Keeping Pace with Legal Tech: Don’t Let Your Firm Fall Behind
In this blog, we discuss the importance of keeping pace with legal tech to ensure your law firm operates efficiently and can scale growth.
Riding the Wave of Legal Technology
Is your contingency fee law firm ready for—and perhaps already thinking of—the technological wave that contingency fee law firms are riding? Digital technologies can be the glue that holds together your marketing efforts, online intake forms and websites, case management systems, and finances. If you aren’t on the technology fast train, your firm could soon be left behind.
There are many reasons for embracing law firm technological advancements today. For starters, consumers expect digital options in nearly every engagement with service providers, from banks to grocery stores. And law firms are no different—clients want digital engagement with their attorneys and their firm. They want real-time information about their cases, online payment options, and better efficiency and services, all delivered digitally.
How can your law firm ensure it’s keeping pace with legal tech to stay ahead of the game?
Outpacing and Outperforming Your Competitors Demands Technological Innovation
To strengthen your technology innovation, start at the epicenter of your business: case intake and case management software. This is where your firm can shine with technology that holds all the information necessary to run your law firm and maintain case collaboration and increase productivity to keep cases moving through the firm. Case management software also contains important finance details.
Some innovative platforms such as Litify are specifically built for firms like yours and come with a myriad of integrated strategic functions—revenue generation, financial forecasting, and firmwide collaboration on cases, in addition to case intake and monitoring. What’s more, such practice management solutions are cloud-based, so you don’t have to invest in additional hardware on servers on site. With systems like Litify, firms can also institute e-signature and other digital contract technologies. No more files covering your desk, making you look buried under disorganized paperwork—the client experience is strengthened with every technology you adopt.
Especially vital is your intake process, where client experiences begin, and your law firm’s reputation is built. Building a great intake culture is essential to not only attracting new clients but also retaining existing ones.
Training and Security Are Top Priorities
Once you have invested in digital technology that will transform how your firm does business, your top priorities are proper training and security concerns. While the business changes required to use the technology will take time, it also requires significant training to ensure that your staff knows how to use it. Without such training, your technological efforts won’t get very far.
Similarly, data security and privacy must be considered for firms using digital technologies. Hackers and ransomware attacks are increasingly targeting law firms to steal confidential information that you need to protect on behalf of your firm and clients.
Technology As Competitive Advantage
Today’s digital-driven climate requires law firms to pay close attention to how they adopt and introduce systems like those used for case management. Finding a solution that works for your firm and making sure that the appropriate training takes place are critical considerations, as is strong data protection measures that keep your firm competitive.
What are the risks to law firms that don’t embrace legal technology and change?
- They risk falling behind, becoming obsolete, and being outpaced by the competition
- They risk losing leads and business to competitors
- They risk losing quality attorneys who don’t want to use outdated technology
According to Dov Slansky, vice president of strategy and innovation for Litify, “I think the risk is pretty clear. They’re going to get left behind.” He added, “It’s important for law firms to realize that they have to modernize. It may not happen tomorrow. You have to start that process…making a decision that we’re going to modernize. That’s starting that process towards looking at growth.”
Not updating, modernizing, and embracing new software tools and solutions is a short-sighted approach that can jeopardize a firm’s long-term success. Understanding how the right technology can be leveraged to improve operational efficiency and increase case volume that results in greater revenue is a smart competitive advantage.
Getting left behind due to outdated technology and solutions can manifest as:
- Potential clients not receiving automatic and timely communications
- Clients leaving bad reviews online that damage a firm’s reputation due to a lack of an updated client communications software
- Ineffective law firm operations that cause delays in case outcomes due to a lack of effective case tracking and management solutions
Meet with Esquire Bank
Looking to ensure your firm is keeping pace with legal tech? Learn how your law firm can leverage case cost financing to free up capital that can be invested in marketing, technology, talent, operations, case acquisition, and growth. Schedule a no-obligation consultation with an Esquire Bank Business Development Officer today at a time convenient to your schedule.
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* The information provided on (or accessed through) this blog is provided for general informational purposes only and is not intended as, and should not be relied on for, law firm operations, tax, legal or accounting advice. Some of the information may not be applicable to or appropriate for all law firms. Please consult your own tax, legal and accounting advisors as appropriate. Results may vary by law firm.
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