The legal sector is experiencing lasting changes due to the new normal, particularly in how law firms view their real estate obligations both now and in the future.
Recent changes have prompted many companies to reconsider their spending on real estate rental and maintenance, with a focus on redirecting funds towards technology investments that support remote work.
Discover more about it by reading this post.
Innovative requirements arise from new demands.
Law firms anticipate a decrease of at least 20% in real estate expenses in the upcoming years, as per the annual “Global Office Impact Study” conducted by Cushman & Wakefield, a prominent player in the commercial real estate industry.
In 2022, the study predicts a 50% increase in the global vacancy rate for commercial offices.
Many legal firms are making significant changes in their workplaces, with 93% of the 700 U.S. law firms surveyed planning adjustments and 24% considering them to be drastic.
Law firm leaders are prompted to reflect by two key factors.
- Assessment of the legal team to identify employees who prefer to continue working remotely.
- The number of lawyers who return will determine the size of the support team.
Real estate expenses are currently the second highest fixed cost for law firms, after employee salaries, and any decrease is greatly appreciated.
The change in how space is utilized
Legal offices are now utilizing real estate spaces in a different way, largely because of the encouragement of remote work.
Collaborators working from home are more cost-effective than those working in the office, impacting how law firms will design their physical spaces in the future.
The current trend is to reduce office size to accommodate only those who prefer not to work from home, whether on a daily basis or just a few days a week.
One option is to collaborate with other businesses by sharing office spaces, forming genuine advocacy centers. These hubs provide essential work infrastructure and foster collaboration, encouraging the adoption of new ideas and technologies.
Technology is crucial for working remotely.
The legal industry has recognized the importance of fast, efficient, and cost-effective service delivery for a long time. With an increasing number of people working from home in the future, significant changes in work practices are required, especially focusing on digital transformation.
The initial step is to move away from traditional on-site legal systems hosted on the company server. How will users be able to access them remotely?
It is important to have faith in the implementation of contemporary cloud-based solutions. Furthermore, the legal office’s technical staff can access them from anywhere without concerns about future updates or maintaining registration systems.
Confidential and sensitive information can be securely stored on a cloud system’s isolated server, reducing the risk of unauthorized access. Additional security measures like SSO and VPN can further enhance protection against data breaches.
Accidents and work hours lost can occur in an unwelcoming home office environment, but using a cloud-based system eliminates this risk by automatically backing up files and records from connected devices.
Depend on the reliable partnership with Thomson Reuters.
Thomson Reuters invests in and provides cutting-edge technology to enhance task efficiency and team productivity. Partnering with a reliable ally enables better organization, collaboration, and access to tools from any location at any time.
Systems can also connect with the existing platforms in the office, making processes easier and more user-friendly, enabling secure data sharing.
Understand the ways we can assist.
Elevated.
Efficient operation at the highest legal level requires organization and collaboration. HighQ is a platform designed for legal practitioners to address difficult tasks through improved office operations, process establishment, and enhanced integration.
The first and singular platform designed for legal tasks enables the integration of automated workflows and secure document handling with top-notch corporate social features.
HighQ can provide a unique customer experience and transparency, which can assist in attracting and maintaining clients. This will result in improved efficiency, speed, and competitiveness for your office.
It will be easier to work intelligently, even with a complicated schedule, by working together with colleagues internally and providing services that are more responsive, transparent, and valuable.
Legal One
To get the best outcomes, it is essential to increase efficiency and productivity. Transition to a more automated daily routine now with Thomson Reuters Legal One, a solution tailored for the needs of legal practices.
Ensure that legal practice is streamlined and all office operations are consolidated in one location to improve efficiency and productivity. Maximize time utilization and enhance proficiency, effectiveness, and productivity.
Equipped with smart functions to enhance operations, oversee teams, and facilitate strategic decision-making, the sturdy system boasts a wide array of features.
Provides a simplified and efficient way to access information, including content from the Journal of the Courts and the digital library ProView, enhancing precise searches across various legal fields.
The tool also includes Legal One Analytics, which enables users to analyze historical data, current situations, and predict future outcomes.
The initial Business Module Intelligence created specifically for the legal industry combines cutting-edge analytics solutions with legal insight to enhance process portfolio performance management.
Transform the way you manage your law office today by not overlooking HighQ and Legal One.
