One of the favourite questions that interviewers like to ask candidates – and not just at law firms, but at any big company – is about the challenges facing their business. If a candidate can demonstrate that they can identify problems that a company might encounter and display their knowledge of how future events could impact the company, they are likely to be better at finding solutions to these problems, or even better, preventing them before they happen.
In our ever-changing, always-moving world, one of the biggest challenges faced by law firms, whether big or small, is technology. Technological change can undoubtedly positively impact a firm – for example, technology has sped up international communication considerably and automated basic tasks, thus freeing up solicitors’ time for other work. However, since technology changes so fast and there is so much uncertainty about its potential success, it is often hard for law firms to keep up. If companies don’t follow a new technological trend, they risk being left behind. However, if they invest in a new technology that proves to be a hindrance, they lose out. Thus, firms have to perform a difficult balancing act and their choices can impact greatly the company’s progress. In addition, with technology comes the ever-increasing threat of cybersecurity, which law firms have to be particularly sensitive to, given the nature of their work.