Why legal technology is the way forward

Adding new skills and legal technology to your firm’s repertoire will bring significant benefits, writes Adam Bullion, general manager of marketing at InfoTrack

One of the biggest trends in law is the rise in legal technology. Firms are beginning to implement new technologies to improve efficiency and increase profitability, however, the move is still a slow transition. Unlike other sectors that evolve at a rapid pace incorporating tech into their practice in leaps and bounds, the legal industry has been more hesitant to adopt many of these technologies.

Though a recent study from Aderant suggests that innovation is moving to the forefront of business focus for firms, finding 30% of firms have a role dedicated to the responsibility of law firm innovation. The most important aspect of innovation for firms lies in the ability to identify which areas will best benefit from legal tech and new skills for staff that will promote increased efficiency, a reduction in costs and improve client interactions and relationships.

There is no one-size-fits-all model for employing legal technology into your firm. Pain points that firms identified as most having an impact relate to document and case management (90%), billing and cost recovery (88%), and mobility and customer apps (70%). Recognising these as business areas to be addressed, legal technology and training can be introduced to alleviate much of the burden of these tasks.

With a plethora of solutions available in the market, firms can choose suitable options for their size, business model and area of practice that will provide maximum impact. Integrated case management systems can dramatically reduce error rates and increase efficiency by removing the need to save and upload files to multiple locations. Effective financial software can improve cost recovery and reduce or eliminate lost disbursements, and smart technology can improve your client relationships by delivering on home mover expectations in a technological era. 

Adding new skills and technology to your firm’s repertoire will enhance both the experience of your staff and your clients, generating greater efficiency and reducing administrative-heavy processes to empower you to grow your business.

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