5 Reasons Why You Need To
Incorporate Law Practice Management Platform Today
As each day passes, the world is becoming more technology intensive. The news about the rampant automation & digital transformation of traditional industries and the tremendous success of technology startups providing service solutions are the living proof of it. How a 3 year-old fintech startup BharatPe got the ownership rights of a 37-year-old PMC bank, or PharmEasy buying Thyrocare, are prime examples which show that no industry can run without a tech backbone now.
Thus, one thing is clear, that the organizations that fail to incorporate and ride the technology wave are bound to lose out. So, is your law practice (read as law entrepreneurship) embracing technology? Is incorporating it in the right manner suited for your law practice?
To address this, there are technologies available specifically tailored for the legal industry like Contract Lifecycle Management (CLM) systems, Client Relationship Management (CRM) systems, Billing management systems, Litigation tracking and Discovery systems, Compliance management systems, etc. A tailored combination of various such systems is required to be incorporated into a law practice depending upon its niche, clientele and range of services provided. You can check out our solutions here.
Here are five reasons for you to adopt a Law Practice Management (LPM) platform today:
1. In-House Information Repository
One of the biggest benefits of incorporating LPMs is that they provide an in-house information repository for the firm. This repository stores all of the firm's research data like precedents, drafts, opinions, RTIs’ replies, orders secured, judgments, etc. in a manner that they are easily searchable by names and keywords. This eliminates recurrence of the same work and also optimizes lawyers’ efforts. Further, in case of similar future assignments, all the past research work can be easily referred to and can be added upon, without reinventing the wheel.
2. Increased Service Capacity
Incorporating LPM system increases law firms’ service capacity manifolds, both horizontally (new clients in the same niche) and vertically (new clients in new law practice areas) as it saves lawyers a lot of time from managerial work like document keeping, scheduling meetings, updating clients, etc.
It signals to the existing as well as potential clients that the firm has the requisite digital infrastructure in place to work upon intricate and high-stake matters without truncating work quality. Further, the time saved by LPM systems can be utilized in brand building and expansion activities.
3. Robust Client Interface
According to Cal Newport in his book Deep Work, 30% of a worker’s time in any profession is spent on answering mails alone- the statistic for legal industry being even higher. Imagine how seamless and efficient it would be if you/your associates don’t have to write emails or waste daily-billable hours on calls with clients for every minuscule development in the case? Instead, they could simply login into your firm’s LPM software with the credentials assigned to them by you and check updates on their case, download orders, download various legal documents like affidavits, agreements, etc.
If the client wishes to communicate anything, he can simply drop a comment on the LPM instead of going through the process of requesting a call, then scheduling a call, then actually getting on a call (which usually tends to get delayed). And this is just the tip of the iceberg, having such a portal can be immensely helpful in calculating billable hours, maintaining transparency in operations, collecting testimonials, client retention and more.
4. Preferred Choice For Up and Coming Businesses
At the very outset, we mentioned how technology startups are dominating the world and changing the business landscape internationally. Relevantly, young companies are disrupting the industry landscape by acquiring age old established players in the Market. Other than BharatPe, Groww (4years) acquired Indiabulls Mutual Funds (14); PharmEasy (7) acquired Thyrocare (25). It is imperative to note here that in the process of these acquisitions, these startups are raising billions of dollars in funding, expanding their portfolios both on a global and international stage for which they need to engage legal services at every step along the way.
Would these cutting-edge startups like to work with law firms that don’t have a reliable client interface and tech-enabled internal operations systems? When it comes to landing startups (technology or non-technology) as clients, having LPM always signals more value, efficiency, security and synergy to them.
5. Data Security and Confidentiality
In many instances, confidentiality of the work is such that the working circle has to be tight and it couldn’t be delegated to subordinates thus, making it more time and resource consuming. Further, the sensitive data shared by clients with lawyers like financial documents, stakeholder’s involvements, stock and trading information are such that lawyers just can’t afford data security or a confidentiality breach.
Having an LPM system helps maintain the security and confidentiality of data not only from hacking, but also gives you better control over the data dispensation amongst employees. Ex: Which team members can access & download a particular file, who has the authority to share a particular file and with whom, auto revocation of access after a time period, etc. This nips all the possibilities of any sort of breach and aids in maintaining running an ethical law practice.
With myKase law practice management platform, you get a unified platform with every feature needed for the digital transformation of your law practice, check it out here: https://mykase.in/home/index