26 Feb 2020

Technology Opportunities in Law Firms

Matthew Markham

Technology is a vital asset nearly every business uses to improve its processes - we know that. It is not unreasonable to assert that law firms can utilize similar software, technology accessories, and systems in their own vertical.

That is probably already known to most law firms, but the issue is execution...where do you start? Naturally, you start with a plan. Decide what exactly causes the most friction in your day-to-day, and identify the legal technology product that will cater best to your specific needs.

Here are five options depending on what area of manual process causes your business the most friction:

  • Do you have issues maintaining files and keeping them safe for future use? Consider a file storage / cloud storage option:

  • Do you either see losses as a law firm or miss out on potential revenues/cost savings related to legal bills? Matter management software might be the answer for you:

  • Does managing contract negotiations take far too much time, or do you find yourself jumping between an overwhelming amount of client deliverables? Contract lifecycle management software could help you avoid missing deadlines and staying compliant:

    • Conga
    • Icertis
    • Concord
  • Document management software should provide a built-in organizational system for your documents. Documents can be associated with case files or matters, and access can be limited to certain firm users. Here are some options:

    • Filevine
    • MyCase
  • Often quoted as a reason some leave the law, timekeeping and billing should be convenient, non-costly and focused on earning you your full billable hours. Here are some options for timekeeping and e-billing software:

    • Bilr
    • MyCase Billing
    • Clio

This list is not exhaustive by any means, but hopefully it gives you enough of an idea as to where you can start. Before you dive in, make sure to ask about interoperability before you buy. Chances are, once you’ve taken on one new piece of software, you’ll find other areas that could use improvement. Asking about interoperability with a new software ensures that your technology stack will be compatible with new products that you decide to entire to scale your firm.

Authored by:
Matt

Matthew Markham

Matt is an experienced writer, having learned his approach from time spent at Brown University and Oxford University's journalism course. He is the COO of Bilr, a leading legal billing application, and has authored a number of #1 Google ranked articles that have featured in CNBC, Forbes and Entrepreneur. His background originated in investment banking at Morgan Stanley, where he had first had experience looking at the inefficiencies of law in business today.

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