WHAT JUST HAPPENED?
A report assessing the impacts of COVID-19 on the legal industry has been released by Wolters Kluwer at the end of June 2021, titled “The 2021 Wolters Kluwer Future Ready Lawyer: Moving Beyond the Pandemic”. [1]
WHAT DOES THIS MEAN?
The report pays particular focus on how law firms have tackled the issue of providing their services in these difficult times of remote dealings and non-physical activities. The report revealed that those firms that used technology such as online case file management systems and Artificial Intelligence (AI) to assist clients were able to enhance the provision of their legal services.
Law firms that champion the use of technology were able to outperform their competitors in various aspects, such as being able to better manage organisational matters and focus more on clients.
In 2020, the report showed that tech-savvy firms showed higher levels of profitability (47% of firms assessed) than their counterparts who were beginning to adopt technology (28%) and those who were non-tech equipped. (13%) [2]
In the same year, law firms that utilized technology displayed an increase in ability to provide legal services for clients in a remote fashion (46%) greater than firms who were transiting to technology (20%) and non-tech firms (8%). [3]
These data reflect the agility and resilience of technology-using law firms to adapt to the stormy climates and be there to meet their client’s requirements and interests.
HOW DOES THIS IMPACT THE LEGAL SECTOR?
While many law firms barely floated through the pandemic, those law firms that integrated technology into their daily legal services were able to breeze through the times and highlight the importance of technology in today’s world.
Firstly, law firms that use technology are able to increase their productivity and efficiency. Case management systems are vital in every law firm given the high caseload that these firms often deal with. Usage of online systems can help to segregate time-consuming administrative tasks such as sorting billable hours, allowing lawyers and staff to focus on complex cases that require more detailed attention. [4] In the long run, this allows for higher work quality and being able to meet clients’ needs promptly.
Secondly, technology-using law firms are well-placed to increase collaboration and teamwork between staff and clients. Wolters Kluwer reflected that 80% of corporate legal departments expect greater collaboration between law firms and clients. [5] Using technology can allow firms to show their clients through online apps or systems what the lawyer is doing and the time spent on a certain aspect of work that adds weight to the client’s case. The client will also be able to suggest improvements and raise questions online for the lawyer to consider. Through enhanced teamwork and transparency between legal staff and their clientele, the quality of work and image of the law firm increases significantly.
Thirdly, law firms that use technology are at an advantage when it comes to business expansion. With the pandemic bearing down on firms, budget teams and departments feel the pressure. Nevertheless, it is under pressure that the greatest diamonds are forged, and law firms with technology are just that as they are able to become more sensitive to their pricing. Moreover, 70% of corporate legal departments noted that their firm has become more “picky” in the way that they do business and the cases that they take on. [6] This allows law firms to keep well within their budgetary requirements and deal with lesser cases at hand. [7] Therefore, lawyers are able to spend more quality time working on an individual client’s case to ensure the best possible outcomes for that client.
Ultimately, Wolters Kluwers report has reflected the benefits of integrating technology into legal services in that firms will be able to run their businesses better, be more client-focused, and allocate their time more productively.
By Nickolaus Ng
ASSESSING FIRMS:
#WoltersKluwer #Clifford Chance #DLAPiper #Bird&Bird #HerbertSmithFreehills
REFERENCES:
[1] Wolters Kluwer, ‘The 2021 Wolters Kluwer Future Ready Lawyer: Moving Beyond the Pandemic (June 2021) <https://www.wolterskluwer.com/en/know/future-ready-lawyer-2021>
[2] ibid
[3] ibid [n1]
[4] Dave Zielinski, ‘AI for Administrative Tasks Can Make Life Easier at Work’ (SHRM, 24th June 2019) <https://www.shrm.org/resourcesandtools/hr-topics/technology/pages/ai-for-administrative-tasks-can-make-life-easier-at-work.aspx>
[5] ibid [n1]
[6] ibid [n1]
[7] Ken Crutchfield, ‘During the Pandemic, Firms That Embraced Technology Outpaced the Competition’ (Above The Law, 29th June 2021) <https://abovethelaw.com/2021/06/during-the-pandemic-firms-that-embraced-technology-outpaced-the-competition/?rf=1>
Disclaimer: This article (and any information accessed through links in this article) is provided for information purposes only and does not constitute legal advice.