How law firms are looking beyond operational efficiency to gain strategic advantage
It no longer holds true that the legal industry lags behind professional services when it comes to technology adoption. Like most industries, the legal industry is focusing on aligning its strategy, innovation, and the supporting technology; while embracing and adopting technology such as cloud, collaboration tools, and AI.
Law firms have slowly overcome the barriers and challenges that stopped them from taking an innovative and dynamic route in the adoption of technology. The current pandemic has impacted the industry (like all others) and has led to digital disruption and consolidation like never before. Law firms are now gearing up for digital transformation – which is the need of the hour. It is now time for the legal technology industry to reinvent and think out-of-the-box. So far, this industry has been looking at increasing operational efficiency and simplifying processes, but this will no longer suffice.
Yes, we do understand the importance of efficient processes in law firms. However, it is now time to think beyond and above the regular. Why, you ask? Ever thought of what things would be like if your competitor were to figure out how to really align strategy, technology, and innovation, and start accelerating services to drive increased cashflow and revenue? Being able to get your timesheet in, a few seconds faster, does not seem all that impactful anymore, does it? We think a broader vision for legal technology is required – one meant to create strategic advantage, not just operational improvement. The winners today will be those who can accelerate value and decrease risk.