This week, PwC published their 2013 Annual Law Firms’ Survey.
The survey showed some mixed results for the UK’s legal sector,
revealing that the Top 10 UK firms are finally starting to recover from
the financial crisis, reporting consistently improved financial KPIs
through 2013. However, mid- and lower-tier firms are struggling; not
only have financial KPIs not improved on 2012, but in fact they have
reduced on average.
These results indicate an urgent need for firms to innovate and find new offerings to draw clients in, while streamlining their operations and services. Investing in technology is key to this, whether that’s invest in their existing technology or new technology. Understandably, cash-strapped firms have been holding back on investing in infrastructure projects, particularly IT. Many firms are beginning to understand the need to invest in technology in order to grow, and are recognising the direct impacts of technology on financial performance read more.
These results indicate an urgent need for firms to innovate and find new offerings to draw clients in, while streamlining their operations and services. Investing in technology is key to this, whether that’s invest in their existing technology or new technology. Understandably, cash-strapped firms have been holding back on investing in infrastructure projects, particularly IT. Many firms are beginning to understand the need to invest in technology in order to grow, and are recognising the direct impacts of technology on financial performance read more.
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