Reed Smith has said that it is looking towards technology, including AI, and better work allocation systems as it today (24 February) announced that its global revenue has dropped for a second consecutive year from $1.122bn in 2016 to $1.075bn in the last financial year.
Andrew Jenkinson, Reed Smith’s London office Managing Partner said: “One of our continuing focuses is the innovation of legal services in order to find more dynamic ways of serving our clients and to help drive efficiency and profitability. We are embracing technology and the flexibility it affords us to ensure clients receive the most value from their legal team. Our dedicated and industry-leading client value team is working closely with clients to come up with creative billing arrangements, collaborative project management strategies, and value-added services aimed at increasing cost-effectiveness and efficiency. We are also looking at work allocation systems for our associates, agile working policies, and how Artificial Intelligence can be used for the benefit of our clients. We continue to work at the forefront of law firm innovation and hope to be able to share many more success stories in 2017.”
The global top 30 firm, which said that its drop in revenue is as a result of managing down its headcount, saw its profit per equity partner marginally increase from $1,105m to $1,110, while revenue per lawyer also increased from $694,000 to $700,000.