Law firms have just moved through the second most challenging year in the industry’s history. Between the disruptions caused by the coronavirus pandemic and the lingering effects of the “Great Resignation,” there have been many elements that have factored into making law firms much more fragile than usual.
It’s no secret that a lot of industries are experiencing a technological revolution of sorts. Much of this has been brought about alongside the COVID-19 pandemic. Technology suddenly became a leading issue for many businesses as they grappled with a rapidly changing landscape.
Like other industries, the legal industry is being forced to pivot in response to changing consumer demands, shifting economies, and a major departure from the traditional in-house office work to remote or hybrid work situations. With these shifts comes an emphasis on building out in-house technologies and technical abilities — something that law offices have been traditionally resistant to in the past.
Like any industry, legal firms are working hard to remain competitive in an ever-changing — and more demanding — marketplace. Choosing the right office technology can make the difference between firms that are stellar at satisfying clients; conducting better, faster, more accurate research, and creating bottom line results that matter — and those that fade away into obscurity.
Like many industries, the lawyers and legal professionals are turning to digital technology to streamline their workflows and simplify the litigation process. One of the primary tools in this process remains e-Discovery, which is short for electronic discovery. Electronic discovery comprises two disputing parties that are providing one another with information relevant to the case through electronically stored information (ESI). Types of ESI can include:
While almost any industry can make use of increased productivity, better efficiency, and cost savings, for some industries that handle a high flow of data through paper-based documentation, even the smallest of changes can amount to a huge transformation in the way they conduct — and profit from — business.
As sweeping changes brought about by the coronavirus pandemic continue to impact the legal industry, more law firms are looking to grow their revenue and provide exceptional service through the deployment of technology. In the legal world, digital transformation is more about ensuring a high level of compliance, performance, and customer satisfaction than just automating processes.
Disruptive digital technologies are presenting new ways for the legal sector to achieve digital transformation, enabling more accessible, client-focused legal services for current and future clients. These technologies provide a new level of efficiency and support to legal teams, freeing them up to focus on client care and other high-value tasks. But to truly harness the power of these tools, lawyers must understand the influence of these technologies and how they can be used to their fullest to acquire and retain clients — and achieve a new standard of profitability.