For decades, law firms have competed over results, revenues and the most high-profile clients. While those are still pillars of competition, they now share that spotlight with efficiency and technology because clients are more demanding and less patient than ever. The traditionally change-resistant industry is faced with finding innovative solutions to solve problems faster.
Fortunately, technology companies saw this coming before the digital transformation was enforced by Covid-19. With their foresight, they created a host of automation and artificial intelligence technologies that have been approved by the American Bar Association.
As the infusion of tech takes over, here are some tools to enhance your law firms’ capabilities:
Loio is a savvy new software assistant that uses AI to perfect legal document creation. The aim is to deliver fully-proofed, clean contracts in record time without the exorbitant hours it used to take.
Loio is a Microsoft Word Add-In that works as an all-in-one software. The applications extend far beyond proofreading as contract analysis, formatting and review help you to standardize all legal documents in a presentable professional style with one-click solutions.
As contracts are the basis of every business relationship and customer transaction, Loio is an asset that ensures perfection every time.
2. InTapp OnePlace
InTapp OnePlace is a relationships and operations management platform built specifically for partner-led practices. InTapp allows you to leverage data collected from intake, discovery and client relations to drive your decision-making and grow your firm. It has gained a global following by applying AI solutions to all areas of your firm from first contact to strategy execution.
As an AI platform, OnePlace finds ways to compete, strengthen relationships and identify growth opportunities in the sales cycle based on intelligent information capturing. It has proven so successful that 92 of the Global 100 Law Firms use it to drive progress.
3. Clio Suite
Clio is one of the best-known cloud management software in the legal industry. They have operated in 90 countries for over 12 years serving over 150,000 customers.
Clio Suite is made up of Clio Manage and Clio Grow. These are the two flagship products that help to automate and digitize all parts of legal services. Manage covers matters of relationship, document and case management inclusive of billing. Grow focuses on client intake, marketing, workflow automation, data insights and reporting.
The real value of Clio is the commitment to shaping and improving the industry. Each year, they produce a Legal Trends report that studies what direction the industry is going and where clients are won and lost. Leveraging the information gathered through reports and by individual firms, customers get hard to find information pumped directly into their practices.
4. TimeSolv Billing
The traditional practice of billing in the legal world used to be the stuff of nightmares. Disputes, delays, and lost checks were customary and new firms were susceptible to manipulation. Thankfully, the digital infusion crafted TimeSolve Billing that provides a technological solution to an understated problem.
TimeSolv doesn’t try to stick you with a million additional features to increase the price. Instead, they provide a hub for lawyers to input and track billable hours, issue digitally payable invoices, and, most importantly, get paid faster.
With over 500 positive reviews on Capterra, TimeSolv answers the age-old problems of clients not paying on time, lengthy tracking processes, and untailored invoicing. It allows an automated custom billing cycle that works for clients and firms alike and is compatible with LexCharge, LawPay, QuickBooks, Office 365, and more.
5. Lexis Nexis
Lexis Nexis may not be new but with the influx of new automated research solutions, it is worthy of mention. Lexis Nexis provides a selection of different products catered to the research needs of all law firm members. They offer specific solutions for legal assistants to associates to partners by providing real-time information you need.
The foundation of any research service is the ability to provide an extensive law library complete with precedence but Lexis Nexis goes much further. They allow you to subscribe to different trials and issue alerts when decisions or case law are rendered. It even helps you to analyze depositions in line with previous cases to construct winning cases. Although it is more expensive than other options, Lexis Nexis is of exceptional quality.
6. ROSS Intelligence Chatbot
ROSS Intelligence makes its name as an extraordinary legal research software that does not require fluency in legalese. ROSS uses an IBM supercomputer known as Watson to leverage artificial intelligence to make research a simplified more accessible process.
Watson is trained in finding, reviewing, understanding and interpreting legal terminology to uncover case law and statutes from across the country.In a ground-breaking innovation, ROSS Intelligence are continuing to build a chat-bot capable of revolutionizing law.
DocuSign is an incredibly useful e-signature tool. With 750,000 customers, they are a world-leading e-signature software that allows you to automate your agreement process.
Very few 2-second tasks are the cause of as much hardship as attaining a signature on a contract, agreement, affidavit, or any other legal document. However, there is so much inefficiency in the system from postage and fax machines to missed boxes and more.
DocuSign relieves clumsiness by allowing stakeholders to simply sign online for legally binding documents. Further products extend to contract lifecycle management, analytics and negotiation but the e-signature has fixed a long-standing problem.
Templafy is a fantastic tool for all types of legal firms but is especially useful for new practices. One of the most time-consuming issues for new firms can be creating every document from scratch. While you have many samples available, you still need to build your own branding and paperwork.
Templafy streamlines this procedure by automating the entire document creation workflow. Using best-practice documents and customizable templates, lawyers can quickly access professional-looking documents without the pain of creating and designing things as new.
It is critical for any legal firm to acknowledge and act on the industry’s digital transformation. If not, the competition will continue to improve efficiency and accuracy far beyond the capabilities of humans so augmentation is a necessity. Fear not.
By introducing a selection of the emerging technologies above, you will remain competitive, attractive, and innovative for years to come. If you are an ambitious start-up firm, you may want to check out our other suggestions to help grow your small business.