New technologies set to amplify professional services expertise

From legal to accounting and insolvency, professional services firms operate at the nexus of convention and innovation. Two leaders lift the lid on their firms’ digital strategies and what they strive for.

While professional services firms are often deeply rooted in traditions and adhere strictly to rules and standards, they’re also embracing new digital practices and service delivery models.

The nature of these professions also means that breakthrough technologies stand to have an outsized impact on the way they operate. For example, the interplay of artificial intelligence and the human judgment and expertise underpinning the services economy.

CommBank’s Head of Professional Services, Daniela Pasini says that firms have continued to invest in digital capabilities in recent years, providing a strong foundation to navigate the next wave of innovation.

“In our latest research, we saw most legal services and accounting firms focusing on technology as a top growth strategy. That’s the result of a productivity drive and a heightened client expectation for quality work, delivered faster,” Pasini says.

For Danielle Snell, the Co-Founder and Managing Partner of full-service commercial litigation firm, Elit Lawyers by McGirr & Snell, the pace and nature of digital adoption across the firm are driven by the prospect of stronger client relationships and a duty of care.

As a NewLaw firm launched in the pandemic, Elit Lawyers is using new technologies to accelerate work and break down client communication barriers, so the team spends more time on trusted and personalised counsel.

Paul Sweeney, the Chief Operating Officer at independent advisory and restructuring firm, McGrathNicol, also says its multi-year digital strategy prioritises process efficiencies so client-facing teams can be more effective.

While Snell and Sweeney agree that technology can optimise their firms’ operations and improve the client experience, they also agree that it cannot be achieved by technology alone.

Read full article at the Commonwealth Bank.

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