New Research from Affinity Consulting, iManage, and SurePoint Technologies Highlights How Law Firm Leaders are Fueling Growth, Profitability, and Digital Transformation
NEW YORK (PRWEB) July 25, 2023 -- Ari Kaplan Advisors released a new report - Leadership, Growth, and Profitability in a Post-Pandemic Era: Insights on Navigating Digital Transformation in the Modern Law Firm – about how modern leaders in legal are balancing technological progress, generational shifts, and complex business dynamics in an era of unusually rapid change. A consortium of companies that includes Affinity Consulting, iManage, and SurePoint Technologies supported the research, which is based on interviews conducted by legal industry analyst Ari Kaplan, principal of Ari Kaplan Advisors, with 18 chief operating officers, 10 executive directors, one chief executive officer, and one chief administrative officer at midsize law firms with a median of 140 professionals and 73 lawyers.
The results reveal the most promising areas for growth, best practices for deploying data, and ways that law firms can continue to thrive in an uncertain economic climate. “The report validates the crucial need for firms to adopt data-driven approaches for using technology, tracking KPIs, budgeting, and developing their artificial intelligence strategies,” said Lydia Flocchini, Chief Marketing Officer at SurePoint Technologies. “The insights shared also highlight how data can empower value creation, transparency, and firm culture in a digital world,” she added.
In fact, almost half of the participants are reimagining change management and more than three-quarters acknowledged that the skill set required for law firm leaders is fluctuating. “Legal leaders are being challenged to reconsider the vision, growth, strategy, and operational processes that have been in place for years,” said Neil Araujo, CEO of iManage. “Add in the complexity of AI and these leaders need to have both the business and technical acumen to navigate this new landscape,” he added.
The key findings include:
- 90% explained that legal technology helps their firms increase revenue.
- 90% agreed that reliable, timely data can help law firms gain a competitive advantage.
- 77% reported that the skill set required for law firm leaders has changed.
- 73% have access to the data they need to make informed business decisions.
- 70% reported that legal technology helps drive the growth of their law firms.
- 63% work at firms that automate frequently-created documents.
- 47% have altered their approach to change management.
- 43% provide leadership training for new leaders.
- 40% are automating their repeatable processes.
- 37% are exploring other service delivery models, such as selling products, rather than selling hours, to increase profitability.
“The correlation between law firm progress and dynamic leadership, financial management, technological transformation, data-driven decision-making, and innovation was striking,” said Ari Kaplan, Principal of Ari Kaplan Advisors and author of the report. “Those organizations that recognize and take advantage of these connections are more likely to realize sustained success over the long term,” he added.
Leaders are also expanding their oversight to make quicker decisions about service delivery, automation, particularly given the swift rise of AI, and adapting to a more permanent hybrid work schedule. “This research shows that technology is clearly a strategic asset for competitive, client-focused firms looking to grow and thrive,” said Debbie Foster, CEO of Affinity Consulting Group.
Download a copy of Leadership, Growth, and Profitability in a Post-Pandemic Era: Insights on Navigating Digital Transformation in the Modern Law Firm here: https://bit.ly/3BnK2rB
About Ari Kaplan Advisors
Ari Kaplan Advisors is a leading legal industry advisory company that publishes benchmarking reports on legal technology trends, delivers networking, public speaking, and business development training for law firms and other providers of professional services, and offers personal coaching and access to its proprietary coaching software platform, Lawcountability®. Company principal, Ari Kaplan, is an inaugural Fastcase 50 honoree, a fellow of the College of Law Practice Management, and a finalist for the International Legal Technology Association’s Thought Leader of the Year award. Visit https://www.AriKaplanAdvisors.com to learn more.
About Affinity Consulting Group
At Affinity Consulting Group, we inspire, enable, and empower legal teams of all sizes to work smarter. Our holistic approach incorporates people, processes, and technology. Our passionate, well-connected industry experts work hand in hand with you to help you better understand and optimize your business—from software to growth strategy, and everything in between. Our vast network of partners and deep industry expertise ensure that we can deliver cost-effective, custom-tailored solutions to even your toughest business challenges. If we don’t do it, we know someone who does. Visit https://www.AffinityConsulting.com to learn more.
About iManage
iManage is the company dedicated to Making Knowledge Work™. Its intelligent, cloud-enabled, secure knowledge work platform enables organizations to uncover and activate the knowledge inside their business content and communications. Advanced Artificial Intelligence and powerful document and email management create connections across data, systems, and people while leveraging the context of organizational content to fuel deep insights, informed business decisions, and collaboration. Underpinned by best-of-breed security and sophisticated workflows and governance approaches, iManage has earned its place as the industry standard by continually innovating to solve complex professional challenges and enabling better business outcomes for over one million professionals across 65+ countries. Visit https://www.iManage.com to learn more.
About SurePoint® Technologies
SurePoint® Technologies is the leading provider of award-winning enterprise software that improves workflow and maximizes financial performance and profitability for law firms. SurePoint’s solutions integrate client management, practice management, and financial management for powerful relationship-building and knowledge-sharing capability. With a community of more than 100,000 members, SurePoint continues to transform the legal industry by enabling law firms to unlock higher performance, freeing lawyers of administrative burdens so they can spend more time focusing on their clients and their practices. Visit https://www.SurePoint.com to learn more.
Ari Kaplan, Ari Kaplan Advisors LLC, https://www.AriKaplanAdvisors.com, 1 646-641-0600, [email protected]
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