How can Purpose help Law firms differentiate?

Campbell Jackson

The latest report from EY Beacon Institute’s sheds light on how organisations can help navigate their way through disruption and other changes by identifying and applying a deeper organisational Purpose.

Our latest report - How can purpose reveal a path through disruption? – shows that companies that can articulate a sense of Purpose beyond shareholder returns perform better.

In a recent article I wrote about the ongoing digital disruption in the legal sector, I argued that law firms are not immune from disruption generated by cloud, data analytics and ecommerce technologies. In this traditional industry, digital technology is enabling previously unthinkable practices such as offshoring and ‘dial a lawyer’ style models, where specialists are joining in-house teams on secondment for short-term contracts. These new developments, once unheard of, are increasingly becoming a standard way of working.

But these challenges are just the beginning. The onset of the Fourth Industrial Revolution will see the rise and spread of cyber-physical systems. For legal firms, this means artificial intelligence, blockchain and big data will continue to change both the business models and operations of the law firm.

Existing legal firms particularly should look to big data to create their own disruption agenda. I made this point in a previous article, where I argued that firms need to find new ways to differentiate themselves from their new competitors. Legal firms can achieve this through specialisation, new resourcing models or innovative ways of delivering legal services.

So, how can law firms thrive in this new disruptive environment? How can they decide on the direction of their disruption agenda?

The answer to that question is Purpose.

Purpose helps companies set the strategic boundaries for innovation, helping law firms to innovate with a clear direction and goal in mind. With Purpose, law firms can operate with a greater sense of confidence and sureness.

Go here to read the full report from the EY Beacon Institute. If you think there are lessons for your organisation, our team is happy to explore it further.