Our SME Law Forum event series, held in partnership with Bruntwood SciTech, brings together industry leaders and legal professionals to explore innovative tech solutions for the challenges faced by SME law firms.
On the 6th June we hosted our third SME Law Firm Forum, the themes of the evening centered on tech integration and adoption, service quality enhancement, and cybersecurity risks.
The welcome address from Chloe Thompson, Whitecap Consulting / LegalTech in Leeds and Bruntwood SciTech set the stage for an engaging discussion. The panel insights, led by Steve Edge, Nick Hawkins, Tarek Miah, and Max Jagger, were particularly enlightening, followed by an interactive discussion and Q&A session.
Discussion around overcoming transcription and Copilot integration challenges in Teams prompted a debate around proper training and technology adoption challenges. Training on how to interact with these technologies was emphasised.
Panelists discussed how AI can significantly boost efficiency, suggesting a shift from traditional hourly rates to value-based billing models. This change would better reflect the true value provided to clients, rather than merely the time spent on tasks.
The importance of cyber insurance and robust business continuity plans for SMEs was underscored, given the heightened risk of cybersecurity incidents. Regular cybersecurity governance training for employees was also deemed essential to mitigate these risks effectively.
A key point was the need for the legal sector to move beyond hourly billing and to value tasks based on their impact and the value they provide to clients. This approach could drive greater productivity and client satisfaction.
Encouraging collaboration among law firms, despite cultural differences, was seen as vital for enhancing efficiency and effectiveness. Sharing processes and best practices across firms can lead to improved outcomes for all.
Flexible billing options, such as offering fixed fees or hourly rates for specific tasks, were discussed as ways to meet client needs and build stronger relationships.
The forum stressed the need for SMEs to understand their risk exposure and to prioritise comprehensive insurance and risk management plans. This understanding is crucial for safeguarding their operations against potential threats.
The importance of trainees making their own notes for better learning was highlighted, and replacing processes with AI could harm the learning opportunities for trainees. Effective collaboration between legal professionals and technologists is also necessary to bridge the gap between legal and tech expertise.
Panelists emphasised the need for legal firms to embrace technology and innovation to stay competitive and meet evolving client needs. The University of Law was praised for its efforts in promoting innovation and technology integration within legal education.
Moving forward: Call for further research
To build on the insights gained from this event, more research is needed to address the challenges and opportunities identified. Opening communication channels is the first step, and we are launching an SME survey to gather valuable insights and feedback. This survey will inform future strategies and solutions, helping to drive forward the conversation on technology and innovation in SME law firms.
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