Is your law firm ready to thrive in 2025?

Key takeaways from Justin Urquhart Stewart, Economist & Keynote Speaker at the Minerva Grow Your Business Conference.

With an emphasis on adapting to technological advancements, fostering confidence, and building trusted client relationships, Justin spoke of how law firms can overcome current economic challenges, positioning themselves as essential, trusted advisors for clients across generations.?

Adapting to change and embracing technology

There is an emphasis on the need for businesses, particularly in the legal sector, to adapt to ongoing changes in technology and competition. Today it might feel like the many challenges we face are overwhelming, but they open new opportunities. Success relies on adaptability and staying informed about evolving technology and competition.

Confidence is crucial

Confidence—individually and in the economy—is essential for growth and customer engagement. Businesses must project confidence to encourage consumer spending and investment.

Confidence in change drives business and economic growth. Trust in future potential is essential for investment and consumer spending, fostering a resilient economy. While some careers might need rethinking, rather than pessimism, embrace a positive, forward-looking attitude to face industry changes confidently.

Trust and relationships

Building trust with clients is fundamental.

Clients often seek guidance and reassurance from trusted professionals, especially during uncertain times. Lawyers can serve as trusted advisors, coordinating family wealth across generations and drawing on a network of experts to provide comprehensive financial guidance.

Understanding technology

While younger generations may be more adept with tech, older professionals need to understand its implications and applications without attempting to master every aspect themselves. Embrace technology even if it’s daunting. Younger generations may be more familiar with it, but older professionals should aim to understand its impact and leverage it with the help of experts.

Market opportunities

Despite economic challenges, there are still opportunities for innovation and investment, particularly in the thriving startup sector in the UK. Did you know that the UK outpaces some European counterparts in start-up creation? Regional growth and the work to make this happen is important. Having a keen infrastructure to support this is key; for example Cornwall’s transformation with high-speed internet illustrates how improved connectivity can enable business innovation in remote areas

Regulatory landscape

The importance of having knowledgeable regulators who understand the industry is crucial for maintaining confidence in the market and mitigating risks. Regulatory bodies often lack real-world industry experience, leading to ineffective policies. Engaging with regulators and educating them is essential for smoother operations and industry growth.

Addressing economic concerns

The economic landscape is complex, with inflation and rising costs affecting consumer behaviour. With a declining working-age population, sustaining public services requires innovative tax policies that incentivise investment and support future generations. National debt is rising, impacting investor trust. Ensuring trust in British debt is critical to avoid excessive interest costs, requiring careful management and long-term planning. Stable property values help maintain consumer confidence, leading to greater spending and investment, which supports overall economic recovery.

Family finances

A need for better financial education regarding family assets and debts is identified. Coordinating family finances

across generations can enhance financial security and provide a pathway for younger family members to own property and manage pensions. Basic financial education is essential, particularly around mortgages, pensions, and debt. Legal professionals play a role in guiding families through complex financial planning.

Innovation and collaboration

Encouragement for collaboration across various sectors and industries means that lawyers need to harness their expertise and drive innovation, breaking down silos and ensuring professionals understand each other's domains.

Entrepreneurial spirit

The legal sector is seen as having the potential to adopt an entrepreneurial mindset, adapting to changes in the market and positioning itself as a key player in addressing clients' evolving needs.

Long-term vision

A focus on long-term strategies rather than short-term fixes is advocated. Maintaining professional respect and integrity is viewed as vital for sustaining success in a rapidly changing environment.

Future optimism

There is hope – businesses are still setting up, people still need legal services, firms just need to lead the charge for clients to trust them.

In summary 

Lawyers should position themselves as trusted professional partners, helping families manage finances across generations—a “middle-class family office” approach. 

Key areas like conveyancing, wills, probate, and family law can anchor these relationships. 

Lawyers must move beyond isolated practice areas, fostering connections that support families through multiple life stages and financial decisions.        

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