Why Law Firms are Finally Investing in Legal Technology

The legal sector is renowned for being an archaic institution, based on precedent and resistant to change, which may explain why some law firms have been slow to adapt to legal technology.

However, the march of modernization is unstoppable and firms have finally begun to realise that legal technology can streamline processes, minimize costs and keep clients happy.

These modern advancements transform legal firms; helping to automate routine tasks, store data, speed up research and increase production.

But, before investing in costly technology, it is important to understand how it can benefit your firm, what training must be wrought to incorporate its use, and make sure your firm invests in right tech for their needs.

Why Invest in Legal Tech?

The push for efficiency is really driving investment in legal technology.

Firms are expecting more from their teams due to clients demanding a faster service and lower costs, so legal technology is used to increase efficiency and productivity by minimising human hours.

New legal technology can improve communication channels, offer better client interaction, and enhance routine processes.

Benefits of Legal Technology

The main objectives of law firms is to deliver a prompt, quality legal service to their clients while maximizing profits.

Legal technology provides the solution to both of these objectives.

• Prompt, Quality Legal Service – is achieved through AI and the automation of routine tasks such as, templates for court documents or billing. With no reduction in quality, automated routine tasks save numerous human hours while giving clients the information and documentation they need, when they need it. Interactive websites, chat bots and client portals all help with keeping clients updated and gives them the opportunity to monitor progress without the need for emails or phone calls.

• Maximizing Profits – the ability of legal tech to automate tasks not only saves time for clients, it also saves time (and therefore, money) for law firms. Human hours are costly so automating mundane or routine tasks using AI and technology allows lawyers to focus on more involved tasks. Legal tech also speeds up communication processes, centralizes projects, helps with checks and research, stores data and consolidates information, meaning additional costs are minimized.

Of course, there are costs associated with legal technology and the products or software needed to support this, but systematic research ensures the right tech is purchased and training or CLPD encourages user involvement and promotes best practice.

Understanding Legal Technology

As with all technology, change occurs at a rapid pace so it is important to stay informed and up-to-date regarding what legal technology is available, how it can help your firm, the future of legal tech, and best practice.

To understand what legal technology is best for your firm, consider the following points:

• Assess your requirements – what particular issues slow down processes and how can these be updated with legal tech? know what your main priority is, and research the right technological solution

• Start with the basics – websites, analytics tools, emails and other basic systems can be reviewed and assessed for proficiency and effectiveness. Overhaul systems and see where technology can help streamline basic processes

• Plan ahead – investment is a big step so future planning and assistance is a good idea. Consider using an expert to help set up and install tech and offer training for your team so everything is utilised effectively and can be accessed by everyone.

Legal technology will eventually become ingrained into the fabric of every law firm as the new generation of lawyers and changes to working methods (such as, WFH) become dominant.

Incorporating legal technology into your firm now will ensure you’re ahead of the game by helping to modernize and streamline your firm, its services and systems.

For assistance with training your team, contact us now.