5 Essential Technologies for Firm Growth
Implementing new technology is one of the best ways to differentiate your firm and position it for growth.However, most established professionals aren’t early adopters, and that’s understandable. Vetting a new tool, getting approval to use it, and executing a roll-out strategy requires a lot of otherwise billable time, not to mention upfront investment. While we understand how much it takes to introduce your firm to new tech, the benefits are worth the effort. Depending on your willingness to try new tech, you could do anything from improving a few monotonous tasks to going completely paperless. Experimenting with it is the only way to help your firm move toward a more productive and meaningful future. Read on to learn about five game-changing legal technologies that are here to stay:
- Artificial intelligence (AI) can perform legal research, due diligence and document review: AI can automate some of your most tedious processes, which allows you to spend more time on analyses, counseling, negotiations, and court visits. It can also predict legal outcomes. AI has the ability to store years’ worth of legal data and sift through it all to tell lawyers their chances of winning a particular case. It can give lawyer insight on similar cases and help them answer client questions like, “Should I settle?”
- Practice management software helps you manage your caseload and simplifies your workflows. A customized solution for your practice area can make many tasks easier for you, including time tracking, billing, calendaring, and filling forms. A comprehensive one – like AbacusLaw – will integrate with applications you use every day, including MS Office and Salesforce.
- Document automation efficiently creates documents and templates. It reduces both human errors caused by manual calculations and the hours you’d spend correcting those mistakes. In addition to increasing the efficiency and accuracy of your documentation, document automation boosts productivity. When you start using it, you’ll be forced to reexamine your processes and have the chance to let go of steps that haven’t been serving a purpose. You’ll set up templates that make sense for your firm and preset workloads, which will help you complete administrative work in less time.
- Clouds secure your data and mobilize your workforce. Cloud computing has made it possible to digitize your whole firm. It securely stores your data with full-spectrum security and gives your firm a virtual workspace. In addition to protecting your data, the cloud enables you to go mobile. Its flexible environment allows you to use any device from any location, allowing you to work wherever its most convenient.
- A CRM’s a no-brainer for any modern firm. Tailoring a CRM system to your processes streamlines workflows, improves communication, and stores information in one place. It also maximizes your business development efforts and boosts customer service. With access to all prospect, client, and vendor information, you and your employees will know how to respond quickly and appropriately to client requests. You’ll be able to control every stage of client interaction and help your employees cultivate strong client relationships.
If the notion of adopting new tech seems overwhelming, take baby steps. You can begin by embodying a growth mentality and promoting a progressive-thinking culture. As technology drives shifts in the digital landscape, law firms are embracing new ways to do business. Tapping into tech’s potential is one of the best ways for your firm to stay competitive and increase productivity. By learning about the benefits of new technologies and allowing your firm to capitalize on them, you’ll empower your staff to work better and faster.