3 CRE Q&A with Cushman & Wakefield: Trends Shaping Law Firm’s Today

Cushman & Wakefield’s 2017 National Legal Sector Benchmark Survey included responses from more than 1,500 domestic law firms and associate respondents on many key topics. Those ranged from business, financial and operational drivers that touched on areas such as competition, virtual offices, recruiting and retention, growth plans, diversity, real estate (the No. 1 expense to law firms other than salaries), technology, future and ‘Out of the Box Trends.”

Connect Media asked Cushman & Wakefield Legal Sector Advisory Group’s Tom Usher, who is based in Portland, OR, and Sherry Cushman, who is based in Washington DC, to share some of the key report findings in our latest 3 CRE Q&A.

Q: How and why are law firms using technology and AI today?
A: Cushman – Smart law firms are partnering with technology companies to provide automation and artificial intelligence (AI). They do this to streamline processes and increase efficiencies, saving their clients time and money, while freeing attorneys up to focus on much higher level, value-add work. We are seeing how the use of technology is becoming the new disruptor in the legal industry. Technology is allowing attorneys to work more efficiently and effectively outside the office. Coupled with the expanding use of artificial intelligence in the legal sector, smart law firms are looking for ways to harness these new innovations to increase their profits while reducing operating expenses.

Q: In representing law firms in Portland, what are some of the key trends you are seeing?
A: Usher – We are seeing a continued shift to rightsizing and incorporating new workplace strategies that help firms make the most informed and appropriate fiscal decisions, while improving operations and client services. Often, these modern strategies and efficiencies incorporate new technologies by replacing old file storage rooms and/or reducing the size of or eliminating libraries altogether with more advanced electronic system options and cutting-edge digital or online legal research, or in implementing other technological solutions such as due diligence automation and more efficient matter management. 

Q: What is a new hot topic people should be aware of in the legal sector today?

A: Cushman – Succession planning is a new hot topic in the legal sector and one that anticipates significant scrutiny in coming years. With the younger generation’s views on long term commitments to partnerships, in-house counsel departures and overall shifts in the legal sector’s business model, developing a short- and long-term succession plan will be key to a firm’s future success in recruiting and retention.

For comments, questions or concerns, please contact Dennis Kaiser