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Legal Industry 2.0: Five Steps to Transformation

 

Saptarshi Das

Industry Advisor – Information Services, CMI, TCS

The future of the legal services value chain will be driven by AI and technology

As law firms look at digital transformation to improve operational efficiency, as well as manage pricing and cybersecurity, we recommend a five-stage approach to improve profit per partner. The right transformation strategy also ensures alignment with market trends and the multi-disciplinary demands of clients. The key stages of such an approach include:

  • Conducting as-is-maturity analysis at each level of the value chain

  • Defining the goals of the firm

  • Identifying problems through a root cause analysis

  • Defining a counter measure transformation plan 

  • Embarking on the journey