Legal Disruption - Revolution Is Here and It's Focused On Value To Customers.
Globally, banking and finance industries are being disrupted by a swathe of new kids on the block who are taking market share and making traditional players very nervous.
What they offer revolves around being more customer focused, accessible, approachable and value oriented in a world where their established counterparts have been anything but.
This brand DNA extends all the way to the executive levels. Search Xinja, Revolut or Spaceship Superannuation, and you’ll see that leaders are challenging engrained perceptions of what it is to work in and offer professional services. Gone are the stuffy suits.
The banking and finance industry has led the way in this movement with the rise of Fintechs (financial technology companies) and we think the next big area to be disrupted is the legal profession.
Not a matter of if or when for the legal industry - Change is already in motion
So what can we learn from fintechs that offers insight to the legal profession and disruption.
Customers are demanding simplified ways of finding the most suitable options for them with the very best value. Fintechs have listened to that and are offering better solutions through technology.
Likewise, we are seeing a demand for “down to earth” law firms that shift towards a much more consultative, flexible and value lead level of service, particularly in Family Law.
Clients don’t want to turn up to an office full of stuffy suits behind heavy dark wood desks and leather-bound legal literature, all the while provided with advice that fails to recognise their individual circumstances.
They want simplification of legal processes, better access to practical advice that is jargon free which empowers them with accurate information in order to get on with life.
How is Lagom Law innovating and challenging preconceptions of what a Family Law firm can offer?
“Lagom” is a Swedish word and philosophy with no direct equivalent in English, but essentially means “just the right amount for what needs doing”. This is our philosophy of practice, as we aim to provide tailored advice, specific to our clients’ individual needs. Simplification and client service are at the centre of our firm’s DNA.
Some of the areas that as a firm we lead in innovation are:
1. Unique Initial Client Conference Methodology
Our Initial Client Conference builds a robust plan of action from the very first meeting. Firm Principal Lichee Hogland runs the in depth discovery and planning session with every new client so the best advice can be provided. Typically 2 hours in length, we take down a detailed history of the relationship, discuss concerns, including the pros and cons of certain options and answer any questions relating to the application of the law.
This investment can save time and potentially thousands in legal fees as clients obtain a tailored plan that aligns with their desired outcome.
If you want to change lawyers or avoid hiring the wrong lawyer for your matter you may find this general guide useful.
2. Flexible Workplace Culture That Mirrors the Demands of Clients
Remote and flexible working practices make out of hours consultations with clients possible and fits with our clients busy lifestyles. It might be that our client is the sole provider for the family and working long hours. They need flexibility to be able to use text message or video-conferencing out of hours to provide instructions. We deliver that.
Step into our offices and you’ll notice it is geared for collaboration with other practitioners and specialists. This creates the right environment to provide high quality and efficient work for our clients.
Flexibility also extends to new clients who can now easily book a consultation online using our online booking tool
3.Investment in Technology and People
It’s common for clients to get stuck simply comparing an hourly rate, without taking any time to consider what outputs can be achieved for similar tasks. Instead ask how a firm keeps costs down.
Lagom invests in cloud based Practice Management software which enables Senior and Junior staff and paralegals to collaborate on files. This allows junior staff who charge out at lower rates to work on client files simultaneously. For a specialist family law firm, our legal fees are value oriented and our investment in technology enables that.
Lagom also invests in our staff to attend the world’s best professional development programs, because there is nothing more valuable than collaborating with the industry’s finest, including experts in fields such as legal, health and finance.
Where to next?
Disruption is the new norm - Clients are demanding more from their dollar and better service. So we say, out with the stuffy, cold and often confusing advice provided by outdated firms and in with the consultative, tailored and simplified service offered by firms like Lagom Family Law.
Contact us today to arrange an obligation free chat.
Lagom Family Law is a boutique legal practice lead by Principal Lichee Hogland who strives to achieve the best possible outcome for her clients whilst being approachable and respectful.
Lagom is a Swedish word meaning “just the right amount of something”. This is our philosophy of practice as we deliver tailored advice specific for you and your family’s individual needs.