An overwhelming majority of law firm leaders believe technology will have the greatest impact on law firms over the next five years but are deeply concerned that cultural changes may prove to be a barrier in keeping up with new technology, according to a new report.

The global legal industry is at a tipping point, and there is an urgent need for law firms to consider the longer term impact of technological change on their strategic and competitive market position, suggests a report by accountancy and business advisory firm BDO LLP. The report, entitled Law Firm Leaders Survey, polled the managing partners and senior partners of 50 international and United Kingdom law firms.