The legal sector is experiencing lasting changes in how law firms view their real estate obligations due to the new normal.
Recent months have witnessed a shift towards remote work, prompting companies to reconsider their expenditures on real estate rental and maintenance. Many are now exploring the possibility of redirecting these funds towards technology investments that facilitate remote work.
Discover more about it by reading this post.
Innovative needs are required by new demands.
Law firms anticipate a decrease of at least 20% in real estate expenses in the future, as stated in the annual “Global Office Impact Study” conducted by Cushman & Wakefield, a prominent company in the commercial real estate industry.
In 2022, there is a 50% increase in the global vacancy rate of commercial offices as indicated by the study.
The survey highlighted significant shifts in the operations of numerous legal firms, with 93% planning workplace changes, and 24% considering them to be drastic.
Law firm leaders are prompted to reflect by two factors.
- Assessment of the legal department to determine which employees prefer to work remotely.
- The number of lawyers returning will determine the size of the support team needed.
Real estate expenses are the second highest fixed cost for law firms after salaries, so any decrease is greatly appreciated.
The change in how space is utilized
Legal offices are now utilizing real estate spaces in a new way, largely driven by the increasing trend of remote work.
Collaborators working from home are more cost-effective compared to those working in the office, impacting how law firms will design their physical space in the future.
The current trend is to reduce office space to accommodate only those who prefer not to work from home, whether it be daily or a few times a week.
One option is to collaborate with other businesses in shared office spaces, which serve as innovation centers with the essential work infrastructure and promote teamwork and the adoption of new ideas and technologies.
Technology is crucial for working remotely.
The legal industry has recognized the importance of providing services quickly, efficiently, and affordably. As more individuals work from home in the future, significant changes in work methods, particularly in terms of digital transformation, are essential.
To move forward, it is necessary to move away from on-site legal systems installed on company servers. How will users access them from remote locations?
Believing in the implementation of modern cloud-based solutions is essential for the legal office technical team as it provides access from anywhere and eliminates the need to concern themselves with future updates or maintaining registration systems.
Confidential and sensitive information is securely stored in a cloud system on an isolated server, reducing the risk of unauthorized access. Additional security measures like SSO and VPN can further enhance data protection.
Accidents can occur and work hours can be lost in the unwelcoming environment of a home office. However, utilizing a cloud-based system eliminates this risk by automatically backing up important files, emails, and digital records from connected devices.
Rely on the reliable Thomson Reuters collaboration.
Thomson Reuters invests in and provides advanced technology in advance, enhancing task efficiency and team productivity. Partnering with a reliable provider allows for increased organization, collaboration, and access to tools from any location at any time.
Systems can easily connect with existing office platforms, making processes more straightforward and user-friendly while ensuring secure data sharing.
Understand the ways in which we can offer assistance.
High.
Efficiency at the highest level of legal practice is achievable through strong organization and collaboration. HighQ is a platform designed to improve legal office operations by addressing complex challenges, implementing processes, and promoting teamwork.
The first and singular platform designed for legal tasks allows for the seamless integration of automated processes and secure document handling alongside top-notch corporate communication features.
HighQ provides a unique customer experience and transparency, which supports acquiring and maintaining business. This will enhance your office’s efficiency, speed, and competitiveness.
It will be easier to be efficient in your work by collaborating with internal colleagues and providing more responsive, transparent, and valuable services, even when dealing with a complex routine.
Legal One
To get optimal outcomes, it’s essential to increase efficiency and productivity. Start automating your daily tasks with Thomson Reuters Legal One to align with the needs of all law firms.
Ensure effectiveness and productivity by modernizing legal operations and consolidating all office functions in a single location. Save time and enhance skills, efficiency, and productivity.
The strong system comes with smart functions to streamline operations, oversee teams, and make optimal strategic choices.
Grants access to information in a streamlined, straightforward manner. Offers authoritative content from the Court’s Journal and the digital library ProView, enabling efficient and focused searches across various legal domains.
The tool also includes Legal One Analytics, which enables users to analyze past and present data to predict future outcomes.
The initial Business Module Intelligence created for the legal industry combines cutting-edge analytics solutions with legal intelligence to enhance process portfolio performance management.
Transform the way you manage your law office today by checking out HighQ and Legal One.