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Increasing innovation in the legal sector

With the legal sector poised for growth this year, the majority of legal service providers believe they have the culture and leadership style to support innovation.

The Solicitors Regulation Authority (SRA) and Legal Services Board (LSB) carried out a recent survey among 1,500 organisations, including 900 law firms. Of the companies polled, 80% were confident that they have the management structure in place to innovate, and 40% have already implemented steps to encourage new ideas.

Generally speaking, solicitors are embracing innovation quicker than barristers' chambers, reports the Law Gazette. In particular, they are increasingly integrating technology within their day-to-day practices, utilising electronic communication with clients and taking advantage of electronic forms and case management systems.

Along with a greater use of technology, providers are also adapting the way they work on things like fixed fees, and are venturing into new practice areas. The main reasons why providers are seeking to innovate are to extend service range, improve quality and attract new clients.

A total 25% of all legal service firms have launched new or improved services within the past three years. On average, legal services firms gain 6.3% of their revenue from these innovative services, with this figure rising to 10.3% among other legal services providers (OLSPs) in unregulated activities.

At a recent press conference, LSB chief executive Richard Moriarty said that it was very encouraging to see that innovation is happening out there. However, with just a quarter of legal firms introducing new services since 2012, he said there is "room for improvement" and that "there should be more innovation in the sector to reflect the change in consumer expectation."

There's no doubt that, in order to stay relevant and successful in this competitive market, legal firms must seek to innovate at any given opportunity. Yet, in the survey, 17.4% of providers said that lack of finance was proving a burden on their ability to innovate.

If you feel constrained by a limited budget, Wesleyan Bank can help. We offer tailored IT finance solutions for your legal firm and through IT equipment leasing, you are able to acquire the technology you need to innovate today. Through introducing upgraded IT systems, you will increase productivity and reduce inefficiencies typically present in outdated systems.

Wesleyan Bank has been providing legal finance solutions for over 25 years and are experts in the asset finance market. If you want to find out more about our legal finance solutions, request a quote or call the team today on 0800 980 9348.

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