The Business of Law
Cyber security and fast-paced technology are changing how lawyers interact with clients
There is an abundance of law practice management software to choose from, with more coming onto the market. Even if you have identified your firm’s specific needs, it is a challenge to sort through the products on offer and find a good fit. And as the pace of technology accelerates, you are right in feeling increasingly lost in the supply side dynamics. Your mental rigour is frustrated by no longer being able to perceive this expanding technology and software horizon.
Law firms and legal departments are not being disrupted by tech, they are becoming smarter
Once the decision to automate a particular process has been made, the fundamental choice legal teams have to make is how and where to run legal applications and solutions. The nature of your industry compels you to base every decision on information security. SME practices can gain exposure to sophisticated solutions by partnering with vendors who have made significant investments in LegalTech. In an otherwise saturated market for legal expertise, there are several instances where SaaS for law firms can bring that essential advantage you require.
We identify the areas of the legal industry that are prone to inevitable automation and attempt to do what lawyers are trained to do, namely define terms. Many features of the legal practice can be boiled down to a few common denominators that will help in first instance define your strategy.
Tech jargon is frustratingly acronym-ridden
What matters is to understand that LegalTech solves business risks which have increased exponentially with a battery of global & national regulations surrounding data protection and privacy. From Multi-factor Authentication to Mobile Device Management, Document Management Systems, Artificial Intelligence & Machine Learning applied to Outside Counsel Guideline automation, and eDiscovery, LegalTech can work in your favour by not only allowing you to better manage the business of law but also foster your passion, the practice of law.
Our Memo provides further insight.