New entrants to the market and digital disruption are challenging the typical business model in the sector. When combined with increasing regulation and increasing demands from clients, the impact has been to force law firms to reconsider their governance and operating models. Change is set to continue and even accelerate.
Visit our Professional Services hub for the latest legal updates, reports and industry insights.
The Technology Imperative: Digital disruption in the legal sector?
One of the challenges facing all businesses is how to tackle the technology imperative. We surveyed almost 40 senior decision makers working in UK law firms to understand their firm’s intention to increase investment in technology in the next 5 to 10 years.
Our report outlines the need for investment and application of technology by law firms, but also highlights a lack of clarify amongst leaders in how and where to invest. It examines the barriers to the adoption of new technologies and the difficult questions the legal sector needs to answer in order to find a way forward.
Law Firm Leadership Series
Our Law Firm Leadership Series examines how law firms are addressing the strategic challenges they face. The reports cover issues such as technology, changing client relationships and structures and models. The insights are drawn from independent research with participants drawn from the top 200 UK and 100 global law firms.
BDO Legal sector team
BDO has a dedicated team of legal sector specialists across our business streams both in the UK and internationally. We will act as a sounding-board for strategic and financial issues and tax planning for your firm. Our partner-led approach is one that means you benefit from the experience and thinking of our best people.
Our clients range from local, national and international firms. We provide services to global law firms, mid-market and smaller boutique and specialist firms. We also have links with the Association of Partnership Practitioners (APP), Managing Partner’s Forum (MPF) and the International Bar Association (IBA). This breadth of relationships places us at the heart of the sector and enables us to provide our clients with the best practical and actionable advice.
We can advise you on a range of issues and opportunities for the legal sector including;
- Partnership and corporate tax planning and compliance
- Personal tax returns
- Partner pay and reward
- Managing working capital
- Audit and financial reporting
- Mergers and acquisitions
- Business restructuring
- Succession planning
- International expansion
- UK and global outsourcing
- Corporate governance
- Litigation funding advice.
Practice Matters, our quarterly update for finance and management teams in law firms covers key areas we have been discussing with our clients over the last few months.