How are legal Services going to develop in the future?
The movefrom a traditional law firm to working with digital support technologies requires a complete change of mind. It depends on the willingness to further invest and to change existing Professional and cultural Standards. The upcoming technologies will have to come with a lower price tag to enable profitable work. An open question is also the training of lawyers which will need to be done by separate learning sessions if the Standard legal worksuch as simple contracts, the establishment of Standard Companies etc. is to be replaced by the new technologies effectively.
Ina moredistantfuturetheseissuesmightberesolved and lead toautomated workflows at high speed and low cost. But in any event, this will be limited to simple legal issues such as Standard contracts, e.g. lease agreements and employment contracts. Complex transactions require more than legal knowledge, they involve negotiation skills and much more which cannot easily be replaced by automated workflows. The use of artificial intelligence Software for due diligence in M&A transactions (Luminance) is another field where Software support makes law firms more efficient.
It goes without saying that we see a scenario of survival of the most flexible, i.e. those who can easily adapt to the "new normal".
What do you see as the main points that differentiate Prager Dreifuss from the com petitors?
We offen read about how differentiated the legal market actually is and we havegreat difficulty in describing it precisely. Today, we use terms such as "boutique" or "full- service" to describe the focus of the Service and "Champions" or "housekeepers" for the complexity a firm can handle. "Strategie" versus "bread and butter" isjust one more example. I n an era of change, it is important to be able to Position oneself clearly. This helps the dient in the selection of its lawyers, the lawyers themselves in the Strategie development of their business and in thetargeted recruitmentof talent.
At Prager Dreifuss we have realized thatshared valuesare the main driver of success and we take pride in our culture, in particular the culture of equality. We do notfunction very hierarchically; every employee can contribute easily without any hurdles. One remarkable cultural consensus in the firm is the willingness to go the extra mile for our clients. We have a sha red mindset that materializes when we say to our clients: "consider itsolved".
One aspect that differentiates Prager Dreifuss is our value proposition. When we assess the expertise at hand, as a mid-size law firm we are punching well above our weight. Our lawyers strive to exceed our clients' expectations. And these revolve around aspects such as quality of our work even in the most complex legal context, timeliness, appropriate communication and documentation.
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