Humour me …
Once upon a time in the countryside, there lived a clever and respected lawyer named Humpty Dumpty. Known for his round shape and friendly demeanour, Humpty was well-regarded among his peers. However, as the years went by, he found it increasingly challenging to keep up with the evolving trends in the UK legal sector.
One day, while sipping his morning tea, Humpty stumbled upon an article about navigating uncertainty as a CEO in 20231. Intrigued, he decided to delve deeper into the world of modern trends to ensure his law firm's continued success.
Humpty began by studying the Mintel Global Consumer Trends report2, which highlighted five core trends that would shape consumer behaviour. He realised that understanding these trends was essential for any successful business, including his law firm.
Next, he explored the Marketing Trends 2023 report3, discovering that Britons wanted reassurance and political engagement from brands. He also learned that virtual reality and TikTok were growing in popularity, giving him ideas for new ways to connect with clients. Determined to stay ahead, Humpty read a white paper discussing the challenges law firms faced in 20234. He learned about the competition from the Big 4, evolving client service models, and the importance of automation. Humpty realised that lawyers' perception in the UK was not as positive as it should be, with only 45% of respondents giving them a positive rating5.
Eager to improve his practice, Humpty studied the Hinge High Growth Study 20236, which showed that some professional services firms were growing three times faster than their competitors. Inspired, he read an article detailing 21 differentiators for professional services firms7, providing valuable insights on how to gain a competitive advantage. As Humpty continued his research, he came across a report on the growing importance of artificial intelligence (AI) in the legal sector8. He learned that 7 out of 10 consumers would choose an automated online system over a human lawyer for their legal affairs. This revelation spurred Humpty to explore AI solutions to enhance his firm's services.
Finally, Humpty studied the State of CX in Professional Services report9, which covered a client-centric framework for service engagement and demonstrated how improving customer experience correlated with business growth and financial returns. Armed with this newfound knowledge, Humpty Dumpty set out to revolutionise his law firm, embracing innovative technologies, differentiators, and client-focused strategies. And as he adapted to the ever-changing UK legal sector, his firm thrived, becoming a shining example for others to follow.
The moral of the story is clear: to succeed in the modern world, one must keep up with the latest trends and be willing to adapt to change. Just like our friend Humpty Dumpty, may you too embrace innovation and forge a bright future for your business.
Why am I sharing this with you?
Okay, so this is clearly a bit tongue in cheek (I suspect you are used to that from me by now!) … but there is relevance.
The LFMC exists to help keep you informed, connected and involved in the things that are changing and are affecting professional services firms. We do this by sharing resources and data and by informing and education you … via our webinars, research, emails, articles and podcasts.
Talking of podcasts … our next webinar(!) is on this very topic: Podcasts – Why & How inc. Top Tips on Wednesday 12th July @ 2pm
Myself, Sophia and Ben (the sound, tech, podcast expert we use for the LFMC podcasts) will talk you through podcasts and how to create and deliver a great podcast, in a practical, relevant and attractive way.
Join us if you can and leave with top tips and practical pointers.
You can book your place here.