There is no denying that technology has changed the way lawyers work and firms operate. Every law firm's culture has expanded and grown. The business of law today is more complex and competitive than ever, and it will only continue to evolve as new vendors come into the picture, pricing structures change, and client expectations shift.
So as a firm what can you do to thrive in the constantly evolving culture? These six tips are sure to help your law firm thrive!
1. Automate what you can
As a culture, people are reliant on technology and getting results and answers quickly. Not only in the legal realm but in day to day tasks as well. Clients also demand more transparent view of their legal matters and billings and how they are managed. With so many new technologies and advancements there is the opportunity to automate some of the mundane tasks not only saving time and money, but also keeping your employees and clients happy with quick answers and results!
2. Upgrade to the cloud
With cloud solutions firms get the benefit of cutting edge technology, a security team already in place and quick scaling without additional infrastructure costs. Cloud solutions allow your firm to be more agile, flexible and adaptable, which is exactly what you need to deliver what your clients are demanding. Read more on the legal tech forecast and cloud technology in this article.
3. Dig into your data
The data is already there, using it to analyze and provide insight to not only your firm but your clients is huge. Collect, measure, and analyze your firms data and metrics around client's matters and legal spending as well as your firm's overall efficiency and performance. Look for trends, create opportunities, and share with your client those business insights. With both parties equipped with this information, your client and your firm are well positioned to demonstrate their value. Tomorrow’s data-driven law firm will have the opportunity to benefit from all of these technologies. Contrarily, the law firm without access to these technologies will be at a significant competitive disadvantage. How can your firm leverage data-driven decision making? This blog post gives you 5 sound tips!
4. Integrate platforms
If you have not integrated your legal technology, you are leaving value on the table. No single piece of technology is able to serve every problem, and probably never will. As a result your firm probably uses a variety of systems: document management, productivity, business intelligence, time and billing, CRM all on a day-to-day basis. The challenge arises when you have more than one version of the truth and your data becomes scattered throughout your technology stack, reducing productivity and transparency.
5. Communicate with data visualization
Most law firms are in some capacity embracing the power of data and taking steps to capture their key information and metrics, but understanding what all of it means can be a bit more challenging. Having data visualization allows you to quickly communicate key insights with colorful, engaging charts and graphs. It shows the big picture and also allows you to drill down to offer more information instantly.
This excerpt from our blog post, Why we love dashboards and reporting (and you should too), gives some great examples of why law firms should be communicating with data visualization tools like BI. "With dashboards and reports you now have an easy-to-access summary of all information you need to view the overall health of your firm. We have seen firsthand the benefits our clients have gained with BI dashboards and reports. From improving decision making, to optimizing internal processes, and increasing efficiency the advantages are endless."
6. Remember the relationship
While technology is a great tool to help us in day to day tasks, don't just rely on technology, build human relationships. Without trust, understanding and open communication, adopting new technology in your firm is more than likely going to fail. Focus on the people who's problems you are trying to either solve, both lawyers and clients! Ask yourself some of the big picture questions: What are the biggest challenges? How can our firm act to better understand and support goals? Is technology the answer? Once you find the answers to those questions, then you can begin to seek out solutions with both parties in mind!
BigSquare is the leading provider of Business Intelligence for law firms and professional service organizations. We focus exclusively on law firm reporting, law firm BI, law firm profitability and law firm analytics.