Law firm leadership series 2019
BDO’s Law Firm Leadership Series 2019 identifies some of the key challenges and pain points that the legal market is facing as the sector heads into a new decade. We surveyed 50 law firm leaders from UK and global law firms to understand their outlook for the next five years and how their firms are responding to market changes.
As law firms begin to think more strategically about the implications of becoming more digital businesses, three main areas of change emerged, each of which we examine in the following reports:
- Digital transformation in the legal industry – read now
- New finance and investment models – February 2020
- Future skills and talent – March 2020
Report 1: Digital transformation
As business leaders across all industries grapple with new challenges posed by digital transformation, law firms are just beginning to think strategically about the implications of becoming digital businesses. However, with just over half of law firm leaders surveyed expecting digital transformation to have the biggest impact on how work is delivered to the client, there is a definite divide on the degree to which becoming more digital will change, or possibly transform, their businesses.
We commissioned RSG Consulting, an independent research and strategy consultancy specialising in the legal sector, to conduct research and analysis for this report. Participants are from the top 200 UK law firms and top 100 global law firms (measured by revenue).
The survey component of the research was completed by 50 law firm leaders from:
- 42 law firms wholly or jointly headquartered in the UK
- 2 global law firms headquartered in the USA
- 2 international law firms headquartered in Europe
- 2 new model legal services businesses, headquartered in the UK
- 48 unique law firms in total
The research sample includes 9 of the top 20 UK law firms by revenue (for the 2017-2018 financial year), 21 of the top 50, and 28 of the top 100.
If you would like to discuss this report further or any wider sector issues, please contact Nick Carter-Pegg or speak to your usual local BDO adviser.