Over the last 50 years or so, the Baby Boomer generation has been the driving force behind the transformation of the legal profession. Over the next 50 years, this will shift to being dominated by Millennials. This demographic group are already proving themselves to be change accelerators, subsequently making them the driving force for change within the legal market. For an industry that has evolved through careful planning and stringent execution plans, what exactly does this mean for the future?
Generally speaking, the traditional path to success within law firms has been driven by long days clocking up billable hours in six-minute increments. We’ve already started to see the shift in billing practices and this is likely a result of the oldest of the Millennial lawyers already being partners in firms. While rigid hierarchies and other stringent practices have played an integral part in the transformation of the legal landscape to date, it is unlikely that Millennial lawyers will be content inheriting such practices.
Technology is likely to be the key driving factor for change. Flexible working conditions and a healthier work-life balance are always key outcomes in surveys involving Millennial lawyers. The introduction of Cloud-based practice management software has helped forge a more flexible working environment for practitioners; easy and secure login from anywhere, mobile apps, flexible file sharing capabilities, the list goes on. This allows practitioners to work remotely and also have virtual offices, which then drives the change for how the client interaction takes place.
It is key to note at this point, that whilst the legal profession have traditionally been slow to adopt new technologies, other industries have not. It is also likely that your clients are from outside of the legal profession. They are from industries that have driven technology advancements, and are also now, more often than not, part of the Millennial generation themselves.
What does this mean for you in terms of client expectations?
Millennial lawyers bring a knowledge and understanding of technology to the legal industry that we have never seen before and with universities now including subjects on disruptive technologies, this knowledge and understanding is only going to continue to develop. It is our responsibility to encourage and nurture that knowledge. Providing your team with the right tools to work smarter will not only help your firm to increase efficiencies, it will also help you to attract and retain forward thinking, innovative staff. This also leads to the concept of a value-based client offering.
In an era that is engulfed with technological advancements, it’s understandable that your clients expect efficiencies and conveniences allowed by these technologies. Client facing tech is a consistent theme amongst law firms anticipating continual growth. Offering your clients tools that put you ahead of the competition, is a key driving factor for both growth and client retention.
With the legal market being very much a buyer’s market, client satisfaction is key. Potential clients are aware of this and are becoming more assertive with their requirements from their lawyers than they traditionally have been. The fear that technology advancements and increased efficiencies will have a tendency to reduce billable hours is now a redundant thought process; increased efficiencies equates to the ability to take on more matters and deliver results in a more timely manner, creating greater client satisfaction.
So where to from here?
Realistically, you need to take this one step at a time.
Create the narrative and communicate it.
Then communicate it again. And again. Ensure transparency in the transition and to the end goal. Explaining to your team where they personally fit into the narrative to help create empowerment.
Commit to the goal from the top down
This can be the tricky part as often more senior partners can be resistant to change. To achieve your end goal, you may need to consider changing incentive structures to ensure that everyone is rewarded in line with the new outlook instead of the old. In these situations, it’s also a great idea to encourage two-way mentoring programs; this allows the more senior team members to pass on their wisdom and knowledge and the younger team members to pass on their understanding of the technology.
Review your goals.
Technology advances at such a rapid pace. It is important to ensure that your end goal stays relevant. Set a target but keep up to date with industry advancements and update as required.
Be patient.
All good things are worth waiting for. Set your goals, put one foot in front of the other, and head towards the finish line one step at a time.