Law Firms Capitalizing on Technology to Improve Efficiency

Modern law firms and legal departments are continually looking for new ways to increase their efficiency and drive productivity. Technology-enabled platforms have the potential to revolutionize the way in which law firms operate and innovate, increasing both efficiency and profits. In fact, technology adoption ranks fourth in the top challenges law firms face behind pricing, cybersecurity, and operational efficiency.

A suite of legal technologies has evolved in the recent years such as Practice Management, DMS, Finance & Accounting, Client Relationship Management, Knowledge Management, Security, et al with a single motivation of transforming legal workflow to boost efficiency and cost-effectiveness in law firms.

80% of half of the top law firms have achieved above-average value from adoption of technology tools. The remaining are at the brink of the realization curve.

Efficiency

(The derivation denotes that the early adopters of technology platform have earned increasing growth levels and better delivery of services through streamlining of practices.)

The entire Legal Ecosystem is evolving with the growing magnitude of digitization and it has become a necessity to turn with the tides to achieve similar goals of keeping pace with an efficient and cost-effective Law Practice.

Technology is indeed playing a massive role in cost-effectiveness and contributing to remodelling Law Firms in a new and efficient form. But despite adding multiple layers of technology and automating every process, the scattered information does not provide a single view of the entire process of the Law Firm.

In order to create a seamless workflow, Law Firms automate multiple functions of their department with the technology available in the market including Microsoft SharePoint, Microsoft Windows Azure and others. These softwareprovide invaluable information to the Law Firm, but the data is fragmented on all platform, preventing a unified view to make informed decisions. Unstructured data creates difficulty in measuring every information to map its potency for maximizing revenues.

A Smart Grid of integrated technology solutions like Practice Management with integrated Finances, CRMDocument ManagementDocument Assembly/Automation and Knowledge Management remove inherited fragmentation of information, provides a unified view of the Law Firm and creates a single engagement platform for the entire team, eliminating risks of missing links. It also reduces duplication of data and efforts on various platforms, security risks, the time taken to learn the interface, multiple data repository et al.

At PracticeLeague we help Law Firms to reduce administrative costs by helping them manage their entire Law Firm on a smart Technology platform. Starting from Adding new Client inquiry, Tracking Client engagement, Managing and Assigning Tasks/Matters, timesheets & expenses with integrated Finance, generating ready contracts with clause library, a single repository of databases and documents and entirely managing the information exchange with Knowledge Management, PracticeLeague has fiercely helped the Firms profitability and revenue generation through digitization.

By adapting to an integrated technology solution like Practice Management Software Law Firmcanstreamline their workflow and facilitate better collaboration by incorporating best-in-class practice management capabilities and a powerful performance monitoring system. The robust platform with various features such as matter intake, creation and scheduling of invoices, real-time dashboards etc, allowsLaw Firms to structure their data and measure the information to map its effectiveness for maximizing revenue.

With additional competencies such as CRM, law firms can set reminders and tracking for all important dates, appointments, tasks, conference calls and meetings with new prospects to grow the business. Another important feature enhancing law firm productivity is Time &Billing that creates a single platform for all employees to update and maintain their records, which improves the transparency of the entire law firm. Maintaining absolute informational and transactional relationship is for key an efficient practice.

With integrated finance management tool, law firms can overcome challenges pertaining to dual entries, accuracy and limited analysis. Some of the key elements of Finance integration include, payments against Reimbursement/Payment Request, Allocation of cost against Matter, Configuration and Mapping of multiple Taxes with Accounts, etc.

For law firms to retain their knowledge and experience to improve client/resource productivity, the need for a DMS feature on the Practice Management Software is a necessity. The Document Management Software provides Centralized storage solution for the firms with the highest level of security systems to store confidential data which is accessible to authorized personnel from any location. Case papers, material for research and important emails, all can be read through with a single click.

PracticeLeague has been principal in delivering the tech-enabled solution to more than 9000+ lawyers on an ‘Integrated Platform’ – which has become an indispensable ecosystem of technology for Law Firms.  The platform has reached clocking over 12 Million Billing Hours of legal productivity per annum. Meaning an average business impact of $1.9 Billion Y-on-Y in revenue.

This clearly explains why Premier and Growing Law Firms rely on us as their Trusted Partner to remain at the forefront in the Legal market today.

With evolving platforms, the adoption rate is ever-increasing and our years of experience and tuning with the legal industry, has shown us significant changes in technology adoption & learning curve over the years.

Revolutionize the Digital Connect between Business and Law

PracticeLeague offers A Unified and Integrated, Modern Technology platform that automates the complete legal operations and is adopted by several legal departments and law firms across the globe. 

PracticeLeague provides an intelligent technology grid for the entire legal ecosystem, including an integrated and simplified Enterprise Legal Management platform that boosts efficiency and cost-effectiveness and a comprehensive Practice Management platform designed to drive growth and revenue.

 

Guest 
on 27 September 2019
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