
Linda told me the story of how working on the launch of Morgan Stanley's first ever credit card gave her a taste for managing projects centred on evolving markets and 'change'. Numerous other 'transformative' projects followed at the bank, before she decided to step out and apply those skills to a sector in desparate need of innovation: the legal profession.
She describes her excitement preparing to attend her first legal IT conference at the start of last year, an event focussed on the Legal Services Act and how it would fundamentally change the market for legal services, forever. She looked forward to discussing the challenges of change and innovation with legal businessmen and women, and exchanging ideas about how to turn that challenge to advantage. Imagine her surprise and disappointment when the typical response of the day was "Oh I don't really think the Legal Services Act will affect me. We're not in that part of the market." Sorry? Exactly which part of the market isn't going to be affected by this seismic change? A rude awakening to the world of legal business!
At tea this week though, we both agreed that awareness within the profession has changed dramatically since then. Today firms have a much better grasp of what the Act means for their business, in terms of both threat and opportunity. It may not be obvious precisely how the Act is going to affect some firms, but management teams throughout the profession understand that keeping a watching brief is essential.
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