How to Handle Records for a Successful Digital Transformation

Mattern Associates
Oct 16, 2024
1 min read

Digital Transformation Is Key for the Law Firm of the Future

COVID has changed the way law firms and businesses in all sectors function, forcing firms to discover new ways to operate their practices and serve their clients with nearly all their attorneys and support staff working remotely. Many of the changes are permanent, and it now befalls law firms to define their opportunities in the paradigm shift and make their operations more efficient and competitive, i.e., become the law firm of the future.

Digital transformation is the key element to firms' success. Prior to the pandemic, only 19% of in-house legal teams were well-positioned to support enterprise digital efforts, with law firms themselves faring even worse.

One of the unexpected outcomes of COVID was that large law firms prospered. Profits per equity partner grew more than 20% last year through November for the Am Law 100, according to a report by Georgetown Law and Thomson Reuters Institute. That’s more than double the growth rate in 2019. And U.S. productivity overall soared because of digital transformation in Q2 and Q3 2020, causing the largest increase in productivity in over 60 years—and this includes the legal market. One of the keys to that success was that firms were willing to adopt technology forward-thinking positions that were previously off the radar.

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