By Giles Murphy

Finding and retaining those talented individuals is becoming more difficult. Not only must law firms contend with traditional rivals, but also with new entrants, such as the Big 4 accountancy firms. At the same time, firms are looking to shore up their businesses with increasing specialisation and geographic expansion. Mergers and acquisitions remain an unpopular choice, with law firms preferring to make selective hires of top performing teams.

The survey found that while technology spending is increasing, it is focused on incremental efficiency improvements rather than business transformation. Artificial intelligence would seem to offer a golden opportunity, but few law firms are exploring its potential.