In PwC’s 2019 survey of senior executives in law firms, they found that Brexit was the main concern for Top 50 firms in the UK (though not for the Top 10, who were more concerned with automation and legal technology). The Top 5 Business Challenges. However, the Hay Group research found that engagement and enablement levels in many global businesses haven’t improved. In 2016, a PwC survey found that 70% of financial services CEOs saw the availability of key skills as a threat to growth. easier for solicitors to practice outside traditional legal firms, taking on locum, plunge and committed herself to her venture full-time. “By taking steps to develop your people, provide great Remain comfortable in your position and competition will steal your most valued customers. In this guide our Operations Director, Gavin Ward, outlines some of the biggest challenges that law firms will be facing now and in the coming years and some of the most cost-effective ways for the more progressive firms to beat their competitors through harnessing online strategies and technologies. need to commit time to this but the benefits of taking time to really reflect According to PwC’s annual survey of law firms in 2019, firms considered cyber attacks more of a threat than they did in 2018, and the second greatest threat to firms behind Brexit. Around 59% seasoned HR professionals believe that in the next few years, major battle will be retaining talented and well-performing candidates. Have Irlen Syndrome, or need different contrast? As the profession enters a new decade McGrath is throwing down the Bringing in a consultant trained in reading and predicting those all-important trends could be … One of the perennial challenges facing the supply chain is predicting buyer behavior and responding accordingly. Tell us about a recent economic or business news article or story you have read or heard about. Recent cases have largely favoured a wide interpretation of “worker” with Deliveroo, Uber and Pimlico Plumbers all facing challenges to the classification of their people as independent contractor. rather than the causes of stress. senior legal manager for the health food chain Holland & Barrett. Whether you are in the top 100 or a small high street practice, the challenges facing your law firm in the near future are many. Javascript must be enabled for the Twitter plugin to function. Frequency: Something of a theme for 2020 – dealing with the same messes we were dealing with in 2018 and 2019. “Innovation distinguishes between a leader and a follower” – Steve Jobs. Law firms weather downturns better than the overall economy does. Furthermore, independent We’ll take a look at a handful of the major challenges facing supply chain over the next half-decade, and how the industry is approaching these. Gender equality (still – everything in Connor Griffith’s, Cuts to legal aid in the civil system, as. the deeper implications of stress in the legal workplace and an absence of causes of stress in the day-to-day working environment. believe they have the necessary time available to invest in making a real There will always be challenges facing the industry, and 2020 is no exception. The need for our nursing profession is going to radically increase over the next decade. These plans may seem like a nuisance but ultimately the planned direction that SMEs will be forced to take over the next year will only lead to making businesses in the UK more focused, strategic and effective. Law firms will need to remain informed, aware, and adaptable over the next few years. If the Commission does not decide the UK is ‘adequate’, or in the months or years it will likely take to get a decision, UK businesses will have to implement these additional safeguards, either by reviewing and redrafting contracts to include Standard Contractual Clauses (SCCs) for data protection or in the case of multinationals, by having Binding Corporate Rules (BCRs) that cover the whole group structure and comply with GDPR. Over the years Next Plc has redefined the ways of doing business in Consumer Services. But it also involves understanding people from all walks of life, with all sorts of problems, and how they think and feel. Challenges Facing the Financial Services Industry In this article, we examine 10 of the biggest challenges facing financial managers today. Alternatively, click the button below for our various RSS Feeds (available journal wide, or per section). Prior to law, Peter studied History at Selwyn College, Cambridge, before completing the GDL and LPC at the University of Sheffield. Significant changes are afoot in the … It is perfectly acceptable in 2020, just as it was in 2018, to answer: “Brexit. No Preference The first of these, she says, is lack of She also helps future leaders, coaching would-be partners DAC Beachcroft managing partner David Pollitt: There are many challenges facing law firms today, a number of which have been in play for some time. Little wonder then that according to a 2019 survey by the Junior Lawyers Division, a quarter of the junior lawyers who responded (24.8%) reported severe or extreme levels of stress, and 93.5% reported some stress in the last month. Heading into 2020, what are the three biggest challenges facing law firms. With new potential competitors to law firms coming into play and clients becoming ever more demanding. in-house role, was beginning to work with individual lawyers and legal firms to This paper focuses on the three key challenges that will affect project managers for the next five years. It means being conscious of the client’s state, both financial and emotional. I know that’s the easy answer and everyone says it, but it really is Brexit.”. Table of Contents. The situation is unlikely to be as bad as it was following the 2008 recession, but could be a challenge to recent growth in the industry which was already beginning to slow. This article is obviously not exhaustive. Firms also reported malware attacks, network intrusions, and the loss of information through leakage and staff incidents. Richard Collier covered some of the potential reasons for this in an article for the Law Society: poor work-life balance, hyper-competitive culture, and the personality type often drawn to law, what he calls "insecure overachievers". Challenges Facing the Financial Services Industry. ‘7 of the biggest risk management challenges faced by law firms today’ (https://businesstown.com, accessed 18-11-2019). Share. good people are leaving traditional practice for different reasons such as This means very little will change for UK firms dealing with UK personal data, or for UK firms making transfers of personal data to EU countries. It can hinder diversity in the profession: Black, Asian, and Minority Ethnic (BAME) respondents were the least trusting of lawyers according to the LSCP and had less confidence that their consumer rights were being upheld by lawyers than White British respondents. Challenges facing us in 2019, while seemingly very distant, deserve attention in addition to the new obstacles our firms face during what may be a temporary flattening of the COVID-19 curve. For firms receiving personal data from EU countries, however, the situation will be more complicated. The review did make some welcome recommendations, from reviewing whether means testing in criminal legal aid cases was too harsh to opening up legal aid for special guardianship orders in family law. and employee benefits packages, she believes these measures treat the symptoms Enter you email address below to subscribe to free customisable article notifications. Health care has been another challenge for businesses. Click below to visit us on Twitter. When Keep Calm Talk Law revisits this topic in 2021, that article will likely tread over familiar ground just as this one has. Then there is the … However, uncertainty over Brexit did not end with Conservative victory in the 2019 election. In 30 years’ time we may be dealing with social media issues that we’ve not even considered yet. McGrath believes that the biggest challenges facing law necessary change. The perennial challenge facing Keebles in 2019 is preparing for Brexit—a process which will impact both positively and negatively on law firms depending upon their practice areas. 06:0007:0008:0009:0010:0011:0012:0013:0014:0015:0016:0017:0018:0019:0020:0021:0022:00. Meanwhile, the UK's legal profession is currently facing some major upheavals. May 5, 2016 | emadmin Corporate insights. Terms Of Use | Privacy Policy | Advertising | Mobile Site. We have more certainty on when and if Brexit will happen, but the next few years are likely to consist of protracted trade negotiations with both the EU and other countries. As a leading UK law firm, what do you think are the main challenges and opportunities that Burges Salmon will face over the next 5 years? In 2018 the General Data Protection Regulation (GDPR) was passed by the EU and generated a lot of legal discussion, as well as a lot of business for those advising on it. Some are more difficult to grapple with: the values our industry promotes, the ways we treat each other, and the ways we treat ourselves. After all, Facebook is only 13 years old. Commercial awareness involves politics, business, history, economics and technology. Topic: Insight / 7th June 2017. 1. It means being proactive in preventing disputes, and more conscious of alternative methods of dispute resolution when they become unavoidable. The second obstacle is a lack of training in how to make the Understanding what the client wants and needs, and the best way to deliver that while still operating a commercial service, is the best means we have of building trust. leaders don’t have the right support or training to enable them to support, Occupational health services, meanwhile, are usually only sought out when It’s the 13th successive quarter of growth for experiential budgets… but the lowest reading since late 2015. In fact, our population distribution has never looked like this. In the short term, this may be challenging but ultimately good for business, generating advisory work for commercial lawyers in particular. Even after qualification, legal professionals will often struggle with work-life balance in a career where clients are increasingly demanding lawyers be available 24/7 and the competition is cutthroat. Transfers of personal data to third countries require additional safeguards per Chapter 5 of GDPR. With that in mind this article will look at some of the major challenges for the industry – and everyone else - in the year ahead. and help them achieve clarity and focus, enabling them to identify their USP as After Brexit the UK will become a ‘third country’ for the purposes of GDPR. McGrath uses the DiSC profiling system, in which she is a If UK businesses are hesitant to invest, spend, and grow, then demand for legal services could suffer in the longer term, and law firms in post-Brexit Britain may find it more difficult to expand into new markets or recruit and retain talent from outside the UK. We used to say that education was about the 3 Rs: Reading, wRiting and aRithmetic. The one we have has been under-resourced so that it is close to breaking point. Cyber risk is something that cannot be fully mitigated but can be prevented as hackers are always moving and adapting much quicker than the defenses on ground. All of this against the backdrop of this client-empowered era, where clients now demand services that … There are hundreds of articles on the internet claiming to unlock the secret wisdom of “commercial awareness”, including our own. identify which candidates are likely to provide the best fit. Every one of the firms surveyed had suffered a security incident in the last year, the most common being phishing attempts, which some firms reported were daily events. Cybercrime in Finance Reports of data breaches by financial services companies. Updated April 2020 - The Coronavirus pandemic has been and will be considerably changing the way … insight into how to improve the situation”. She says, “First, recent regulatory changes have opened up competition These figures come from a 2018 survey by the Legal Services Consumer Panel and YouGov, and while lawyers scored better than car mechanics (19%) and estate agents (9%), this figure should still be concerning for a profession whose work is, in one way or another, to give advice or to seek justice. Occupation/Career Stage independence, flexibility, health reasons, to be closer to family, high levels The Brief first They've really got to cut their costs." will far outweigh the cost.”. With Brexit looming, the status of GDPR is a key concern and likely an area many commercial clients will be seeking advice on. McGrath believes that the biggest challenges facing law firms are “getting the right people in the door and keeping them”. awareness of the impact they, as leaders, can have on the well-being of obstacles is a key objective of the coaching McGrath provides. Lawyers’ Coach. There’s only so much this article or any article can do. I would like to highlight one that may not be seen to be the biggest challenge today but could, if it develops, certainly become one very quickly. Drawing on her own experience McGrath says, “Confident Looking ahead, over half of the consultants surveyed (52%) think the increasing complexity of projects will be the number-one challenge for project management over the next five years. The UK's business and finance institutions continue to grapple with the aftermath of the financial and economic crisis. GDPR compliance is already poor in many cases and considering GDPR was described so often as an “EU law”, it would not be surprising to find less informed business owners who think it no longer applies after Brexit. Outside work, Peter enjoys books, cooking, and pretending to know about football. feel they can develop is key to their wellbeing. One particular challenge for the vast majority of firms is institutionalization. will benefit your staff, your customers and, ultimately, make your business So, in 2020, what are you going to do to make a change that In this last decade, there has been a 21% increase in 75-84 year olds. Chief Inspector Kevin McGinty stated in the foreword to the report: “There can only be an effective criminal justice system – and one in which the public can have confidence – if it is properly resourced. Scared yet? It provides the latest information on the current workforce and addresses how it is dramatically changing within the midst of a massive business transformation. Showing an understanding of the challenges facing the legal profession is vital for demonstrating awareness to recruiters. Excellent service providers scramble to meet the expectations of customers who have become accustomed to great service. The modern Supreme Court is only a little over ten years old, and in the last few years has waded into a handful of controversial decisions: the Robinson and Commissioner cases opened up claims for compensation against the police for negligence, An NHS Trust v Y allowed families and doctors to make end-of-life decisions without applying to the Court of Protection, and most recently the Cherry case found that Boris Johnson’s prorogation of Parliament in September 2019 was unlawful. There are, she explains, three main factors at play. I also show them that tiny changes can have a major impact. The global legal profession is facing a period of unprecedented change with technology set to have the greatest impact on law firms over the next five years, according to a report published today by accountancy and business advisory firm BDO LLP.. BDO’s Law Firm Leadership Survey, which polled the managing partners and senior partners of 63 Scottish, UK and international … dynamics, leadership skills and, ultimately, happy employees is compelling. In late 2019 Once the recruitment challenge has been addressed McGrath Facebook’s average retention period is 2.5 years while Google’s is 3.2 years. If you have a Keep Calm Talk Law account, please login to post your comment. This means good solicitors can now walk away from law firms and practice in a Thus, it is important to examine how issues like Brexit, cyber security, fixed costs and online courts could cause problems for lawyers in the coming year. 5) Clients are becoming far more savvy. While these five challenges facing firms today may seem daunting, especially when considered together, the solution to all of them is innovation. Suffering is acceptable because everyone is suffering. Traditional law firms will lose out to small specialists providing quality over quantity, says Bellwether Report 2017, Art of Success. Read our How to fund law school feature for more on the options at hand, and check out our info on the four Inns of Court too: of all the potential sponsors out there, they have the deepest pockets, with nearly £5.6 million worth of scholarships and bursaries on offer each year between them. She says, “First, recent regulatory changes have opened up competition in the market, offering solicitors alternatives to traditional private practice. Sometimes, easy answers are also true. Here are 7 challenges that law enforcement agencies will be forced to address in the coming years… The aim of this piece is not to provide a list of correct answers, but to ask questions, suggest some further reading, and get you thinking about the state of the industry. These are not problems with easy solutions, and they may take a lot more time and effort to solve. affect firms commercially. Copyright © 2013 - 2021 Keep Calm Talk Law Ltd.. All Rights Reserved. While recognising that some firms are addressing the issue by putting Overcoming these Lady Hale’s successor, Lord Reed, will inherit a Supreme Court that is quickly finding its feet, but could soon find itself under threat. So, what hurdles stand between legal professionals and being “future ready”? Just a few of the challenges I see businesses facing that are best addressed with the help of a consultant include: Uncertainty about the future. 1) Omni-Channel and Buyer Behavior. To some extent this may be an inevitable outcome of the way commercial law firms work. So what were these leading challenges, and what do they mean for firms … There is, undoubtedly, a huge amount of uncertainty surrounding the UK’s exit from the EU and law is certainly one of those areas in which it is difficult to predict exactly what will happen until the process occurs. New contribution from James Moore regarding some of the hidden (and, for some, not-so-hidden) challenges for the legal sector in 2020.You may also be interested in our editor’s blog on some of the greatest legal sector challenges as envisaged in 2017 here.. No one in the legal sector has a crystal ball or Magic 8 ball that can point them away from danger or risk. work-life balance. The biggest challenge businesses will face in the next five years is meeting increasing customer expectations. Those 5 are our issues and will be our downfall. By clicking the Subscribe button, you agree to our privacy policy and terms of service. Here are 9 challenges of human resource management and ways to deal with them. It is also, to come full circle, the core of “commercial awareness”. Law students interviewing for training contracts this year will inevitably at some point be asked: “What do you think are the biggest challenges facing the profession?” That question is why this article exists. The GDPR tightened data protection regulations for both EU companies and foreign companies dealing with EU citizens. Challenges Facing Insurance Companies in Developing Countries Challenges facing insurance companies in developing countries are worse now due to the coronavirus pandemic compared to what you will notice in countries like the United States, Canada and Australia. If the European Commission decides the UK’s data protection standards are ‘adequate’ (as they recently have Japan’s), these safeguards will not be needed, but this is far from certain. Advising clients with EU customers or EU operations on how to comply with the rules in the short-term, and how they may change in the long-term. Your occupation / Career stage is used to tailor your subscription and for readership monitoring. The final obstacle she identifies speaks to the levels of McGrath believes leaders in law firms face a number of What are the biggest challenges facing businesses in the next five years? people’s job satisfaction and their mental health within the workplace. Expand. them manage the pressures of working in legal practice and sustain a healthy already been done. When firms look for trainees with “commercial awareness”, they often mean that recruits who are flexible, thoughtful and curious are of more use to their business than the best legal analysts and advocates. Keir Baker discussed this issue in 2018, and it remains as important now as it was then. Used to tailor your subscription and for monitoring purposes. describes as a “sustainable skill”. Michael Lane covered the Cherry case in two parts for Keep Calm Talk Law. The impact of COVID-19 on the insurance industry is a huge one right now. The prediction is that this trend will continue and HR teams will need to tighten up their criteria for categorising someone as an independent contractor – erring on the side of caution if there … Clients are requesting and firms are offering fixed price quotations, and more assertive firms work on a "no win, no fee" basis Back at the start of 2019, Connor Griffith discussed in detail the impact of budget cuts and the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO) on the criminal justice system. simply not enough. Like practically every industry, digital disruption is changing the ways legal firms of all sizes are operating, bringing with it plenty of opportunities but also challenges. mindsets. Involving more than 700 lawyers, the survey asked attorneys to identify the challenges most likely to impact their firms in the future—challenges that only one-third of lawyers feel prepared to address. And because this is an annual study, we were able to look at how these concerns have changed since the previous year. Subscribe to Keep Calm Talk Law for email updates, and/or weekly roundups. After four years of Parliamentary gridlock where Brexit has dominated, we may see a spike in new legislation as various issues are finally given time in Parliament. Data, of course. As to the long-term, we are entering into uncharted waters. With a large Conservative majority in Parliament, we now have a little more certainty on the shape and timetable of Brexit. make a difference. According to a 2018 survey of law firms by PwC, the 10 largest firms with headquarters in the UK all say that technology is the most significant challenge facing the industry in 2019-2020.
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