Legal Services – an industry worth nearly £1bn in annual spend. A service sector steeped in precedent and tradition, the top 200 global law firms have looked and acted much in the same way for the last 50 years. But with cloud technologies, data and analytical platforms, change is afoot. How law firms are adapting to changing client requirements, to provision of digital services, and to new ways of winning and doing business, is very much in flux. Who will be the new sector leaders and what is driving their success is evolving.
Thomson Reuters has the ambition to be the leading provider of legal services support tools. With a pipeline of new products, platforms and services in development, the global large law team wanted to know: what is going on, how are our clients thinking about changes and where is this wave of change likely heading? Would all firms adopt these new tools and ways of working, or would the traditional firms remain much the same? Venturebright were asked to gaze into the future and predict what global large law firms would look like 10 years from now.
We implemented the playbook with both the global large law sales and product development teams and have rolled out a digital market tracker to help the organisation stay on top of changes.