Choosing a law firm is an important decision for businesses and in-house lawyers. They search for a firm that checks all the boxes, and at the top of their list: client-service. But for too long, a law firm’s billable hour model has impeded client service and run at odds with businesses’ needs for cost predictability, transparency, and efficiency. With technology advances coming at an increasingly faster pace, the most successful law firms are harnessing ever-growing technology to provide superior and efficient client-service, while providing the cost predictability and transparency that businesses need.
Smart law firms know that they have to be a collaborator in their clients’ businesses and successful firms must provide a holistic service, at predictable and transparent rates. Because of this, the best law firms are harnessing innovation by integrating document automation technology, encrypted cloud storage, and Blockchain technology into their practice to drive client-service. Law firms are implementing this technology in the following ways:
- Document Automation: This technology allows contracts and legal documents to be drafted, sent, and executed in minutes – increasing efficiency and ensuring cost predictability to businesses’ bottom lines.
- Blockchain Technology: This technology ensures that documents are authenticated and secured. Blockchain is an encrypted distributed digital ledger of records, organized into groups of data called “blocks.” One must be connected to a block to add information, and the information cannot be deleted or changed. By harnessing this technology, law firms and their clients can share and authenticate information.
- Secured Cloud Storage: This technology allows for the secured, centralised electronic storage of important documents so that clients (and their counsel) have easy access to their legal and other crucial documents, even on mobile devices.
Technology allows law firms to streamline their practice, cut needless “busy work” that is the ire of in-house counsel, and work with clients in creating and implementing tailored alternative fee arrangements, therefore ensuring cost predictability. But with increased use of technology, comes cyber security risks. Headlines abound on the newest electronic phishing, hacking, or brute force attacks, which place businesses at risk. However, thoughtful law firms are staying ahead of the curve by implementing state-of-the-art cyber security measures to protect themselves and ensure that their clients are protected.
Technology continues to evolve and newer and better solutions are sure to come. It is no longer sufficient to engage in “business as usual” or to practice law without thought to the changing nature of how we all live and communicate. Law firms must integrate technology into their practice, and this integration, in turn, provides clients with predictable, efficient, cost-effective, and transparent legal counsel.