Wednesday, August 27, 2003 1:32 PM
I recently read with interest a report from
BTI Consulting concerning "Tech-Savvy" law firms. While there were a number of findings worth mentioning, the two that stick out are this: Clients are looking for ways to utilize technology to better collaborate with the law firms that serve them. Yet, one of the best collaboration tools available, extranets (including online document repositories) are being provided by outside counsel to only 14% of all Fortune 1000 companies. This leaves the remaining 86% of the Fortune 1000 on the bench.
Why are these findings important? Mainly, because I believe extranets are a leading indicator of technological progress within the legal vertical, both from the "client-demand" and the "law firm-supply" sides of the equation.
These two findings also reinforce two trends I continue to see within the legal vertical. One, a continuing reluctance to adopt and utilize new (and not so new) technologies. Two, the huge opportunity awaiting the firms that stake out leadership positions in implementing and leveraging these new technologies to satisfy growing client demands.
If I pitched a new client with a promise to provide top notch legal services and, at the same time, cut that client's administrative costs, would I stand out from the competition? I don't know the answer to that question, but I have some theories...
In any case, BTI is offering a good portion of the above-mentioned report free of charge. If you are interested, stop by its website at
BTI Consulting.com.