HSBC UK law firms need to innovate in response to COVID-19
In a report by HSBC UK, the company identified the rise in law firms recognising the need for innovation and change in their operations with the use of technology in response to the pandemic.
The report - written in collaboration with Briefing - discovered that 51% of law firm leaders are increasing their technology investment, while only 19% said that they planned to reduce it.
“The pandemic vindicates law firms’ previous technology investment with many surprised by the efficient transition to remote working. However it is also a catalyst for greater use of agile working technology and process automation tools. This focus on technology appears to be here to stay and the research shows a clear commitment from firms to improve these digital tools to enable further flexibility in the future,” commented Chloe Clift, Head of Professional Services sector for HSBC UK Commercial Banking.
Other key findings from the report included:
- A shift in priorities with 77% prioritising investment in tools for agile working, 58% in management information and 5^% in process automation
- Less intention to continue investments in areas identified as ‘most important’ last year, including cybersecurity and client collaboration
- 88% of law firm leaders identifying the UK as one of their top three regional priorities in 2002, an increase of 20% compared with 2019 (68%)
- An overall interest in future global expansion, 40% of those surveyed identified plans to grow internationally despite current economic challenges globally, only 1% had intentions to reduce their global activity
“This has truly been a year unlike any other for UK firms and there will undoubtedly be further headwinds to face as the combination of COVID-19 restrictions, deferred tax, job support schemes and the end of the Brexit transition period play out over the coming months. It’s encouraging to see that, despite these economic challenges, there remains a commitment to further invest in the UK and firms have not lost their global ambitions for opportunities to grow in both new and existing markets. HSBC UK remains well placed to support these strategic growth opportunities,” concluded Clift.