Right from the beginning of the economic recession that started about a decade ago, the law firms in India have been made to work in a set of challenging conditions. Statistics reveal that the customers seeking services from the law firms look forward to the best quality of services at an affordable rate. To mitigate the requirements of the customers, the law firms need to go through opposing circumstances hardened by the economic recession. When it comes to the corporate laws, the clients are more demanding, and all that they need are superior quality services, fixed prices, fast turnaround time, and transparent communication.
Better and more services
Today, it is not enough to provide high quality services to the customers. As an owner of a law firm, it is equally important to develop strategies for marketing to establish the reputation of your brand in the market. A number of law firms in Delhi NCR and legal agencies offer services in the market. It is the excellence of the techniques and unmatched services that sets one law firm apart from the other. The law firms are facing and coping with a number of obstacles to create and improve their position in the market. Here are a few challenges faced by the law firms of India.
Hidden responsibilities
No business is perfect and even the top law firms in India are a part of this bandwagon. The legal industry has to deal with several issues and impediments. Right from guiding the legal firm to move in the right direction with its line of business to set standards within the team to be at par with the industry standards, to offering advice to the board members, it is hard to keep pace with these aspects. Every law firm must handle the hidden responsibilities properly to avoid negative growth within the firm.
Decreased rates
Unlike the situation that prevailed during the previous days when studying corporate law was more common among the elite, a lot of people today are studying corporate law. Consequently the number of people studying corporate law today has increased than before. More and more law firms are also growing at a rapid pace. Due to more and more law firms offering services to the customers, they have the option of choosing those firms that offer low rates. The result is that every law firm of India is forced to offer services at a relatively lower rate so that they can survive the tough competition.
Dealing with unstructured data
It is common for the legal departments of the corporate law firms to deal with a huge amount of data resulting in the formation of unstructured data. Due to the increase in the amount of unstructured data, sorting and processing the information becomes more devastating. If this is to be believed, data drives about 90% of the digital industry and it is estimated that the files are growing at a rate of about 60-70% every year leading to the creation of obsolete and redundant data. The priorities of the legal cases are different for which information must be readily available. Whether it is information related to the cases from within or outside the legal departments, the service providers must be in a single platform to be accessed by the clients.
Delivering the best
It is quite ironical that even the best law firms in India have to quote lower prices although they are expected to offer superior quality of services. Quite naturally, this mismatch results in the corporate lawyers getting much less than they should get, which is turn creates a negative impact one the motivation of the lawyers and the legal firms. Offering the best quality services at comparatively lower rates is one of the biggest challenges faced by the law firms.
Realistic approach to work
The lawyers of this country exercise the best efforts to churn out winning cases. They are aware that hard work can help them win. However, merely sitting in front of the computer and reading about case studies or other aspects is not enough to add to the productivity of the firm. It is essential to bring realistic approach to the case and the style of work for bringing success.
Utilizing the time
Due to excessive load of work in the law firms, the lawyers are forced to devote their valuable time on paralegal tasks, which disrupts the hierarchy of the legal departments. The primary reason behind this complexity is lack of valuable resources. The law firms, on the other hand, are not prepared to hire new staff, which is creating unwanted pressure on the experienced lawyer as they need to work overtime for rendering services besides the core activities. The best law firms in Delhi are also facing this challenge and they are finding it hard to break apart.
The final words
Technology has brought an array of changes in every business leaving them with fewer choices than adopting new technology. Disruption of technology creates a great impact on every sector of business and has not spared the legal industry as well. The law firms are using software to assemble the documents today exhibiting the adoption of technology. Law is a vast field of knowledge and infinite possibilities. The legal departments and the lawyers must update their tasks every now and then to cope with the changes and businesses today are also outsourcing the legal services to stay focused on the core activities.
