Regulatory Changes Could Offer Millenial Management Fast Track
Industry experts have highlighted how changing generational attitudes could lead to an increase in freelance solicitors.
Despite the adverse weather and severe flooding in recent days, a number of dedicated Wills and estate administration professionals braved the conditions to attend an insightful final Today’s Wills and Probate roundtable of 2019, kindly sponsored by Executor Solutions.
Delegates opened the event by considering their outsourcing solutions used to help unburden various areas throughout their businesses. Interestingly, the responses were diverse and varied.
Determined to maximise their enquiry conversion, some law firms were looking to or were already outsourcing their onboarding to third party specialists.
Companies, like Executor Solutions, who do not regularly meet with clients, were looking to outsource their Anti-Money Laundering (AML) services whilst CILEX outsourced their web development needs to third party experts. Many in the room were also looking to third party CRM experts in the hope of outsourcing this aspect of their business need.
Diversity, generational perspectives and entrepreneurial attitudes were considered to be the main three people problems facing businesses in the current climate.
Phil Jepson’s discussion fascinated those in attendance as the working generations and their diverse outlook on life and what is considered ‘normal’ presented potential clashes in the work environment.
Overall, millennials and generation Y live in an instant society and therefore have a limited attention span. Their attitudes to hierarchy are very different to a baby boomer who may have increased loyalty to the company offering them a job. They may patiently work their way up the ladder as a consequence.
Conversely, younger legal workers have a more mobile approach to their careers, happy to move if it means achieving their goals quicker.
Younger workers are also looking to integrate their working and social lives a lot more and require flexible and remote approaches to working.
Phil Jepson indicated a need to respond to cultural and generational shifts in attitudes with businesses needing to compromise on their values to ensure a workplace is responsive and appealing to all generations.
Motivating workers by adapting approaches to highlight the increased importance of time and allows workers more flexibility; finding ways to retain staff through partnerships, MBO or alumni networks was also discussed.
The talk sparked intense discussion with delegates placing themselves in various generational brackets and considering how they can adapt their approaches to sympathise with the outlook of others.
Michael Edwards of Executor Solutions emphasised how their services can benefit the consumer by reducing the administrative burden.
Robert Sanderson, Managing Director of The Practical Vision Network, offered his expert insights into the changing nature of the legal sector by looking at the rise of freelance solicitors, the history of Will writing and its unregulated status and the impact this may have on the sector and legal consumers.
Rob insightfully highlighted a correlation between the current changes to standards and generational attitudes of the modern solicitor with the freelance model and freedom to provide unregulated legal services under their own management seemingly attractive.
As millennials become increasingly reluctant to progress through a law firm hierarchy and feel uncomfortable with their destiny being controlled, operating their own business may become an increasingly appealing avenue to take, especially as they can trade without the burden of PII.
Robert Sanderson, Managing Director of The Practical Vision Network, commented:
“The pace of change and adoption of technology in the Wills and probate sector was readily apparent at the roundtable.
“Given the changes to the available models of legal practice for solicitors, it will be interesting to see how the market evolves.”
David Pope, entity authorisation & client protection manager at CILEx Regulation, commented:
“I enjoyed being able to give CILEx Regulations perspective on the issues and challenges that face both the regulated and unregulated sectors. We are keen that the benefits of new technologies are available to our regulated firms to help them address risk.”
It has been a privilege to run our thought leading roundtable event in 2019 and can’t wait for future events in 2020.
For news about Today’s Wills and Probate’s upcoming events, feel free to get in contact with our events manager, Grace Beech for more information – [email protected]