Leveraging Legal Tech for Growth in the Legal Industry
Charanjeet Kaur 21 Dec 2018

Leveraging Legal Tech for Growth in the Legal Industry

Technology is bringing a radical change in how we live and work, and the legal sector is no exception.

The legal industry, which has been hesitant to embrace the technological innovations, is now experiencing an era of transformation. The mundane tasks of paperwork and data management, long practiced by legal professionals, are now getting replaced by legal tech (or technology) solutions.

What’s driving the growth of legal technology today?

The wide reach of the Internet and smartphone technology has led to access to legal information on fingertips, data being available in real-time and smartphone apps to keep you updated on legal developments.  

Essentially, better internet connectivity and ever-increasing smartphone adoption is driving growth of legal tech.

In fact, a new generation of online legal tech solutions and services are changing how lawyers/law firms perform their day-to-day tasks ranging from researching to drafting to managing legal documents and invoices to communicating with clients, etc.

Further, as more and more legal tech solutions become accessible, lawyers and small firms (and legal departments) get more opportunities to take advantage of the solutions depending on the resources as available to larger set-ups.

Why leverage legal tech?

Let’s now discuss about the reasons as to why lawyers/law firms can and should leverage the legal tech:

  1. Improve efficiency and productivity

Declining productivity can limit legal professionals from achieving profitability and hamper their ability to meet the ever-increasing demands of clients for greater value and lower costs. However, leveraging tech solutions can help lawyers/law firms/in-house legal departments get organized with contacts, cases, documents, tracking invoicing, and more, leading to better efficiency and productivity.

  1. Save time and efforts

Implementing legal tech solutions can free up time and efforts spent on non-productive and non-chargeable tasks such as organizing documents, drafting, preparing and researching for legal documents, chasing clients for payments, and much more.

  1. Cost savings

Gone are the days, when law firms needed to handle all of their legal tasks in-house, which requires setting up infrastructure and recruiting new employees. But, Legal process outsourcing (LPO) can help firms save unnecessary costs, by finding low-skilled legal work and automating high-volume standardised tasks.

 End note!

Today, an increasing number of tech companies are emerging that provide legal fraternity with legal tech solutions to help them focus on core business competencies rather than spending time in less productive tasks. So, if you too are seeking solutions to grow your legal practice, you can consider using the solutions offered by such companies.

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