The fabulous team at Actionstep recently hosted The Future of Mid-Market Law event at the exclusive 6HEAD, overlooking the Sydney Opera House. Mike McKell, Ximena Farias, Triona Saunders and Rose Fitzmaurice beautifully brought together law firm leaders and legal industry experts to connect and consider how to shape the future of mid-sized law firms.
Four thought-provoking speakers, Lisa Dowie, Peter Dombkins, Andrea Foot, and Carl White respectively shared their insights on how to address the challenges mid-market law firms face today.
Peter Dombkins, Director of PwC NewLaw briefed the attendees on how the environment is changing at an accelerating rate for mid-market law firms. Dombkins stated, “there are many challenges that slow down evolution and adaptability in law firms. This includes downward revenue pressures, upward cost pressures, and the impact of new ways of working and technology.” He outlined how law firms are to counter these increasing challenges and explored how to promote evolutionary change to be the norm and to tackle the key areas to modernise the firm.
Andrea Foot, Non-Executive Director, Coleman Greig Lawyers addressed the law firm leaders on how to create space for true leadership in law firms and stressed the importance of alleviating the burden of administrivia for leaders. Foot also stated that “one of the biggest barriers to successful change or transformation in businesses is fear and briefed the group on how to remove these barriers as a firm leader.”
Lisa Dowie – Chief Customer Office, PEXA asked the question “What is the right ecosystem of tools to support your firm's ambition?” She differentiated between point solutions and ecosystems and advised the group to “Focus on what you want to be, not what you want to do” Dowie briefed the group on what ecosystems will deliver in a practical way for law firms and the four key outcomes law firm leaders should look for when evaluating an ecosystem.
Carl White – Director, PwC NewLaw opened by stating “As you know, there is no shortage of lawyers, so how do you stand out and differentiate yourself amongst your mid-market competitors?” He outlined how at every touchpoint law firms have an opportunity to make or break their client relationship. White stated that “law firms could do well in the pillars of efficiency, expertise, and economy” and further briefed the delegates on how to evoke positive client emotions to bring clients back time and time again.
Mike McKell, Regional Director - Australia & New Zealand recounts “What do coyotes and coffees have to do with the Future of Mid Market Law? Peter Dombkins and Carl White artfully point out that sometimes the things we solve don’t get to the root cause of what really drives change or perhaps, makes things worse. What does deliver change? Creating enough “disturbance” – the best it seems we can hope for. What kind of disturbance is needed, and, where does it begin? Andrea Foot makes a case in which you could hear a pin drop, that it begins at the top, and within; fostering an environment of vulnerability, where its OK to fail and where everyone has permission to contribute, in order to achieve outcomes greater than otherwise would have been allowed. Lisa Dowie extrapolated upon that beautifully by having us consider short vs long-term problem solving, which is ultimately better for teams, and customers, joining and extending both the internal landscape and external landscape and where they meet. The common thread to what each speaker had to share? That the “new world” is one of experience; Client Experience, Employee Experience, and Operational Experience. The Future of Mid Market Law is in great hands with leaders like these shaping these experiences within their firms, their clients, and their networks.”
Follow the link to gain access to the speakers' thought-provoking and valuable mid-market law firm takeaways.