With the start of the new year, this month is a month full of opportunities to assess and evaluate your legal practice from the previous year, in so far as productivity of your business and your team’s effectiveness. This blog will help drive your success and keep you from running into the same issues in 2022.
Given the ongoing trend of digital transformation, we can safely say that all businesses have the opportunity to evolve their workspace and improve efficiencies. As for Law Firms, in particular, it’s the perfect time to invest in digital tools and assets that will increase productivity, and consequently, increase profits for 2022 and beyond. Additionally, this blog will help you understand what legal technology is, the benefits of a law firm’s digital transformation alongside the numerous advantages for both lawyers and clients, that will eventually lead to a modern concept of law firm management accompanying the ongoing trends of technology.
Ever since its inception, legal tech has offered facilitations with practice management, billings, accounting, and data gathering. Moreover, the term evolved to facilitate public access to the courts, connecting clients and lawyers from an online marketplace. The industry has generated an estimate of 17 billion US dollars in 2019. (IT chronicles, 2022).
As for the anticipation of the legal tech industry, experts have stated that the Compound Annual Growth Rate (CAGR) will show an increase of 28% and achieve 2.5 billion dollars in profits by 2025. As for the versions of legal tech in the industry, you can come across three core aspects of legal technology.
Enabler technologies that allow you to handle the digital transformation of legal data, process solutions tackling the management of your law firms through the digital transformation of accounting, business development, document and case management, and HR affairs. Furthermore, Substantive law technology serves as a supplementary aspect to the previously mentioned types that provide a wide range of supported resolutions for a tangible case and litigation analyses.
The answer is most definitely yes. It is almost prominent that in our day and age, corporates can no longer depend on tasks such as invoices, litigations and follow-ups with clients can be rendered time consuming, taking hours that could get lost within human errors. However, with your transition to a digital law firm management, it is never too late to invest in a cost-efficient, time-saving automated service accompanied by the benefits of easy automated service. Switching to digital transformation has many benefits, such as increasing productivity. Digital transformation can save more than 23% of a lawyer’s time, resulting in an extra 2 hours added to an average working day. Not to mention the amount of time spent on redundant tasks that consume 37% of your working hours. Therefore, we can conclude that the best investment one can look at to kick start the new year is that the digital transformation of law firm management is a key investment and a prominent advantage in productivity, accommodating the current technological advancements.
With the digital transformation of your law firm, you can finally feel at ease with the inflation rates occurring worldwide. Moreover, a digitized law firm can aid your law firm in reducing office expenditures such as rent, additional operational expenditures, rendering your law firm from overpriced to affordable and highly effective. Allow us to show you the 5 benefits that a digital law firm can offer:
It is important to mention that such advantages have intertwined benefits that have a satisfying result and render the workspace more enjoyable, hence enhancing the work environment for both clients and employees.
The second solution provided by the digitization of your law firm is the accuracy and speed of results. One can only think of the efficiency offered by the digitization of your law firm through a shortened yet effective time frame through the usage of a cloud-based process.
However, it is important to note that in the case of a digitized law firm, you will now be able to meet deadlines at a faster pace with the guaranteed quality through the usage of software and technology in a short period of time.
Additionally, with the rising trend of digitization due to several factors, it is important to mention that a digitized law firm will provide the ease of access for new customers through a simple search online as well as it being an ideal solution for staff that have other responsibilities such as parenting, caregiving or ones who crave a balanced life between both responsibilities.
Last but not least, not only do digitized law firms offer legal services, but they also make sure that everyone in your law firm is updated on the latest legal content, supplying your law firm with a stronger notion of teamwork.
To sum up, it is safe to acknowledge that the advantages and opportunities provided by the digital transformation of law firm management are numerous, ranging from their cost efficiency to the ease of mind and ease of access alongside a remarkable increase in productivity and efficiency. Moreover, there is no room for concerns while purchasing an affordable service with App4Legal, check out the pricing, here. We will be more than happy to assist you and introduce you to the revolutionized law firms turning digital providing more efficiency and offering a free trial to test out our efficient services and hardware.