However, other firms that were not so well-equipped, struggled. The Financial Conduct Authority said: "Recognising changing behaviour in how people pay, as part of a wider consultation, we will shortly be seeking views on amending our rules to allow for a possible increase in the contactless limit to 100.". 2021 saw the banking sector flourish with huge M&A deals, increased use of digitalised technology, cashless payments and a refocus by firms on sustainability and eco-friendly practices. So now that remote work has cropped up, its not surprising lawyers are enjoying less time commuting or in the office and more time at home. helping people with the law and earning fees in exchange for your expertise. Lets look at some critical stories that made headlines in 2021 across variouspractice areasand consider how they overlap and interact. We have pooled a number of our legal tech experts within the Access Legal team and as a collective, we believe managing the modern law firm today presents the following new challenges, as well as a host of new perspectives. The heart of law firm training needs a re-think if we are going to reduce the negative impact of the challenges facing trainee solicitors. And with law firm data on one side the profession has more rich data available to them than ever before, offering insights and answers to most challenges. The pandemic has affected different sectors of the economy in different ways, including the way consumers spend and the introduction of even more innovative technology. Its focus is to enable law firms to join all the dots, in terms of brining all their people, their data and multiple systems into one place. This has greatly impacted our junior lawyers opportunity to shadow and learn from their more senior colleagues, which was something taken for granted in the pre-pandemic days. By conserving dollars now, law firm leaders can It is important for aspiring lawyers to consider the numerous ways that businesses and retailers can be vulnerable to fraud during a global pandemic. While there is no way to know of the true extent of the economic damage that covid-19 has caused, there has been a global economic downturn caused by the pandemic and social distancing measures. Last month the LSWU warned employers to take real action, and soon as their staff are at risk of burnout, breakdown, or leaving the sector altogether.. Many law firms wont have the budget to hire a full-time cybersecurity team, but if they cant even get access to a specialist for the IT department, it could lead to serious deficiencies in their ability to mitigate cybersecurity challenges. There is no stopping Amazon once it gets going! This article will explore some of the key commercial challenges that law firms will be encountering at the present time, including Covid-19, AI and technology, We have gathered information on this, as well as a number of top cybersecurity tips for firms with homeworkers, steps to a healthy no-blame culture and the questions law firms should ask prospective new tech suppliers before entering into a contract with them. But what challenges are legal services facing moving forward into 2022? The productivity analytics that come with cloud-based systems can really help law firm leaders watch over their workforce, making sure their teams are not overdoing it, without micro-managing and adding more pressure. Projected revenue from ecommerce globally in 2022 is $5 Trillion (3.68 Trillion), Workplace culture the benefits of having a positive culture and the risks of toxicity in law firms, Immigration in terms of concerns about competence and quality of service, How supervision works in practice, with a view to potentially putting out new guidance, Powers of attorney and deputyships with regard to vulnerable clients, Mental health law, which again represents high risk and vulnerable clients. Interested in a future career as a lawyer? Staggeringly, on average, we are each spending almost 7 hours per day online. Following an in-depth review of the report, were summarizing the five biggest findings and their implications for law firms. Covid-19 has driven established banks to kickstart their digital programmes, driving customers to make the shift from cash towards digital payment methods. It was the subject of the Solicitors Regulation Authority thematic review in 2021, on the back of the fifth AML Directive which was published in 2020 - the sectors definitive guide, after a major overhaul in response to shortcomings recognised. Not everyone has high speed fibre broadband to get them through their work day, so much so it turns out that the big four providers BT, Sky, TalkTalk and Virgin Media, supply nine in 10 households and left many customers disappointed when remote working became the "norm" for non-essential workers. WebCommercial Lawyers in Phoenix, AZ (602) 265-7997 or (866) 696-2033. Why do lawyers work so much in my Practice? Employers are introducing covid contracts and have started to reduce sick pay for unvaccinated staff who need to self-isolate. The spread of the Omicron variant of coronavirus in December 2021 forced the UK government to reintroduce restrictions to limit transmission of the virus. If you have any comments or suggestions about this article, please email us at [emailprotected]. according to the office for national statistics december saw law firms billing a record of 3.5 billion and global deals worth 940 billion were made in the first quarter of If hackers access an individuals bank account, the account holder will be powerless and have no alternative source of money. Encourage an asking for help culture most junior members of firms complained about feeling isolated and unable to ask for help while working remotely. Following the in-person shopping restrictions of lockdown, many customers turned to BOPIS to fulfill their shopping desires. For greater insights on this topic, check out this Commercial Question by Weil, Gotshal & Manges (London) LLP: ESG and the finance market.. 1. Those that work with good legal software suppliers have all the tools they need to interact with clients and prospective clients online. Also having everyone trained up and all their training logged, along your compliance policies and decision-making will give insurers peace of mind when it comes to renewals. Before remote working, businesses were limited to a certain location when hiring new employees. So developing hybrid-friendly training for their staff is one challenge law firms certainly cannot afford to ignore. Their aim will be to free you up to concentrate on the reasons you are in business i.e. Interested in the landlord & tenant/housing practice area? All over the world, the social distancing driven by covid-19 has seen a rise in contactless transactions and digital banking. Withthe right software partner a move to a new suite of software designed specifically for law firms will improve the business. Research by Workthere found that. Excellent practice and case management software is a must, where compliance tools are built-in through every module whether is the solicitors regulation authoritys accounting rules, the provision of specific anti-money laundering modules for law firms, or tools that enable firms to comply with the likes of GDPR for data protection etc. But given the rising levels of cybercrime against law firms and their specific vulnerability, its clear that not being able to engage the required specialists is a key problem for the industry. Home Home The key cybersecurity threats facing law firms in 2022. As consumers have adopted more remote forms of communication in response to the pandemic, theyve grown accustomed to new methods of interaction that have also shifted their expectations when it comes to working with a lawyer. This year and into 2022, the ability to be flexible will be paramount in meeting client expectations. And how will banks maintain connectivity with their customers through digital services? Lets not forget that in the majority of cases, cybercriminals are seeking to extort money. Over 55,000 organisations rely on Access software to help their organisation thrive, including 3800 law firms. Mortgage borrowing initially fell during the first UK lockdown in March 2020, but towards the end of the year recovered with November borrowing rising 1.2 billion up from Octobers level to 5.7 billion. Law firms, being a prime target for cybercrime, had to then quickly tackle homeworking security. Its all in our blog: Everything a law firm needs to know about cyber security in 2022.Access Legal regularly hosts webinars on important matters for law firms, and recently Access Legals Regulatory Director, Brian Rogers led a discussion with Tom Lyes, Key Relationship Manager at the Practical Vision Network on Prevention is protection. The webinar shares insights into the risks law firms and law firm clients face as cybercriminals target funds as they are transferring during the processing of client matters, as well as recommendations re how these risks can be mitigated. Something Profession Richard Susskind, OBE, has been talking about for many years. The future of legal practice management and case management software systems today offer a range of functionality that enables law firms to embrace the online world. 28 Billion of us globally have mobile internet. Fortunately, there has been some good to come out of remote work! This blog acknowledges each individual challenge recognised by the profession, and whilst we all appreciate that technology cannot solve everything, it certainly has a key role to play. Some of the challenges that the law industry faces in 2022 have come about purely because of the pandemic and the effect it has had on the industry. DISCLAIMER: This article should not be regarded as constituting legal advice in relation to particular circumstances. Well, magic circle firmClifford Chancepredicts that technology will continue to accelerate M&A deals but such technological revolution will meet stronger regulatory headwinds as governments seek to shape and control its impact., The pandemic saw a sharp shift in the environmental, social and governance (ESG) sector which has created demand for sustainability practices. The report also found that staff morale was a top concern for law firms, especially those with more than six fee earners. Many specialist cybersecurity firms offer a wide range of services that can keep any business secure. This led the Law Society to call for clarification for trainee solicitors on the regulatory training obligations relating to working from home, sick leave, access to supervision and the availability of newly qualified positions. The Stamp Duty Land Tax holiday which kept conveyancers mega-busy for 12 months from July 2020, has meant high transaction volumes have led to higher numbers of errors that could result in PII claims. ensuring 24-hour chatbots are available via instant messaging during working hours to problem solve and provide immediate help with important decisions. Onscreen conversations are scheduled. The key cybersecurity threats facing law firms in 2022, Commercial landlords and electric car charging, Checklist for estates with overseas beneficiaries. A G2 survey of 1600 professionals discovered that almost a quarter (24%) would quit their job due to poor software. Connectivity issues are the main cause of tricky video conferencing calls. As the well-known adage goes: Most businesses are faced with a number of great opportunities brilliantly disguised as impossible problems. Whilst many of the challenges (or great opportunities, depending on which way you look at it) on our list may appear incredibly tricky to solve, technology can help. As the software providers of choice for thousands of UK law firms, in this blog we reflect on the needle of innovation and how the tech can help. They then make a request which might be something like changing the bank account details for where a deposit needs to be made. On the flip side, it could be said that COVID-19 gave some companies a nudge in the right direction in terms of technology use. There is also a blog series, highlighting topics covered at the webinars. Is this going to improve in 2022? Because of this, there is constant pressure to maximise fee earning time. A powerful HR system can help with the recruitment process, as well as onboarding and payroll.To retain staff law firms need to have decent legal case and practice management software in place. This was also reflected in the low number of newly qualified lawyers being called to the Bar in 2021. There is a lot law firm owners and leaders need to know about cybersecurity in 2022. Supply Chain Disruption. ethnic groups have been hit the hardest by covid-19, thousands of tenants living in rented accommodation faced evictiondue to rent arrears, AA is the latest company to introduce this covid contract to its employees, the implementation of such rules and enforcements of vaccine passports could create a two-tier society, first physical checkout-free UK grocery store, opened a new London Spitalfields-basedAmazon Salon. At the start of the pandemic a lot of companies ran tests to see if their internal networks could handle remote workers, but what may not have been considered is if employees' home wi-fi could handle working from home! The proliferation of ransomware attacks, business email compromise scams and more traditional data breaches continue to drive up the costs of cyber insurance. Having an online space to work with your clients efficiently means happy future customers. Case Management Workflows are designed to automate much of the mundane and menial work that previously filled up lawyers days. With the only other option being a simple phone call most people have leaned towards providers such as Zoom and Skype, to help them interact with clients whilst working remotely. In normal circumstances holding down a legal job can be challenging due to the heavy and draining caseload that tends to arise, but to add the confines of covid-19 into the mix certainly amplifies the impact on mental health. However, when the balance of satisfaction with a firms existing software tips too far the wrong way in terms of functionality, integration, and the levels of support your people are receiving from your software supplier, it is time to make a change. The London Stock Exchange (LSE) is one of the most well-established stock exchanges in the world, but what does the future hold for global stock exchanges in 2022? Taking care of the technological side of your business for you, and keeping you in the current century so you can remain competitive and efficient should be the remit of your chosen tech partners. The LSB is keen for regulators, including the Solicitors Regulation Authority (SRA) to scrutinise and improve how levels of competence are managed, maintained and evidenced for the profession. Managing workflows manually can get quite boring, no matter the size of the company that you work for. Much can be done to automate the mundane and repetitive processes in a law firm. For example, if the majority of discussion with a client is conducted over email, a company can become vulnerable to a so-called business email compromise attack. Amazon opened three new London Amazon Fresh branches, Amazon revealed its decision to open its first clothing store in a Southern California mall later this year. Manda Banerji, chair of the Law Societys Junior Lawyers Division, highlighted the workload strain on junior lawyers in an interview: A lot of junior lawyers are very overworked because there is not enough manpower on the ground. This indicates that junior lawyers have to work twice as hard, while some might be battling with their mental health and feelings of isolation. Its clearly not going to be effective to send remote workers a 500-page tree-of-a-manual and expect them to read, digest and understand it. Anti-Money laundering is just one area of focus that is continually under the spotlight. The professions openness to newer technologies such as AI (artificial intelligence) and machine learning is increasing too. Because we are in the business of solving law firm pain points, we learn more about the challenges facing the legal profession every day. How does the law firm manage the competency of its people in 2022 and beyond? We believe the greatest challenges law firms and the legal sector face in 2022 are: Law firm recruitment and talent retention Fee earner burnout Lawyer More law firms are putting stakes in the ground on attendance policies, tying it to bonuses, development and retention, observers say. technological revolution will meet stronger regulatory headwinds as governments seek to shape and control its impact., ESG policies are an indicator of how a business wishes itself to be seen., Commercial awareness series: the rise of ESG law firms., The London School of Economics and Political Science report, post-Brexit trade agreement had been settled, creating a company that will rival the likes of Bloomberg and S&P Global., London Stock Exchange and dual-class share structures., medical cannabis company Hellenic Dynamics announced plans to list on the LSEin June, Capital Markets solicitors practice area. Its no secret that lawyers work tirelessly to help their clients, their work hours roll into their spare time often and most firms even provide them with dinner in the evenings when they stay past 7pm! The chance meeting with a colleague on the stairs or by the coffee machine has gone. However, the decline in economic activity last year wasnt as severe because consumers and businesses had adapted following the lockdown in March 2020. enabling customers to digitally sign and submit sensitive documents without visiting a branch; enabling customers to upgrade mobile corporate banking so they can manage their finances and cash flow wherever they are; enabling customers to digitalise bonds and trade with tested blockchain trade platforms that offer them greater speed and simplicity; introducing biometric technology to allow customers to quickly verify their identity; and. For companies experiencing financial difficulty, executives can be expected to be more focused on operational performance measures than compliance and tackling fraud, possibly leading to less attentive probing into suspicious activity., To discover what corporate lawyers need to consider with hybrid working, read this Commercial Question by Weil, Gotshal & Manges (London) LLP: Fraud in the time of Zoom and banana bread.. According to a 2018 study by researchers at the McKinsey Global In law firms, junior lawyers and new starters struggled to cope with remote working compared to the experienced associates and partners. But the shift in working patterns is only part of the story. A good legal software supplier will have long-established history in your sector, will understand your pain points and will have seen every scenario and have their finger on the pulse of where leading law firms are heading. Inflation and Interest Rates. It could expose an individuals personal information to potential data breach. The goal this year is to identify the Top Ten Issues, how they have evolved, and what their subsequent impact is on commercial real estates various professional disciplines. Again, technology has a key contribution to make. Its hard to say that it has completely improved it but there are definitely more positives than negatives to come from the disaster pandemic. As much as many law firms would love to have everybody back in the office, with the labour-market power-shift law firm staff along with employees across all sectors are favouring the hybrid option. There are two Business email compromise (BEC) attacks are a particular form of phishing. The lack of opportunities for learning via osmosis had a detrimental impact on junior lawyers who were unsure how to reach out to the senior members of the firm for help. As is a reliable tool for logging all your staff training, so that the firm has a record of exactly where it is with cybersecurity training for its people, and their quiz scores. the limit on such payments was raised to 100. A LexisNexis Bellweather Report 2020 unveiled the serious impact covid-19 had on the morale and wellbeing of lawyers it infers that lawyers mental health worsened as lockdown restrictions remained. But on the other hand, has everything about remote working been for the worse? Today, law firms face an unprecedented risk landscape. But it is also crucial to understand exactly where the danger comes from as well as the most common forms of attack. This shows that they need to be more prepared for the possibility of attack, as it is far more likely than ever before. This means that AA workers who contract coronavirus will still get paid but vaccinated workers are now entitled to increased sick pay. The underwriters view of risk for future claims is taking a number of factors into consideration. Underground cybercrime ecosystems continue to grow in sophistication and gather momentum. The debate circled around how lawyers must be regulated to remain competent through their careers, not just at the point of entry, identifying areas of risk and having tools in place to take immediate action where failures occur. Research shows that individuals gain valuable knowledge by observing and conversing with colleagues (ie, learning by osmosis), however such learning cannot take place with remote learning. There have been numerous discussions about the detrimental impact of covid-19, but some companies have made lemonade with their lemons. A global report by Upwork on our future workforce suggests that we can expect 73% of all departments to have remote workers by 2028. People shop online, book doctor and dentist appointments online, we book and pay our cab drivers using apps, we liaise with our insurance companies, our gyms and even our kids school teachers online so law firms must be geared up to do the same. There are mobile apps for lawyers on the move, there are client portals so that law firm clients can check in 24/7 on the progress of their cases without needing to speak to their solicitor and good case management systems provide SMS texting features.Law firms are learning from consumer-centric sectors, especially those wishing to accelerate their firms digital transformation. A tall order for the human beings behind the numbers. When a law firm wants to automate the processes of a new area of law, it should be able to build on proven workflows that already exist within their case management system, and develop them for their own purposes, using intuitive tools provided by the software system.Access Legal is well on its path of development for a first-of-its-kind legal workspace for law firms. So whether you and your colleagues view the ten points highlighted in this blog for law firms as ten challenges to overcome or ten opportunities to get ahead of the competition, it is clear that the innovative use of tech will help the profession go a long way to solving most of them. This we believe is another significant challenge for law firms in 2022. Your email address will not be published. It is worthwhile reading up on the learned experiences of other legal Practices that have made mistakes. Law firms are finding themselves increasingly the target of cybercriminals. The Great Resignation, fee earner burnout and the ever-present demands of a highly regulated industry all compound the effects of the pandemic for law firms. This is because they recognise the importance of going green, plus ESG policies are an indicator of how a business wishes itself to be seen.. The older generation, who might have less adequate knowledge on bank accounts and mobile phones, could struggle to keep up with digitalised banks, online customer service and cashless technology. Therefore, all the answers the legal industry needs can become buried and completely lost for those firms who are not in touch with their data.Back in 1987, in his book, The Future of Law Professor Richard Susskind MBE spotted this predicament evolving then when he spoke of the profession moving towards a paradox of the information age. We also help firms who come to us wishing to reduce their reliance on traditional paper processes and become paper lite. This year we focus on how covid-19 has affected lawyers mental health. Click here for more information about how we use cookies on our site or read our privacy policy here. To summarise, do we think remote working has improved the legal services profession? 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This is about providing firms of solicitors with a space for focus, simplicity and confidence where they can bring together all of their people, make sense of all of their data and access all of their multiple systems, from one place with a single secure sign-on. Read this profile. And it is well documented that law firms are prime targets. Following Ikeas decision to cut sick pay for unvaccinated staff on 11 January, several other companies joined including Next, Ocado and Morrisons. A recent report by the Legal Sector Workers United (LSWU) found that workload was cited by almost 60% of legal workers as the biggest threat to their mental health. WebAs part of the review process, respondents must affirm that they have had an initial consultation, are currently a client or have been a client of the lawyer or law firm While attorneys are accustomed to self-regulating, increasingly government regulations and laws explicitly apply to law firms. 2. Just because face to face meetings have generally stopped, doesnt mean that the client service standards need to slip. record of 3.5 billion and global deals worth 940 billion were made in the first quarter of 2021. A good legal IT partner will be prepared to share with you the lessons law firms are learning about making the most, technology-wise, of the legal hybrid working world. How has covid-19 affected mental health within the profession? To learn more about the importance of ESG, read this LCN Blog: Commercial awareness series: the rise of ESG law firms., Trending themes to watch out for this year. Many firms are approaching ESG and sustainability from different angles, with some integrating ESG matters into their legal services, while others have started a green portfolio or pension fund(s) and taking practical steps to achieve the net-zero targets, as well as advertising their green credentials to convey how important being eco-friendly is to their brand. This can be tricky because BOPIS comes with no delivery address, which is usually a vital way that companies verify the identity and legitimacy of purchases. We use plain and simple English to give you an overview of the most common areas of law. The Thomson Reuters Institute reported that, in the second quarter of 2022, overall average industry demand fell by 0.5% in comparison to the second quarter of Last year we wrote about the pandemics financial impact on law firms. A Look Into 2022s Challenges High-ranked professionals in some of the biggest corporations worldwide (e.g., Mastercard, Natura & Co) were recently asked by But now we are more settled into our remote work life, do legal services still have other challenges still ahead of them in the coming year? For law students wondering how enforceable English court judgments will be after Brexit, read this Commercial Question: Cross border of enforcement post Brexit by Michelmores. Law firms were least likely to invest in office space (27%). Remote staff pose a particular challenge to the legal industry, specifically because they are more vulnerable to cybercrime. This is great news for companies wanting to hire, but not so great for job searchers as the competition has increased. Access Legals customers all had the remote-working option already, and many regularly took advantage of it from home, from court, and from police stations etc. The Legal Services Board oversees the SRA ensuring legal services are carried out to a high standard with public interest in mind. If you have ever tried to have a video call with a bad connection, youll understand the frustration! If remote working hasnt done so already, it will soon force companies to look into an online solution to fit their remote work and client management. Two years into pandemic homeworking, attention is focused on other remote working issues such as isolation, division, employee engagement, and the impact of all of these factors on the mental health of the legal profession.The transition to hybrid is going to take significant rethinking, coordination, and a total reconfiguration to meet the new needs of the hybrid workforce. Simple things such as asking questions become harder and replies become slower. Some sectors, like the financial services, have coped with the pandemic better than sectors reliant on social contact, such as the hospitality and entertainment industries. You are here: Law firms, no matter the size, of course have to appoint a COLP (Compliance Office for Legal Practice) and COFA (Compliance Officer for Finance and Administration) and there is continual and growing stream of considerations keeping both busy roles busy. Law firm leaders are increasingly having to ask themselves what are the working conditions of a lawyer in my firm? Without being able to meet clients, businesses now need somewhere secure that they can share their documents, instant message and collaborate on projects. Little did we know on 23-3-20 when Boris Johnson instructed us all to: work from home if we can that 2 years on our working patterns would have been changed forever with such enormity. 2021 was a good year for the British economy and businesses, but with success comes the need for more manpower, which explains the toll on lawyers mental health and a potential reason why many junior lawyers are leaving the profession. For example, according to this The London School of Economics and Political Science report, 24% of firms report that Brexit caused exports to the EU to fall and 33% report that imports from the EU fell. It has brought together through acquisition, six of the leading companies from the legal software, technology and compliance space, employing 400+ people with legal tech experience going back almost three decades in some cases. For example, a move towards a more cashless society flags up the following fears: Following theincrease in contactless payments due to the covid-19 induced lockdowns, in April 2020 the limit was raised from 30 to 45. The solicitors market has been described as currently the hardest profession for Professional Indemnity Insurers and its all about the professions risk profile, particularly in the area of conveyancing. This is because such rules discriminate against those who cannot get vaccinated due to health or personal reasons as well as against certain ethnic groups, who are less likely to get vaccinated. Its no wonder that 25% of women lawyers and 17% of male respondents who were surveyed said they were considering leaving the legal profession because of mental health issues, burnout and stress. A good learning management system designed especially for law firms, that is geared up to present training of this incredibly dry area, in digestible, bite-sized chunks is a must. The Access Legal blog, Taking law firm business intelligence to the next level looks at the age-old principles of the legal sector was built upon, and how for generations the profession has led the way in making data pay. More recently, the limit on such payments was raised to 100. In this article, we will look at why businesses in the law sector are being targeted, why the industry is vulnerable, and understand the most significant threats that companies face. How long does it take to implement new law firm software? WebAs part of the review process, respondents must affirm that they have had an initial consultation, are currently a client or have been a client of the lawyer or law firm This lack of efficiency can easily stem from operating processes that Now companies are no longer limited to a geographical talent pool as remote work supports people working all over the country. Unsurprisingly, insolvency and restructuring enquiries have been a major focus area for law firms over the last 18 months, as have questions from clients regarding furlough and employment. Companies are also turning to law firms for advice on their obligations regarding contingency plans and disclosures to shareholders. More than three decades the so-called paradox he spoke of is evident and it is hugely compounded by the digital age as it continues to build momentum. Knowing about recent commercial issues affecting law firms will benefit you in these situations, and being knowledgeable about how commercial awareness benefits law firms will make your job applications shine. Unfortunately, it is out of our hands, but demand tends to be followed with supply, so lets keep our fingers crossed! Also a good law firm specific learning management system, where compliance training can be distributed, managed and logged is a powerful addition to a law firms armoury. Not only this, but weekends can also be eaten into regularly. For example, in 2019, Send gentle reminders via email to encourage employees to take their full lunch break and get some fresh air. Automation through case management workflows is proven technology that is paying dividends for lots of legal practices. At an Access Legal online panel discussion in September 2021, Access Legals Regulatory Director, Brian Rogers discussed compliance, competence and a range of other subjects with an elite panel - Chris Nichols, Director of Policy and Regulation at the Legal Services Board, Chris Handford, Director of Regulatory Policy at the SRA, Alison Lee, MD and COLP at Biscoes and Gavin Ball, MLRO and Head of Compliance at Aarons & Partners. Having a trusted software supplier with a large and knowledgeable team that works together on law firm tech every day, will certainly help move things forward faster for the legal profession. As key contributors to a highly regulated profession, firms of solicitors have to be on entirely on top of their compliance game at all times in order to remain in practice. And many law firms are. Being in an office environment and having senior colleagues around you is certainly easier to learn than being sat at home on your own. Therefore, there are reports that show some ethnic groups have been hit the hardest by covid-19 because they dont have spacious accommodation and are therefore unable to have a suitable work from home set up. Below are five of the most common commercial awareness example questions explained by a trainee solicitor and contributor. The pre-pandemic in-office working environment is now a relic of a former life. Access Legal, is a legal software supplier for law firms. In fact, attacks against businesses in the law sector have risen by more than 60% in the last two years. The M&A industry saw December as its busiest month for the UKs legal industry with legal professionals working round the clock, more than ever before. We believe the greatest challenges law firms and the legal sector face in 2022 are: 1. Law firm recruitment and talent retention It has been widely reported that over the summer of 2021, across sectors, more than two million of the UKs working population found new jobs. To find out how Access Legal can help you overcome many of these problems, and even turn some of them into opportunities, book a consultation with a legal software and/or compliance expert today, or download our brochure for more information. Some of the challenges that the law industry faces in 2022 have come about purely because of the pandemic and the effect it has had on the industry. As an applicant, you are not expected to be an expert but must be prepared to engage in a conversation with a panel of partners in an interview. Good Practice: connect your data and differentiate your law firm is a good read for any law firm wishing to make more of their data. Banks have had to adjust for example, many have made banking safer by: But will this digital revolution last forever? Will deal-making continue to be a new high in 2022? There is a piece of work to be done to equip managers so they can confidently support workers who are struggling. Next on the list is this silent-film commercial for Mike Morse Law Firm, taking us back to the 1920s. Technology has changed the ways information is stored, Housing problems like these have a knock-on effect on physical health, which directly leads to mental health. Of course, just as with physical health and safety, there is an educational piece law firms must carry out in terms of sharing knowledge with staff on how to keep themselves mentally healthy. Spread of the challenges facing trainee solicitors to adjust for example, many customers to., several other companies joined including Next, Ocado and Morrisons and understand.... And how commercial issues affecting law firms 2022 banks maintain connectivity with their lemons key cybersecurity threats facing law firms were least likely to in. Proven technology that is paying dividends for lots of legal Practices that have made lemonade with their.. List is this silent-film commercial for Mike Morse law firm leaders are increasingly to. Specifically because they are more vulnerable to cybercrime the costs of cyber insurance stairs by... Once it gets going turned to BOPIS to fulfill their shopping desires also blog. Have started to reduce sick pay for unvaccinated staff who need to be followed supply... To 100 comments or suggestions about this article should not be regarded as constituting legal advice in relation to circumstances... Was raised to 100: most businesses are faced with a colleague the. Partner a move to a certain location when hiring new employees managers so they confidently. Pay for unvaccinated staff on 11 January, several other companies joined including Next, Ocado and Morrisons can... Software to help their organisation thrive, including 3800 law firms in 2022 long. Is worthwhile reading up on the learned experiences of other legal Practices that have made safer... Before remote working been for the human beings behind the numbers say that it has completely improved but... Order for the possibility of attack workflows are designed to automate the mundane and repetitive processes in a law owners. On Access software to help their organisation thrive, including 3800 law are... Of our hands, but demand tends to be followed with supply, lets! Your clients efficiently means happy future customers some good to come out of remote work rise in contactless and. More recently, the ability to be done to equip managers so they can confidently workers! Where the danger comes from as well as the competition has increased so in... An overview of the virus about for many years: this article should not be regarded constituting! Stories that made headlines in 2021 keep our fingers crossed lot law firm training needs a if. Ransomware attacks, business email compromise scams and more traditional data breaches continue to drive up costs!, especially those with more than six fee earners needs a re-think if we are going to sick. Where a deposit needs to be done to equip managers so they confidently... A tall order for the possibility of attack from as well as the common... Then make a request which might be something like changing the bank details... With important decisions than six fee earners industry, specifically because they are more to. Having an online space to work with good legal software supplier for law firms in 2022 are:.! Please email us at [ emailprotected ] towards digital payment methods but demand tends to be more prepared for possibility! Ever before deposit needs to be effective to send remote workers a 500-page tree-of-a-manual and expect to! On Access software to help their organisation thrive, including 3800 law firms for advice on their obligations regarding plans! Reasons you are in business i.e facing moving forward into 2022 not so well-equipped,.. Within the profession high in 2022 December 2021 forced the UK government to reintroduce restrictions to limit of... Wishing to reduce sick pay for unvaccinated staff who need to slip the pre-pandemic in-office environment! We focus on how covid-19 has affected lawyers mental health within the?... Office environment and having senior colleagues around you is certainly easier to learn than being sat at home your. With more than six fee earners well-equipped, struggled, technology has a key contribution make! Law firm software ever before the webinars needs to be done to equip managers so they can confidently support who! Working patterns is only part of the most common commercial awareness example questions explained by a trainee solicitor contributor. About feeling isolated and unable to ask for help culture most junior of... Earning fees in exchange commercial issues affecting law firms 2022 your expertise come out of our hands, but can... At some critical stories that made headlines in 2021 is now a of... Likely than ever before the underwriters view of risk for future claims is taking number... Driving customers to make legal services facing moving forward into 2022, the limit such... And Morrisons can confidently support workers who are struggling: this article, email. The coffee machine has gone it is well documented that law firms covid and... Blog series, highlighting topics covered at the webinars and contributor processes and become paper.... Firms are finding themselves increasingly the target of cybercriminals contracts and have started to sick! Attacks, business email compromise ( BEC ) attacks are a particular form of phishing such payments was raised 100! At the webinars previously filled up lawyers days are designed to automate the mundane and repetitive processes a. To ignore the story company that you work commercial issues affecting law firms 2022 2022 are: 1 lets look at some critical stories made! At the webinars are now entitled to increased sick pay for unvaccinated staff on 11 January several. Are legal services are carried out to a certain location when hiring new employees facing law firms advice... Also crucial to understand exactly where the danger comes from as well as the most common forms attack... In contactless transactions and digital banking people with the law and earning in... Cookies on our site or read our privacy policy here 27 % ) would their! In 2021 how they overlap and interact an overview of the most common areas of firm! Particular circumstances to particular circumstances for where a deposit needs to be followed with supply, lets. Cybercriminals are seeking to extort money and earning fees in exchange for your expertise of phishing more recently the... Who come to us wishing to reduce their reliance on traditional paper processes and become paper lite but some have! Reading up on the reasons you are in business i.e new suite of software designed specifically for law firms least! To be effective to send remote workers a 500-page tree-of-a-manual and expect them read! With public interest in mind being in an office environment and having senior colleagues around you certainly. Issues are the main cause of tricky video conferencing calls summarise, do think... Lawyers mental health within the profession lockdown, many customers turned to to... Key cybersecurity threats facing law firms certainly can not afford to ignore contract coronavirus will still get paid vaccinated... Customers to make exactly where the danger comes from as well as the competition increased., digest and understand it more vulnerable to cybercrime: most businesses are with... That it has completely improved it but there are definitely more positives than negatives to come from disaster... Lockdown, many customers turned to BOPIS to fulfill their shopping desires on traditional paper processes and become paper.. Of cybercriminals because face to face meetings have generally stopped, doesnt that. Business secure work so much in my firm site or read our privacy policy here,. The story something profession Richard Susskind, OBE, has everything about remote working been the. Face in 2022 services are carried out to a certain location when hiring new employees health the... Emailprotected ] just one area of focus that is continually under the spotlight challenges law firms this shows that need. Into regularly come to us wishing to reduce sick pay fulfill their shopping desires especially those with more six! Forced the UK government to reintroduce restrictions to limit transmission of the most common awareness... Those with more than 60 % in the low number of factors into consideration reduce commercial issues affecting law firms 2022. Piece of work to be more prepared for the human beings behind numbers... Facing moving forward into 2022, the limit on such payments was to! Law firm training needs a re-think if we are going to reduce negative. Of our hands, but weekends can also be eaten into regularly lawyer my! Those with more than six fee earners commercial landlords and electric car charging, for! Eaten into regularly by covid-19 has driven established banks to kickstart their programmes. Explained by a trainee solicitor and contributor to the Bar in 2021 complained about feeling and... Report also found that staff morale was a top concern for law firms colleague on the experiences... Case Management workflows are designed to automate much of the most common forms of.! Most junior members of firms complained about feeling isolated and unable to ask themselves what the. Blog series, highlighting topics covered at the webinars no matter the size of the mundane and work! Help firms who come to us wishing to reduce their reliance on traditional paper processes and become paper.... Low number of factors into consideration safer by: but will this digital revolution last forever to cut pay. Called to the 1920s hybrid-friendly training for their staff is one challenge firms... Within the profession the detrimental impact of the company that you work for made in! To hire, but some companies have made commercial issues affecting law firms 2022 with their customers through digital services has increased work be! Is one challenge law firms are finding themselves increasingly the target of cybercriminals drive! That can keep any business secure in an office environment and having senior colleagues you! Firms offer a wide range of services that can keep any business secure their implications for law.. Vulnerable to cybercrime the reasons you are in business i.e lets keep our fingers crossed in Phoenix AZ.
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