The survey also reveals that smarter use of technology is seen as a key catalyst for growth by the overwhelming majority of these firms, with networking second and marketing and online services sharing a close third.
"Small law firms have recognised the need to adapt or be left behind by those who are able to use technology for business benefit. To survive in the competitive online content marketplace, they must know how to filter through information and conduct research quickly," says Billy Last, CEO of LexisNexis South Africa.
"Online solutions can help them save time on research and add intelligence to information, which is increasingly important in a tough environment where companies need to cut down on research costs, yet still be more productive in their research efforts."
LexisNexis data shows that of the 10,930 law firms in South Africa, with over 21,000 lawyers in total, more than three quarters are considered small firms of one to ten fee earners mostly engaged in litigation, debt collecting and conveyancing.
"The small law firm is a significant and evolving part of the South African legal landscape and characterised by a strong spirit of entrepreneurship. In our research to investigate what drives them and the unique challenges they face, we discovered passionate, dedicated lawyers who believe strongly in what they do and enjoy contributing to their own sphere of activity," says Last.
Of the independent lawyers surveyed, just under half practise as sole practitioners (47.8%), while 37.4% were firms of one to two fee earners and the minority in boutique law firms or partnerships. The respondents had a wide range of experience, with the majority (68.2%) being experienced lawyers who had been practising law for five years or more, while 46.9% had been in their current small law practices for three years or less.
For most respondents (more than 80%), small law was a conscious and planned career decision. One in four lawyers specifically wanted to run their own business. Only a small percentage of the sample (1.7%) were in a small law firm due to dissatisfaction with large firms, while under 10% went this route because of a change in circumstance.
The survey showed that most of the independent law firms are early adopters of change who recognise that technology will have a significant impact on their business. The majority (58%) view smarter use of technology and networking (42%) as the most important ways to grow their business.
Seven out of ten reported they are increasing their investments into new technology and processes and are reviewing the way they access information, with a significant two thirds carrying out their legal research online. Two thirds of the firms rated themselves as technologically sophisticated when it comes to using technology-enabled research tools, however the remaining third believed they were not very sophisticated in their approach.
