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Organisations need to continuously reinvent themselves if they are to survive and prosper in dynamic environments. The nature of competition in the legal services market has changed and law firms’ abilities to embrace technological innovation may well manifest itself as a primary determinant of long-term survival. The question becomes not simply whether law firms innovate more or less than other sectors, such as financial services, but how law firms approach the innovation process. This chapter analyses the drivers and barriers underlying law firms attitudes to innovation and, by offering insights into the innovation process in business-to-business law firms, draws attention to the crucial intervention of clients and sectors such as FinTech in the evolution of professional services. Focusing on LegalTech, the chapter examines longer-term implications of technological innovation for law firms and concludes by noting that collaboration and changing skillsets will play a vital role in the ability of firms to maximise on the opportunities to reinvent their practices.

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Editor: Jelena Madir
Monograph Book