Thu October 31 2019, 12:00 // Posted by corvum
The Future of Law is Already Here. Time to Get Onboard.
Optimization via smart technology is no longer just a slick option. It is fundamental and essential to long term survival. “9 out of 10 Americans believe that the cost of legal services is extremely high. Most of them agree that alternatives to ‘traditional lawyers’ are needed… They need cost-effective legal solutions. And they need it quick”, states Valentin Pivovarov in Forbes. In order for law firms to stay relevant, they will have to get up to speed, and quickly.
If traditional firms are losing potential clients to more cost-effective e-legal alternatives, how can they compete? By utilizing Legal practice management software and integrations; firms can streamline business processes and automate tedious, and time-consuming tasks. If firms can keep overhead down, they are more likely to consider alternative fee arrangements; which would make seeking legal counsel less daunting.
Forbes further reports that: “we have witnessed the emergence of new online legal services that cut the cost by providing individuals with direct access to the relevant legal expert.” Traditional law firms incur massive costs in maintaining their infrastructure, and in turn these “high costs [are] passed onto their clients… law firms, being quite bureaucratic structures, also suffer from a long adoption of new technologies that could have optimized legal processes, for example, by eliminating repetitive tasks. Investment in new technologies has been proven to increase law firms’ efficiency and reduce costs”.
“Those who ignore advancements in technology that could improve legal services will do so at their peril. Those who choose to keep up on the tools available to them will have remarkable opportunities. For those who want to take part in the future of legal work, it’s time to get to work and reboot”, Gabriel Teninbaum of ABA Journal supports. As the Lexicata blog points out in their brief on the Clio Report: “we were surprised by how many people choose not to hire a lawyer when solving a legal problem.”
In order for law firms to stay relevant, they will have to get up to speed, and quickly. “Clients expect information on demand. There’s a need for immediacy. They look for information outside of work hours, on weekends. They’re mobile and constantly engaged online. The legal industry needs to adapt to the 24/7, mobile nature of doing business” notes an article on Dynamic Business. The future of law is already here. Time to get onboard.