also attribute this to the anticipated increase in demand, which shows that law is good business.
- Outsourcing Legal Services
This is still related to the expected growth of the legal business in 2020. Since law firms have to keep up while also managing their costs, it is expected that some firms will resort to outsourcing. This way, there is no need to have in-house talent for the services that can be outsourced.
- Rise of Digital Marketing
While digital marketing has been one of the biggest trends in recent years, it is expected that it will grow bigger in 2020. Law firms will be investing more in their digital marketing strategies. From social media to email marketing, it is expected that lawyers will tap online platforms to reach their target market.
- Limiting Billable Hours
This 2020, it is expected that there will be limits imposed in billable hours. This is important to improve the productivity of lawyers. It will also help in promoting a better work-life balance. It will make work less stressful. The challenge is to do this without compromising the firm’s profitability.
- Going Green
It is also anticipated that law firms will be more sustainable in the coming years. One way to do this is to reduce dependence on paper. For instance, with legal billing software, firms can send invoices online. There is no need to print them. Cloud technologies can also help manage documents better without relying on print. This is not only good for the environment but also helps improve collaboration, communication, and profitability, among others.
- The Growth of E-Discovery
With the recent amendments in the Federal Rules of Civil Procedure, information stored electronically can now be discoverable. This changes the way law firms are gathering evidence. Through electronic discovery, the process can be faster and more cost-effective. It minimizes the need to depend on thousands of pages of paper to search for any information relevant to a case.
2020 is going to be a big year for law firms! From a growing demand to going green, there are many trends to watch out for!