Benefits of Legal Technology: How It Can Benefit Your Business
Did you know that legal tech is becoming more and more widespread? Over the last few years, especially as the pandemic hit and forced the world into a lockdown that affected all people and businesses, investing in legal tech has become necessary.
Legal technology, also known as legal tech for short, refers to a set of tech solutions for businesses, organizations, attorneys, and law firms that are meant to improve and automate operations. However, not everyone is aware of the benefits. In this article, you will learn why legal technology companies are so beneficial nowadays.
Benefits of Legal Technology In Benefitting Your Business
Decreased Error Risk
When tech is not involved and most operations involve human intervention, the risk of errors is greater. Humans may misinterpret things and even make wrong decisions, leading to mistakes that can cost them a lot.
With legal tech, you can automate operations and even prevent the risk that is associated with human involvement.
Lawyers’ Time Can Be Freed
Law firms have to deal with a lot. This can be hard to handle without technology.
During the pandemic, most law firms implemented more tech solutions to perform their operations. For instance, 83% of them were having virtual meetings with their clients.
Since legal tech can save so much time, it allows lawyers to focus on the things that matter the most, which can only make them more productive.
Other industries, like Realtors, have been using technology for a long time to be more efficient. It seems that banks and law firms are the last industries to be willing to use up to date technology.
Improved Customer Experience
Making clients happy is the goal of any business that seeks long-term success. Now, even if your firm hired the most experienced and skilled workers, it would not matter unless you do everything you can to put a smile on your clients’ faces.
Customer satisfaction is a priority for many businesses, and it should not be sacrificed. Luckily, legal tech can help improve customer experience. Simple things like a live chat feature can help boost customer satisfaction.
There is a lot of software available that allows businesses to automate operations. For instance, you can use technology for billing, schedule meetings, document management, and tasks. It helps save time and can even reduce costs.
The revolutionary wave of automation is washing over every industry, and law firms are no exception. It is shaping the way legal professionals work, reducing mundane tasks, increasing productivity, and offering cost-effective solutions.
In the legal profession, a significant portion of time is consumed in repetitive tasks like drafting documents, discovery, contract review, and compliance checks.
Alistair Vigier, the CEO of ClearwayLaw, says that
automation helps here by trimming down time spent on such tasks by nearly 20%, according to a report by McKinsey. That’s a fifth of the workday freed for critical thinking and client interaction.
Data entry, a monotonous yet crucial task in law firms, is another area where automation has a significant impact. Forbes reports that automated data entry can reduce errors by up to 50%. Lawyers can be more confident in the accuracy of their data, strengthening their cases.
Improved Cybersecurity and Document Safety
With the increasing use of technology, the risk of cyberattacks is greater than ever. Every year, more than 800,000 cyberattacks take place. Firms are especially vulnerable, as the smallest data breach can have a huge impact on the business. It can lead to financial issues and even the loss of customers.
Legal tech helps increase cybersecurity and document safety, so you’re less vulnerable to cyberattacks.
The Bottom Line
As you can see, legal technology becomes a must in a world where tech is taking over. With legal technology, your business can not only ease operations and prevent terrible mistakes, but it can also help improve document safety and cybersecurity.
Some operations can be automated, and customer experience can be improved. Moreover, legal tech can allow lawyers to focus on things that matter the most to them by saving time.
If you are not willing to use legal technology once you graduate from law school, then it’s best not to go in the first place.