What does the legal sector need to be successful in 2021? Well, just like the rest of the world, law firms need to adopt new technology!
Innovations such as virtual reality (VR), Blockchain or Artificial Intelligence (AI) will revolutionize the current legal industry.
According to Statista, in 2019 the legal tech market generated revenues of 17.32 billion U.S. dollars worldwide. In 2025, revenues are set to reach 25.17 billion U.S. dollars.
While, in recent years large law firms around the world are investing in legal technology solutions to gain competitive advantage, even in 2021, many law firms are not sure that technology is the right investment.
Here are 2 reasons lawyers should embrace technology in 2021.
Technology Helps Remove Manual & Repetitive Tasks
Office administration, configuring technology, generating and sending bills, collecting payments…How much time are you wasting on manual and repetitive tasks? A lot, right? Well, say goodbye to tedious and time-consuming tasks by integrating legal task automation. Luckily, technology can help you reduce the number of productivity-killing tasks, and focus on billable work.
Here are 4 tasks that every lawyer should automate:
- Scheduling meetings and appointments
- Time Tracking, Billing and Invoicing
- Document Creation
- Client Intake
Technology Helps Lawyers Stay Efficient
The most successful law firms use technology tools to work more efficiently. In fact, there are a lot of great software applications available offering solutions for every legal practice and process.
Online file storage, Word processors, Scanners, Document management, Time tracking and billing solutions, eDiscovery tools, E-signature tools…Adopting some of these types of tools will help your law firm be more efficient, profitable, and client-centered.
Final Thoughts
Technology is constantly evolving. And just like other businesses, the legal sector needs to keep up with legal tech advances. Over time, law firms that don’t invest in new technology will be left behind.
In 2021, law firms that invest in legal-tech solutions will have a competitive advantage over those who do not.
Are you ready to adopt technology at your law firm?
