Our infographic explores the stats behind slowing growth rates, and how firms are using innovation to get ahead.
The legal sector continues to enjoy a period of growth, with the top 200 British law firms reporting revenue rises of 73% since the Great Recession of 2007. That is a leap from £13.5 billion to £23.5 billion in a decade. But the rate of growth across Europe has slowed every year since 2013. UK law firms saw average revenue growth rates of just 2.3% to 3.7% in 2017.
So what can law firms do to generate new revenue streams and power positive growth?
As growth rates decrease, forward-thinking law firms are increasing their investment in smart technology. And it is not just to operate more efficiently and cost-effectively, although this is a clear benefit.
Technology investment will also deliver deeper insights and greater knowledge within areas of specialism, allowing firms to offer new consultative services to existing clients – and attract new ones.
And, most excitingly, it offers the opportunity for law firms to partner with AI specialists – such as ThoughtRiver – to develop the technology further and open up new revenue streams by licensing out innovative solutions.