After a relatively buoyant market, a slowdown is predicted for Law, Accountancy, and Business Services firms. With clients seeking increased specialism it is placing a heavy reliance on uniqueness of staff expertise and thus pressure on hours sold.
In an era of high regulation, it is difficult for clients to determine any differentiation in the services a firm offers.
The emergence of artificial intelligence and introduction of other advanced technologies are being acknowledged in the Legal and Professional Services sector as both a threat and an opportunity.
- To improve visibility of future growth by sector, geographical location and client service
- To implement annual financial and staff resource planning and budgeting processes with a low administration overhead across multiple offices
- To reduce reliance on stand-alone Excel workbooks for management control, financial analysis and reporting, in order to accelerate reporting cycles and improve information security