One size fits all technology can’t apply to all, especially in the legal industry, and be all things to all users. Different technologies are needed.
There is a common frustration among users of a variety of tech tools that time can be wasted by shifting to and from a variety of programs in a workflow. Integrating workflow under a single pane concept is such a hot trend in legal tech, and ensuring everything is compatible and integrated well with other tools for one holistic provider can solve.
But even though everyone wants a more seamless workflow, that doesn’t mean everyone needs the same seamless workflow.
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A Tailored, Bespoke Solution
Technology can do marvels for a corporate legal department. But to bridge the gap between those that embrace and those who resist is to demonstrate value to the other business units and budgets and deliver results that will optimize any legal department.
Business models will vary, even internally, so take an approach that will keep this in mind.
It’s safe to say that the legal industry is very parochial, especially among professional services. With legal tech quickly becoming accepted, even firms and legal departments from the fringes of the industry are turning toward the mainstream. (The COVID pandemic, which began in early 2020 has played a significant role in driving legal services to adopt technology sooner rather than later.)
The results? Greater collaboration, efficiency, accuracy, and speedier times to respond and communicate with clients. Campaigning for faster adoption has become a necessity as clients expect their legal partners to adapt as they do.
Firms and corporate legal departments alike are embracing tech, like AI-enabled technologies for document automation. By doing so, they are taking advantage of legal tech’s ability to considerably lessen the turnaround time for legal assistance. For legal services marked by sloth, disproportionate delays, and stubborn resistance to change, they have quickly realized benefits.
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Could your firm’s revenues be at risk due to a lack of digitization?
In a recent Gartner report, Gartner Predicts Legal Technology Budgets Will Increase Threefold by 2025 “Legal technology budgets will increase threefold through 2025 as general counsel face unprecedented pressure both in terms of managing legal workload and driving efficiency in their departments.”
According to the report, a top prediction for corporate legal and compliance technologies through 2025 includes legal technology spending increasing to approximately 12% of in-house budgets, a threefold increase from 2020 levels.
Whether the solution is a document management system or data analytics, legal tech is supporting and improving workflows and saving time and money.
Additionally, a primary factor driving legal tech adoption is automation, reducing the repetitive and occasionally tedious tasks.”
Organizations within the legal industry are moving quickly toward greater innovation and strategy to improve how their operating models; this includes leveraging data analytics to help an organization manage and harmonize its specific legal environment (policies and regulations, clients, vendors).
There are so many other areas that legal tech can improve: contracts, research, dispute-settlement processes, compliance, recruitment, transcription, and so much more, all of which can notably help to deliver better legal services.
With cost savings and improved efficiency, legal tech is enabling a flexible and smoother support and services delivery system with improved insight and actionable decision-making. Legal tech is going beyond what was comprehendible. Tasks that were considered time-consuming are being drastically reduced and the cloud is making accessibility in and beyond the physical office easier.
It’s just a matter of time before the entire industry is leading the way for other professional services. Ready to move forward? Let’s chat.