The latest report from BigHand focuses on Legal Resource Management Report reveals the latest trends in lawyer-to-lawyer work allocation and matter staffing from over 900 respondents globally.
The industry report shows that law firms across the globe have made dramatic changes in their focus for effective resource management, and the changes are being driven at an unprecedented pace. On average, 98% of firms are reviewing their resourcing processes, with 78% prioritizing the implementation of resource management technology.
The findings reveal that while lawyers want to embrace hybrid working, firms are concerned about how work will be allocated and the impact of poor resource management visibility on both day-to-day work levels and future prospects.
In regard to profits, despite the industry trend of most firms reporting growth at the end of the last financial year, the report confirms that many still lack the ability to factor in profitability during the resource allocation process currently.
Change is occurring however, as firms increasingly look to delegate work to the most cost appropriate available resource. This comes at a time when client demands continue to grow, with an average of 69% of firms receiving pressure from clients to make sure work is completed by the most cost-effective resource.
The results also confirm that firms have reinforced their commitment to DEI in recent years, and this focus includes both career development and work allocation. However, Partners picking resources based on personal preferences remains a challenge for over a third of firms.
BigHand’s report is an accurate view of the state of work allocation and matter staffing in the legal industry today, with firms recognizing both the challenges and opportunities associated with effective work allocation in a hybrid working environment.
The pandemic and BLM movement have driven a greater focus on DEI initiatives, while client expectations for transparency and appropriate resourcing are accelerating the need for profit-focused matter management.
To find out more or to access the full report, click here.