Technology determines the efficiency of a law firm, as well as its relationship with its clients. That was the main conclusion of an investigation by the ING Economic Bureau.
- 3 out of 4 law firms had invested money in new technologies within the last 3 years.
- In 86% of these firms, the decision to invest had met with resistance.
The turnover of your firm is under pressure:
- An ever increasing number of parties, including insurance and accounting companies, are offering legal services.
- The legal departments of companies are doing more by themselves.
- Customers are more reluctant to spend money because of the crisis.
Technology is mainly used in administration, and less in substantive work processes
- 76% use software to keep track of billable hours, to analyse work, and for billing
- Less than 70% use software to help run their firm
- Only 53% use software that works with templates to create documents
- Less than one in three works digitally or uses mobile devices
- Apps for customers are only scarcely available.
To invest or not, that’s the question
One in four offices fear that the investments are either too big, or will struggle to create a return on investment. Yet, on the other hand, one fifth of the firms have insufficient knowledge of technology and do not realise, e.g., that cloud solutions are cheaper.
Technology strengthens the relationship between law firm and client
- Law firms can use technology to offer new services that take advantage of their expertise, and thus distinguish themselves from the competition.
- Law firms can offer more value added services and thus present themselves as strategic partners.
- Clients want to use technology to better monitor their lawyers’ performance, but more importantly, to be able to work together more efficiently.