You can look across the internet and find plenty of blog posts and articles talking about how the legal sector needs to update its technology. Few explain why. We want to do just that with this post.
As the creators of a market-leading case management application based on the Salesforce CRM platform, we believe it is not enough just to know that modernizing technology is a good idea. We believe firms need to know why. After all, the ‘why’ behind the ‘what’ is that which provides the motivation to modernize.
The basis for this post is a survey of millennial lawyers published in April 2019 by Major, Lindsey & Africa. There are three key statistics from that survey that really zero in on why technology modernization is so important for law firms. Bear in mind that the baby boomers are beginning to retire. Millennial lawyers are coming in behind them.
1. The Need for Work-Life Balance
Work-life balance is very important to millennial attorneys. According to the survey, 75% say they would be willing to sacrifice some of their compensation in order to reduce their billable hours or have access to a more flexible work schedule. Simple enough, right? What is not so simple is understanding how technology effects work-life balance.
A modern case management app should, at the very least, make the modern law office more efficient. NuLaw does. Greater efficiency leads to more productivity. As such, attorneys who do their jobs more efficiently are capable of generating more revenue without having to take on more billable hours. Increasing efficiency is the first step toward offering millennial attorneys a better work-life balance.
2. Loyalty Among Junior Attorneys
Despite some 40% of millennial lawyers saying that they view partnership as a long-term career goal, 75% of them also admitted to either being open to new job opportunities or actively seeking them out. That is big. If 75% of the junior attorneys in your firm are actually looking for work elsewhere, where does that leave you for the future?
The point here is that making sure junior attorneys stay with your firm long enough to become partners should be a priority. It cannot be if your firm is still using outdated technology. Remember, the millennial generation was raised on technology. They expect that the technology they are given to do their jobs is up to date. They do not expect to be encumbered by legacy technology that has not kept up with the times.
3. Millennials Are Committed to Change
The millennial generation and their younger counterparts are somewhat unique in that they take very personally what they believe is a responsibility to change the world. Where previous generations maybe gave an affirming nod to the need for change, millennials and Gen Z members actually take an active role in facilitating change.
This suggests that the millennials at your firm are going to try changing the way you do business with the goal of better serving clients and the local community. But they will only try for so long. If your firm is resistant to change, those millennial attorneys will ultimately go elsewhere.
Some 62% of those who responded to the Major, Lindsey & Africa survey said that millennials are already changing both law firm culture and policies. More importantly, 70% said they were confident in their abilities to achieve their long-term career goals. Both statistics suggest that millennials are committed to change – whether their firms are behind it or not.
It’s time to modernize your law firm’s technology. If you are still behind the times, you’re in danger of alienating millennial attorneys.