Financing and Investment
In our first report on digital transformation, we explored the implications of law firms becoming digital businesses. Whether this is transformational or simply “using technology better” on the law firm agenda, there are wide ranging implications for law firm finance and investment models.
Law firms in the UK face a pressing combination of new competition and opportunities and as a result they are being forced to evolve how they work and deliver legal services to futureproof their business.
We surveyed law firm leaders to understand how they expect to increase their spending in key areas and how financing and investment models within the law may change in the near future. Clearly size matters as growing to achieve more competitive economies of scale is a key driver for new investment. Our report explores where money may come from, how it is likely to be spent, and the implications of the new investments made.
The majority of law firm leaders surveyed (63%) believe that current financial models limit law firms’ ability to make long term investments. Yet the same percentage said they did not expect law firm profit distribution models to change over the next three years.
If there is a compelling case for investment, something has to change and this could be external finance or ownership options. Read our report to find out more about the culture shift needed to facilitate a shift towards longer-term decision making:
Download Financing and Investment report