Embrace Legal Tech to Gain the Cutting-Edge

The legal tech sector continues to grow yearly, with an estimated market size of $29.7 billion. Metwork Major Account Manager Robby Daniels has spent over a decade in the legal tech field and has seen its growth and importance for the legal industry. Robby took some time to share his thoughts on the importance of embracing legal tech to gain the cutting edge. 

In the constantly evolving world of law, it is crucial for lawyers and law firms to stay ahead of the game. With technology advancing at a rapid pace, it is no longer just an option but a necessity for legal professionals to embrace the latest tools and innovations. From streamlining processes to improving client service, technology has the power to transform the legal industry. In this article, we’ll explore how legal professionals can evaluate and incorporate new technology into their practice to become more efficient, profitable, and knowledgeable in serving their clients and colleagues. So grab your tech stack, and let's dive in!

Demystifying legal tech.
The first step to embracing technology is to understand the concept of "legal tech." Legal tech refers to a wide range of technologies that are specifically designed for the legal industry, including tools for document management, e-discovery, case management, contract review, and much more. With an increasing number of legal tech solutions available in the market, it can be overwhelming to determine which ones are suitable for your practice. This is why it is essential to evaluate and update your tech stack continuously.

Speed up so you can slow down.
In today's fast-paced legal world, efficiency is key. With advanced document management systems and e-discovery tools, you can save hours of manual work and devote your time to more critical tasks such as client communication and case/trial strategy. Further, cloud-based technologies are crucial for lawyers to access files and collaborate with colleagues from anywhere at any time. 

Increase profits, not administrative burden.
Being profitable should be a top priority for every law firm. Investing in technology may seem like an added expense at first glance; however, when used strategically, technology can significantly contribute to a firm's bottom line by increasing productivity and reducing costs. For instance, automating routine tasks like billing or scheduling can free up time for lawyers to focus on billable work. Additionally, using data analytics tools can provide valuable insights into the firm's financial performance and help make informed business decisions.

A deeper understanding of clients. 
One significant benefit of incorporating technology into your practice is gaining knowledge about your clients' needs and expectations. Legal tech tools such as client portals or chatbots enable better communication between lawyers and clients while also providing real-time updates on case progress. This not only helps build stronger relationships with clients but also allows lawyers to understand their clients' preferences better.

The competitive edge. 
Keeping up with the latest technology in the legal industry can also give you a competitive edge over other firms. Clients are becoming increasingly tech-savvy and expect their lawyers to be the same. By embracing technology, you show your clients that you are committed to providing them with the best possible service and staying ahead of the curve.

As technology advances, it is crucial for lawyers and law firms to continuously evaluate their tech stack and incorporate new tools into their practice. It is recommended that existing technology be reviewed at least every two years, though we suggest reviewing annually. This allows for any outdated or obsolete tools to be replaced with more efficient ones.

Evaluating legal tech - where to start. 
To evaluate new technology effectively, start by identifying your firm's pain points and areas where automation can bring significant improvements. Then, research different legal solutions available in the market and assess which ones align with your needs. It is also essential to seek feedback from colleagues who have already incorporated similar technology into their practice.

It is your responsibility as lawyers and law firms to stay updated with the latest trends and advancements in the legal industry. Technology revolutionizes how you work while increasing profits and efficiency. Don't wait any longer—start evaluating your tech stack today and embrace legal tech for a brighter future in the legal world!

Book a demo with Robby today for a personalized consultation to learn how Metwork can best be integrated into your 2024 strategy so you can gain the cutting edge.