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In the legal services industry, lawyers have been seriously lagging on adopting tech. And according to a recent survey, that lag could be costing law firms some serious money.
Despite the fact that a vast majority of attorneys recognize and understand that legal tech can make their offices run more efficiently, that majority of attorneys aren’t actually adopting the time-saving, money-saving, tech. Notably, as a result, those firms in the minority that have adopted the latest in legal tech are realizing profits because of it.
More Tech, More Clients, More Money
Investing in legal tech may be a difficult pill to swallow, as upfront costs can often be overwhelming. But, at the end of the day, those investments are often worth it because they save time, which saves money, and allows firms to make even more money.
In short, deploying legal tech that makes servicing clients’ needs more efficient allows firms to service more clients, employ more associates, and generate more revenue and profits. But that doesn’t mean your firm should just start buying up all the legal tech it can get its hands on. Selecting the right tech for your firm is critical to ensuring any tech investment is worth it.
How to Select the Right Tech
Selecting the right legal tech is more about improving on your current process than trying to recreate your entire system (though that may be necessary too).
Many firms opt to start their journey into legal tech by “going paperless,” which will save money in the long-term and enable the use of more modern tech devices. However, investing in legal tech that’s more focused on helping to generate more revenue should certainly be prioritized. But what that tech involves requires a careful evaluation of your firm’s needs. Some firms may need more advanced research and form generating tech to free up attorney time for other work, or bringing in new clients, while other firms may need a new intake/client management system to help convert the callers to clients.