Professional services firms face an uncertain future in 2017. Many predictions for the legal sector in 2016 proved inaccurate. Some widely forecast changes did not happen as expected. A high level of competition from entirely new ‘Tesco law’ legal services firms competing on a platform of agile technology has perhaps not materialised, whereas the threat from accountancy-based firms remains very present.
At the same time, continuing M&A activity is leading to consolidation in the sector, which is challenging many professional services firms. Innovative technology, from data analytics to enhanced time recording facilities, helped some law firms improve productivity and efficiency to compete in a fast-changing marketplace, but many continued to struggle with issues such as IT security and email management.
