For the technology averse, the legal sector is not a safe place for you right now. Software is driving much-needed change, creating competitive advantages right across the industry. The firms that resist see a dwindling market share because early adopters are serving clients faster and more accurately.
With the economy becoming increasingly digital and impatient, the software suite of modern law firms has grown exponentially. Let’s look at the types of technology solutions you need to get ahead.
1) Practice Management
The remote working world and subsequent demand for digital services have fortified cloud management solutions as the way forward.
Firm management tools like Clio and RubyLaw are the trailblazers of a market offering full end-to-end case management. While many struggle with finding compatible and specific software for law firms, Clio and RubyLaw suggest a host of tools that neatly plug into their overall system.
Cloud management platforms start by streamlining client intake through issuing discovery forms that auto-populate a profile. This removes the cumbersome processes of setting up individual files and challenging correspondence avenues. The profile allows easy communication with clients and a safe secure channel to exchange documentation.
Furthermore, the firm dashboard allows senior leadership to see how all cases are progressing and what deliverables are urgent.
2) Contract Review and Analysis
Contracts are one of the most resource-consuming tasks in the law yet remain the most important. The typical review process is to have junior counsel draft, analyze and proofread contracts before having a second pair of eyes do the same. They look for ambiguity, blank spaces, clarity and can often suggest several rounds of edits. Each of these takes time unless you use a software solution.
Contract analysis software like Loio shaves hours off the contract review process. The AI scans your contract highlighting specific terms, facts, figures, and more in seconds. It takes less time and delivers better accuracy and is a no-brainer for firms operating in expedient markets.
3) Automated Billing
Law firms without digital billing software are doing a disservice to themselves and their clients. Digital billing cleans up the legacy process of mailing invoices and expecting a check that then needs to be accounted for and sent to the bank before it is fully processed.
Billing software like PC Law, LawPay and TimeSolv Billing automate your cycles. Invoices are issued at the same time every month with reminders sent two weeks later. Clients can pay by a card or direct debit using the incorporated e-commerce models. The software model is infinitely superior requiring fewer human resources and delays on the client’s end.
4) Document Management Systems
Paper document storage is now the old-school way of doing things thanks largely to document management systems for law firms. Firms like Rubex, MyCase, and Smokeball provide e-filing cabinets that drastically improve accessibility and collaboration.
No more scrambling to find old case files. Automated e-storage software improves file sorting, access, retrieval and is even compatible with a host of other management tools.
5) Predictive AI
While the aforementioned tools deal with the disorganization of the legal sector and eradicate redundancies, predictive AI is a touch more futuristic.
Blue J Legal created a deep machine learning AI to estimate the outcomes of different legal cases. Piloted in tax law with a 90% success rate, the AI assesses a case based on all variables provided, previous case decisions, and precedent to come up with the most likely result. Clients and opposing counsel that accept the predictions are reaching faster settlements, less legal costs, and reduced time spent at trial.
It may seem counterintuitive to invest in predictive AI and lose billable hours but firms making the switch render competitors more expensive and inefficient.
Legal software has gone far beyond augmenting the performance of individual lawyers. They have transitioned to become a holistic umbrella improving entire firm management. With management platforms leading the way, integration and compatibility become a necessity for emerging solutions. This reduces law firm risks, increases efficiency, competition, and overall profitability. Legal technology is a win-win for clients and firms.