Leveraging Technology for Lawyers to Increase Business
As you no doubt noticed, the legal industry is a bit crowded, especially when it comes to smaller firms. According to the American Bar Association, 1.3 million lawyers in total are licensed, with 75% currently in the private practice. And why not? Everyone wants to start their own firm and be in charge of their own destiny. If you run a small firm, however, this creates two problems. The first is differentiating yourself from all of the other small firms in your practice areas. The second is competing with larger, more well-known firms (aka Big Law). One lesser known way you can combat these challenges is by leveraging technology for lawyers.
Technology for Lawyers as a Selling Point
Technology for lawyers does more than just increase efficiency – it can also be used as a major selling point. By showing potential clients how this technology can ultimately benefit them, you set yourself apart from all of the other small firms out there. Plus, since larger firms are typically slower at adopting legal tech (preferring to use human resources instead), you can potentially compete with them as well.
Leveraging Legal Tech for Better Results
Technology is one of the few ways in which firms can become more competitive without a significant outpouring of cash. It allows you to streamline your firm’s operations and better leverage your resources.
Quite a few of the legal specific software platforms allow you to automate everyday tasks and forego the costs associated with them. Data entry, document filing, and other essential eDiscovery processes are some examples. These tasks are time-consuming but don’t necessarily need human intervention. Automation reduces overhead, which in turn allows your firm to offer lower, more competitive rates.
Producing Faster Turnaround Times
Clients want their information now. It’s understandable. When someone’s calling a lawyer, they’re probably already a little worried about their outcomes and need reassurance. Products such as Cullable provide for better ESI processing and data management, making the eDiscovery process faster and more efficient. Project management platforms, eDiscovery tools, and even billing software designed specifically for the legal industry help firms accomplish goals faster.
Reducing Costs for the Firm and Its Clients
Cost is obviously a big factor when a company is looking to hire a law firm. Technology can help your firm keep costs down by reducing the number of hours needed to work a case. Rather than having individuals pouring through data files and documents, the bulk of the work can be done by the system and then reviewed.
Better Chances for a Favorable Verdict
It’s probably stating the obvious, but clients love to win. In fact, if you can keep winning for your clients, it’s pretty likely that they’ll keep coming back.
Take, for example, eDiscovery. Platforms like Xera take out much of the guesswork in the discovery process: once the sample sets are done, the tool will log documents according to its data. Because of this, there are far fewer chances for mistakes — and far fewer documents will be missed. The better your data, the better your case outcomes; the better your case outcomes, the better your client satisfaction. Improved client satisfaction results in more referrals and return business.
Through the use of legal technology, small firms provide better and more cost-effective services to their clients. This tech gives them the edge that they so desperately need to compete against both large and small firms. With as many smaller firms as there are being created every year, firms now need technology simply to keep up with their competition. Newer firms are far more likely to embrace this technology, adapting it and integrating it into all of their organization’s operations.
For more information about the benefits of new legal technology, read our comprehensive Predictive Coding eBook.