A time for change: is a lack of technology holding back your firm
In this day and age, where you are able to pick up any device and use it in a coffee shop, in an airport lounge or even while on vacation, just being able to connect has become the baseline in how we communicate and work.
When it comes to the client service business, the leaders of the future will be those who best respond to the changing needs of their clients. Clients have long been transparent about their frustration with the high costs of legal services and many clients have responded by taking more work in-house, outsourcing work to contract lawyers or avoiding lawyers entirely. This solution is of course not ideal as good law firms are worth the price but clients cannot be blamed for perceiving the costs of legal services as too high and distrusting the billing process. Lawyers need to reduce their fees while protecting their bottom line. The solution is technology.
Change is accelerating quickly in the legal industry as new and disruptive technologies are created that serve to increase billing and service transparency, reduce legal fees and increase the value of services across the sector. Powerful technologies exist to assist lawyers with their already demanding jobs, including popular customer relationship and practice management tools such as PracticePanther, Clio and CosmoLex, to name a few. A law firm maintaining the status quo and continuing to operate in the same way as it has for the past 10 years might sound like the most straight forward and risk-free strategy - but that strategy will not be sufficient to address the needs of clients in 2018 and into the future. Law firms that do not adopt such powerful technologies will be outcompeted and outclassed by the law firms that do. In 2018, technology adoption is not a luxury but a necessity.
A lack of knowledge about the technologies that are available means law firms are missing out on significantly more efficient ways of running their practices. Amir Reshef, corporate lawyer, says that “it still amazes me when I go into a board room and there are rows and rows of folders and closing documents in racks on tables and excess documents are thrown into the recycle. This way of doing business is inefficient and costly to clients and has to change.”
Such wasteful, clunky and expensive ways will no longer lead to success when competing with nimble and tech-savvy service providers that can potentially deliver work faster and at a better price.
Amir talks about how this changing dynamic inspired him to find a better way to do legal transactions and how dealcloser came to life. “dealcloser removes the risks inherent to transactions that rely on paper, such as document management errors, missed signatures and version control errors, all while providing real time updates and better client response time. At the end of a deal, dealcloser compiles a complete and accurate closing book with little to no printing of actual paper documents required”. dealcloser helps lawyers to eliminate non-value-added tasks from the transaction workflow, removing those parts of a transaction that are prone to being contested and written off. With dealcloser, lawyers can focus on delivering value to their clients, keeping their clients satisfied and coming back.
Is your firm ready for change? Is a lack of technology holding your firm back?
Watch our video below and learn how to streamline the transaction process while removing risk to your firm.