In an Uncertain Market, Firms Can Win with Legal Technology
As recently as a few months ago, it would have been inconceivable that law firms would be forced to support entirely remote workforces. But over the recent months, that’s exactly what’s happened.
On top of it, clients are facing their own challenges, and their expectations are not diminishing.
As a result, firms have been and are currently facing a host of challenges:
- Working virtually and keeping talent performing
- Building expertise in emerging and unfamiliar practice areas
- Meeting client demands for virtual communication
- Doing as much or more work with leaner staffs
A new white paper from Thomson Reuters looks at “Six Ways Firms Can Win With Legal Technology in an Uncertain Market.” It discusses how firms can meet those challenges and position themselves for the future.
Here are a few highlights:
MAXIMIZING ATTORNEY PERFORMANCE
According to the Thomson Reuters 2019 Law Firm Business Leaders Survey, “under-performing lawyers” ranked as the number-three risk to firm profitability. Technology, however, can help make attorneys more productive, knowledgeable and profitable by reducing time spent on non-billable work, putting “how-to” knowledge at their fingertips, and improving efficiency and work throughput.
DEPLOYING EFFECTIVE (AND VIRTUAL) CLIENT COMMUNICATION
The need for effective client communication tools has been greatly accelerated as a result of work-from-home mandates and the inability to conduct face-to-face client meetings. But clients expect the same level of service, even in these virtual environments. Two technologies, in particular, client portals and video conferencing are helping firms meet these needs.
USING TECHNOLOGY AS A DIFFERENTIATOR
Many firms base their technology purchasing decisions on the tangible benefits they’ll receive: speed, efficiency, knowledge, client service, and more. At the same time, deploying the latest technologies can often give firms an important competitive advantage in the market. Firms that position themselves as innovators can justifiably tell current and prospective clients that their commitment to technology sets them apart from other firms.
Opportunities in an Uncertain Future
Uncertainties abound in the current market. But that also means opportunities for firms to evaluate their technology strategy and reconfigure it for the future. Firms that find ways to use legal technology to streamline routine tasks, collaborate with clients and navigate the challenges of the market can position themselves as the go-to partner for their clients.
The complete white paper on “Six Ways Firms Can Win With Legal Technology in an Uncertain Market” can be downloaded here.