The legal industry is subject to digital disruption. Automated services for writing a will, establishing an alternate name for a business (DBA), or creating an enduring power of attorney (EPA) are just some of the services that are already available online, powered by robotic process automation or simple workflow systems. Whether your practice offers services to consumers or corporate advice and litigation services, establishing and maintaining a competitive advantage while maintaining margins is becoming increasingly challenging.
Digital transformation promises a new, more effective way of running a business by using technology to reimagine bringing together people, data and processes to create value for your customers and maintain a competitive advantage in a digital-first world. It’s just as relevant to a legal practice as to any other professional service firm. You should start by reviewing the way your firm works; automating and reimagining systems and processes is easiest when they’ve been streamlined and simplified.
You can probably employ technology to reduce costs, improve performance, release lawyers for more billable work and potentially offer entirely new services to your clients.
Business strategy, rather than technology, should be the driver of innovation. But new technologies may enable innovation in processes and systems in both the back office and in front-line services. It has even been suggested that instead of thinking of itself as a service provider, a law firm should start thinking of itself as a data warehouse.
This article in Forbes magazine explores the top five digital transformation trends in legal firms. It’s an interesting read that includes:
- Machine learning – use eDiscovery tools to speed up legal reviews and research
- Automation – releasing the highly-qualified and expensive lawyer from repetitive tasks for more valuable, profitable, work.
- Mobility – track billable hours, be available and productive while out of the office, and protect confidential data on the mobile device
- Online legal services – could you market and deliver your services more widely?
Any comprehensive review of the processes carried out in a law firm or legal department will identify plenty of candidates for automation.
The Law Society – Capturing Technological Innovations in Legal Services – January 2017
In the same document the Law Society estimates that Robotic Process Automation could reduce costs in a law firm by 20-40%, and reports that those firms that adopted Machine Learning for contract review achieved time savings of 20-60%!
Cameo Innovations will work with you to consider how technology could be best utilised to address these and other areas of your business – our Digital Evolution methodology approaches implementing change by doing it in small, discrete, incremental projects, each one separately costed and designed to deliver real value.
Contact us to find out more.