Legal Technology for Scaling Your Law Practice

LegalTech is now one of the most popular hashtags on social media. Proof that legal innovation and technology are here to stay! Can we be the first to admit that the legal profession has become… somewhat static? Disruption is essential in the industry, which excites us! Consider a future in which legal firms spend more time with clients rather than on time-consuming billing, filing, or paperwork. Most legal teams now use legal technology more than ever before. In today’s contemporary world, the opportunities for utilising technology have increased dramatically, whether it’s communicating with your team online or using services like Zoom to hold an online conference.
Legal technology is always changing, but legal teams are falling behind. These two differences may make incorporating technology into practises difficult. Keeping attorneys informed on the latest developments and technologies can assist them in using legal technology into their practise.

Rather than justifying the time-consuming process of integrating legal technology, legal teams should embrace new tools as they answer some of the most pressing demands in modern legal practise. Let’s get started if you’re interested in “Scaling your law firm utilising legal tech.”

Let’s speak about legal technology…what precisely is it?
According to a BCG report titled ‘How Legal Technology Will Change the Business of Law,’ the legal tech landscape is classified into three primary kinds of solutions. There are three different sorts of solutions:

1) Facilitators

2) Process support solutions

3) Practical legal solutions

Enabling technologies, such as cloud storage and cybersecurity services, attempt to make it easier to digitise operations.

Process support solutions enhance the effectiveness of processes ranging from customer service to accounting

The third category of substantive law solutions includes the automation of basic or repetitive legal procedures such as contract writing and contract analysis, as well as document screening. All of this is handled by legal technology tools such as Legodesk.

Why should you use legal technology?
With the expanding narrative of innovation, change, and disruption, it’s no surprise that professionals in many sectors view technology as a threat that might damage their careers and eventually place them in junior professional positions.

However, this does not have to be the case. Legal teams can and should embrace legal technology because it has the potential to boost efficiency and productivity, improve client service, and save money.

Boost productivity, efficiency, and quality.
The key to raising legal team productivity is to increase billable work product output without expanding staff or hours. Given that clients want more and better service from their external attorneys at a lower cost, the way forward for legal departments at NBFCs, banks, FinTechs, and law firms is to boost efficiency and productivity. According to BCG, renowned law firm partners disclose that 30 to 50% of activities in seemingly specialised situations may be automated utilising tech-based platforms such as Legodesk.

While artificial intelligence (AI) is typically considered as a danger due to its potential to replace people, it may also be an ally. Deep Learning is a core AI concept in which a programme or software “learns” to make better predictions based on prior actions and/or data each time it predicts human behaviour. In reality, artificial intelligence is already supporting legal teams in a number of ways.

Data Retrieval — Legal practitioners may employ AI-powered platforms like Legodesk to automatically organise, find, and summarise information gleaned from legal documents at a far faster rate than human lawyers.
Document Management- AI may be used to produce and analyse documents for crucial information, find mistakes, e-signatures, and execute statistical checks to help legal teams complete cases more effectively.
Case Management- Legal case management software, such as Legodesk, enables legal teams to easily organise cases, track changes, and store and manage documents all in one place.

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