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Created: 11/01/2018, 10:43PM From: James Levington www.leap.co.uk 0843 713 0135 | [email protected] 02 LEGAL INNOVATION RACONTEUR.NET 03 MID-TIER LAW FIRMS LEGAL INNOVATION Tech can save the Distributed in squeezed middle Published in association with Technology can be the lifeline to rescue middle-ranking law firms, facing increased competition and squeezed profit margins Event partner CONTRIBUTORS DAN HAYES partnerships with legal tech com- panies and raise awareness of their ith the recent cine- potential among the firm’s staff. CATHERINE BAKSI MARTIN BARROW matic successes of This programme contributed to its Former barrister and Former news editor, Churchill, Dunkirk winning the award for the Best Use Law Society Gazette foreign news editor and Images Maskot/Getty reporter, she is a business news editor at and Darkest Hour, the of Technology at last year’s British freelance journalist The Times, he is now a Wyear 1940 appears to be very much Legal Awards. writing for a broad range freelance writer. in vogue. Mishcon recently invested in two of law titles. The legal profession may be fol- of the six firms that were part of lowing the trend, it seems, with MDR LAB, Everchron, a litigation DAVID BENADY DAN HAYES a recent Thomson Reuters report management software outfit, and Specialist writer on Legal affairs journalist, technology, marketing, he has worked for The comparing law firms’ attitudes to Ping, whose product automates advertising and media, Law Society Gazette and change with that of the creators of timekeeping for lawyers. he contributes to national The Global Legal Post. the Maginot Line, France’s suppos- Nick West, Mishcon’s chief tech- newspapers and business edly impregnable Second World War nology officer, says: “We’re not publications. defence structure that proved rap- a venture capital firm; we’re not idly obsolete when faced with the investing money for the sake of it, BEN ROSSI SOORAJ SHAH German Wehrmacht’s Blitzkrieg but by investing we not only stand Editorial director at Contributing editor at Vitesse Media, and New Statesman Tech, and paratroopers. the chance of financial upside, but formerly editor of he regularly writes for Entitled the 2018 Report on the we get to be more influential about Information Age and Computing, IT Pro and a State of the Legal Market the pub- how the companies develop over the Computer News Middle number of other business lication, produced in conjunction next year or two.” East, he writes for technology publications. with Georgetown University in the A similar approach can be national newspapers and business publications. United States, warns: “Flat demand seen at Cambridge-based Taylor for law firm services, declining Vinters, which in recent years has profit margins, weakening collec- tancy Jomati. “A lot of clients a good service, have a good client partnered with artificial intelli- SHARON tions, falling productivity, and loss understand they have considerable base and offer a good understanding gence-focused startups Pekama THIRUCHELVAM of market share to alternative legal buying power and one of the chal- of a client’s business then they have and ThoughtRiver. At the same Writer specialising in culture and innovation, service providers and others are lenges facing the mid-tier is the some great opportunities. But you time, it has sold off other elements she has contributed to gradually undermining the founda- panel-type process [of choosing don’t get that by accident. You have of its business, such as regional real The Independent, i-D, Vice tions of firm profitability.” advisers],” he says. “This is squeez- to work hard at it and demonstrate estate, that were deemed a distrac- and Forbes. In the face of such challenges ing firms out of the higher-end it,” says Mr Williams. tion from core aims. many mid-tier outfits are finding corporate work from the FTSE 100 Firms’ approach to technology is The firm’s managing partner, Ed themselves in a particularly exposed organisations and their subsidiar- likely to be key to this process, adds Turner, explains: “Assuming it’s an position, says law firm strategy con- ies. While those companies weren’t Mr Tromans. “Tech is going to become accepted proposition that funda- sultant Richard Tromans. necessarily ever a big area for them, a differentiator. If a firm gets its strat- mental change is going to be neces- “The well-known economic argu- they could be relevant in certain egy right in this area then it will gain a sary, it’s important to understand ment of get big, get niche or get out offices and certain locations.” competitive advantage,” he says. the purpose of your organisation Publishing manager Head of production is partially true, but it’s more compli- While Mr Williams acknowledges “It’s not just about clients pushing and why there’s a need for it in the Elaine Zhao Justyna O'Connell cated than that. This isn’t necessar- mid-tier niche firms might emerge down on fees and firms introducing future. Having a clear understand- Production editor Digital content executive ily about the size of a firm’s revenue,” successful from a panel process, automation to deal with that. Tech- ing of that is absolutely essential, Benjamin Chiou Elise Ngobi he says. “The organisations that are he suggests less-focused firms are nology can also create new value in particularly in the mid-market.” likely to be most under pressure are being increasingly sidelined. He the legal services market. The big- For Taylor Vinters, the focus is now Managing editor Design those that are handling day-to-day says: “Every time you see a panel gest risk to the mid-tier is underes- on entrepreneurship and innova- Peter Archer Samuele Motta Grant Chapman legal tasks, such as employment, real announcement, and the firms that timating the importance of compet- tion, with tech partnering an impor- Kellie Jerrard estate, IP and trademark, for medi- get on that panel, it’s not the mid- itive issues such as these.” tant part of the firm’s offering. um-sized and upwards corporates.” tier firms.” One firm that is forging ahead on Mr Turner says: “It’s brought some Mr Tromans points to a legal He believes such firms need to take the technological innovation front intangible benefits, such as cultural market in a state of flux, where a long, hard look at their role, their is Mishcon de Reya, which in 2017 change and the excitement that goes new entrants, such as the big four offering and what they can deliver launched an incubator programme, with that, but it has also been a good accountants, are offering many such to potential clients. “If they provide MDR LAB, designed both to create door-opener with clients. If we’re day-to-day services, which were talking to fast-growing tech busi- Although this publication is funded through advertising and once the preserve of medium-to- nesses, it gives us huge kudos that sponsorship, all editorial is without bias and sponsored features large law firms, at extremely com- we’re an investor ourselves.” are clearly labelled. For an upcoming schedule, partnership petitive prices. Biggest challenges for law firms It has also helped Taylor Vinters inquiries or feedback, please call +44 (0)20 3877 3800 or Last month, for example, PwC Percentage of UK managing partners and senior managers ranking the following in look further afield for work. He email [email protected] launched a flat-fee employment law their top three challenges over the next two to three years adds: “If we’re talking to a general Raconteur is a leading publisher of special-interest content and service that gives clients unlimited counsel in a large US corporate in research. Its publications and articles cover a wide range of topics, access to a technology portal pro- the innovation business, it’s likely including business, finance, sustainability, healthcare, lifestyle and technology. Raconteur special reports are published exclusively in viding, among other things, tem- Adopting new they won’t have heard of us because The Times and The Sunday Times as well as online at raconteur.net plate contracts, policies and letters, 51% technologies we’re not very big. But we benefit The information contained in this publication has been obtained in addition to a legal advice hotline. from being able to discuss innova- from sources the Proprietors believe to be correct. However, Costs for the service start at £250 tion based on our understanding no legal liability can be accepted for any errors. 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