Each day social media platforms gain thousands of users; LinkedIn alone gains two new users every second. As the world becomes more present and active on social media platforms, large corporations – especially those in the banking and finance industries – need to follow new market trends to remain relevant to the public.
For law firms and practitioners, as advisors to companies in banking and finance, need to keep up with the market to identify their clients’ needs and help strategise their future actions. Platforms like LinkedIn and Twitter are the most important for these industries, and lawyers need to follow discussions and understand where the market is, where it’s headed and what its expectations are.
Crowdfunding and peer-to-peer are new trends that can be seen as both threats and opportunities for those in banking and financing, depending on how companies decide to respond to them. An optimistic approach, with an understanding of the general need for collaboration, will ensure companies move with the market and remain relevant and successful.
As time goes by, lawyers need to do much more than produce legal documents – with technological advancements, and the process of documentation being now much cheaper and easier to carry out, clients expect insightful advice from legal firms, and one way of providing them with valuable assistance is to study the market, trends, competitors and the general public.
Most law firms are abreast tech trends, but those that still aren’t, or have just started tapping into those platforms, might get left behind. Mark Inston, a Hall & Wilcox partner, says if companies want to be around in 20 years, they need to get active now.