Embracing Law Firm Technology: Your Greatest Competitive Advantage
Vice President, Strategy and Innovation at Litify
EVP & Head of Corporate Development at Esquire Bank
For today’s law firms, their greatest competitive advantage is contingent upon embracing law firm technology. As we continue to operate in the digital age, also referred as the information age, the need for constant change, renewal and upgrades becomes more heightened.
At lightning-fast speed, marketplace updates to phones, computers, systems, and applications can render businesses obsolete. Importantly, law firms that do not take a long-term view of the firm’s technology roadmap, may put their firm and business at risk.
What are the risks to law firms that don’t embrace technology?
- 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 outdate 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Getting left behind due to outdated technology and solutions can manifest as potential clients not receiving automatic and timely communications, clients leaving bad reviews online that damage a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, or ineffective law firm operations that cause delays in case outcomes due to a lack of effective case tracking and management solutions.
According to modern day wisdom, “When change is necessary, not to change is destructive”. To learn more about why law firms need to embrace law firm technology, watch the 3-minute video with Dov Slansky, vice president of strategy and innovation for Litify.
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Whether your goal is investing in growth or positioning your firm for a merger or acquisition, understanding your case inventory is an important valuation for your firm. Leveraging your case inventory to finance case disbursements can allow you the flexibility and liquidity to pivot your focus to investing in digital marketing, technology, and staff.
Schedule a no-obligation consultation to understand how Esquire Bank’s Case Cost Line of Credit can help you achieve your growth or succession goals.
Interested in More Resources?
For more resources about law firm technology, view this video about “How Leveraging Technology Can Help Law Firms Analyze Outcomes and Maximize Case Value”. You can also read this blog about the “4 Keys to Leveraging Technology for Law Firm Growth”.