Technology implementation within law firms is not really optional. That’s not just so that the firm remains efficient and competitive but lawyers must also keep abreast of the changes in law and the benefits and risks associated with relevant technology.
Every lawyer knows that practice management and document automation software can save clients’ money while increasing law firms’ profitability. Time management and billing software help attorneys collect information and efficiently bill and communicate with clients.
Secure client portals within practice management software allow for secure communications like email, document uploading and sharing with collaborators both inside and outside the firm. It can also help them to work anywhere, anytime. A good practice management solution, like Keyhouse, will integrate everything seamlessly so that all of your systems work together and talk to each other.
Malpractice insurance benefits
Using technology to interview clients, gather information for documents or review documents decreases the risk of errors or omissions. In the US, several malpractice insurance companies offer discounts to firms that use legal technology.
Strategic alliances with tech companies or non-lawyers
People are looking for legal information online. We all know that information online may not be enough to solve a person’s legal problem and so they still need lawyers. A lawyer’s education, experience, and training are essential to the outcome of many cases. So you have a decision to make: compete with legal tech companies or strategically align with them. By working with tech companies, customers of the tech companies and potential clients of lawyers both receive a more complete and comprehensive solution than by relying solely on one or the other.
Because they better understand their legal needs, clients can use lawyers more efficiently. Meanwhile, lawyers can tap into a larger market of potential clients who may have never found them without the legal tech company facilitating the exchange.
Education and inbound marketing
Lawyer advertising works for some issues, like divorce, when the need or demand is known. But what about those people who do not understand their rights or legal needs? Inbound marketers suggest leading with education rather than advertising and this is where firms can learn from some of the successful technology companies. Produce great content in your area of expertise and volunteer to present or create webinars. Provide the content for free of charge—or maybe in exchange for an email address—and embrace the opportunity to establish yourself as a legal expert.
Commoditisation or flat fees?
Legal tech companies facilitate the commoditisation of legal services by selling a defined product, taking a portion of legal services and distilling them into commodities. These companies sell the commodity for a flat fee—rather than billing an hourly rate which is yet another reason why consumers are drawn to online legal services. Like it or not, we are in an era of sharing, crowdsourcing and collaborating online. Now, are you ready to make money using that knowledge?
Source: Law Technology Today