Legal tech trends

7 Legal Technology trends in 2019 for Law Firms

by PracticeLeague

New disruptive trends and technologies are creating fluidic Law Firms and enabling them to become more efficient and cost-effective.

Technology has played a pivotal role in the growth of modern law firms due to its direct impact in significantly augmenting service deliveries and in improving the quality and quantity of information that is made available to lawyers and their clients.

The use of technology in a work environment helps you make things simpler, easier and faster while enhancing the visibility, reliability and security of the data.

In 2019, we can expect many more Law Firms to take the plunge and ditch the traditional tools in favour of a smarter and cognizant approach. On the hand, firms which have already automated their business processes are expected to switch gears and move towards an integrated approach.

The focus on Tech in 2019 should be on:

Root Cause Analysis

Implementing new technologies is just the first step, the goal is to utilise the data derived from such tools to take strategic decisions that improve your business every year. Therefore, solutions that enable firms to analyse their data from different sources and identify root causes of their past missteps will help the firm be more vigilant and future ready. The key to root cause analysis is the next trend.

Accuracy and Efficiency

Probably the two most often heard terms when it comes to technology. After all, they are the very essence of process automation. However, many firms don’t realise that two different efficient systems don’t paint an accurate big picture because at some point, manual intervention is required to compile and analyse data from multiple sources.

Integration and Unification

While most systems permit 3rd party software integration with one and other at some point, do they really analyse data from each other?

What’s missing?

It’s not enough to just integrate systems, whether it’s timekeeping, billing, accounting, document management, project management, et al, unless all you’re looking for is convenience. Today’s technology is capable of much more and you should not miss out on it. Unified systems are capable of fetching policies, rights and data from different sources to not only reduce manual efforts, but to also reduce user dependencies, plug data leakage and present a consolidated view of disparate systems and data points in form of real-time dashboards and on-demand analytics.

Real-Time Dashboard & Analytics
Once you’ve achieved system unification, sit back and let the technology show you what’ve been missing out on. Real-time dashboards and analytics allow you to not only calculate your billable work. It also helps you analyse client patterns, resource utilisation, and profitability of your firm, conflicts, work-in-progress, project matter status and productivity.

Advanced technologies are now growing in functionality and reducing in size, figuratively. It’s easier than ever to carry terabytes of data on cloud and access it on 5-inch mobile device. Ease of access cumulates working on any device while managing and collaborating easily from anywhere, anytime. Strategic business decisions will no longer hinge on availability of people in office because geography should not be barrier in your growth.

Traditional systems for law firms have been very rigid in terms of their adaptability. More often than not, Law Firms have had to pay large sums to customise system in order to meet their expectations. While customisations can never be completely discarded, advanced tools are allowing their users to access to configure a large portion of the tool by themselves. Moreover, even the tech companies are gaining from the experiences and suggestions of their clients. Therefore, LegalTech is evolving with the rapid disruption happening across the Legal industry. Technology which does not evolve with the changing business demands won’t have a long-term value of retaining in this industry.

A flexible and secure platform will provide a high-grade gateway for sensitive data without compromising on data privacy and functionality. Also, compliance with hundreds of international compliances for privacy and data protection is non-negotiable. Many of the security standards which were earlier adopted by banks and credit cards companies are now being offered to Law Firms, considering the confidential nature of the client data they manage every day.

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