BigLaw clients are pushing for advanced legal technologies. That is according to William Aron, a Santa Barbara criminal lawyer. He says that law firms need to embrace and adopt digital transformation to remain competitive. The clients rely on technology to access collaboration tools and online products. BigLaw firms, on the other hand, are using most of the tools in their trade.
With proper guidance, there is already a platform that can be streamlined, adopted, and implemented. There shouldn’t be significant disagreements between BigLaw and the clientele on keeping up with legal technologies because it is to the advantage of both. ABA, 36 State Bar Association, and other governing professional organizations have advised law firms to implement legal technologies and have lawyers’ competency rules in place.
Why Are Clients Pushing For The Transformation?
Entrepreneurs know that clients love convenience. Legal technologies will guarantee them great convenience where they access services in their comfort zones. Interacting with their lawyers virtually cuts costs and saves time.
The pandemic is also catalyzing the push. Everyone wants to remain safe. With uncertainties surrounding the pandemic’s future, physical interactions will remain minimal. According to law.com, a leading law news website, lawyers struggle with COVID-19 impact, with the only intervention implementing law technologies. BigLaw must accept change and capitalize on the technology which is favoring them too.
Though the push by clients and other stakeholders remains logical, some challenges surround the transformation. The main setbacks are legal concerns, professional rules, and compliance requirements. Firms have to put strict measures before any shift to ensure that they first address the legal concerns; otherwise, there will be loopholes.
Embracing legal technology is not easy. Doing away with the manual system isn’t easy either: however, firms should still fight to meet clients’ expectations of digital compliance. Misconduct by some lawyers remains a challenge where they alter clients’ data for selfish gains, which justifies manual database checkup necessity. That is not going away any time soon, but firms should use it as a backup for legal tech.
What Are Some Of The Modern Technologies That Biglaw Must Implement To Meet Its Clients Expectations?
One of the modern legal technologies that will help meet the clients’ needs is a cloud-based solution. These are essential for remote employees who have to deal with clients far away from their locality. There is a layer of complexity in the policies and compliance rules governing cloud-based law solutions. As technology advances, firms will rise and solve the puzzle. Law firms must handle data with care to avoid jeopardy.
Though the clients are pushing for the transformation, the BigLaw firms feel that introducing fully digital law technologies will compromise compliance with rules and regulations requirements. The firms are fully aware that compliance rules success and growth.
An automated system will phase away inconveniences of clients having to appear in person. In automated systems, documents are created faster, tagged, and shared with the right parties. Sifting through piles of paper and manual computer files are becoming a thing of the past. The electronic discovery tools search and retrieve any data regardless of the physical location. Collaboration tools will help lawyers to work together even when they are in separate physical areas. They can access ledgers with case files in an efficient way.
Adding artificial intelligence, popularly known as AI in the digital world, will help law firms to keep track of their financial records error-free. The Americanbar.org endorses that AI is the future of law practice. Clients know that that is a healer to fraud.
Legal technologies may not be flawless but will curb fraud-related. For a long time, clients have been fleeced off their cash through manual systems that are very easy to alter, thanks to Fintech. These tools are terrible news to fraudsters. They come with inbuilt compliance that is not easy to hack.
What Is The Way Forward For Legal Firms?
Digital transformation is a must for law firms because the world is getting digital. They will not survive in a manual system serving a digital clientele. Customer behavior cuts across all business quarters. They will move to where the lawn is greener. Clients have already begun shifting to firms that are better and efficient service efficiency delivery. The client is interested in a compliant structure that serves him better. Law firms are in charge of making sure that the process works. All the teams involved must work together to pave the way for the right technology that is professionally compliant.
Abigail Johnson Hess, a regular contributor at CNBC.com, says that 23% of attorneys’ tasks can be automated. Clients are aware of that. BigLaw leaders must embrace the modern tools to improve efficiency. Ignoring clients’ expectations that are piling up will lead to mass migration to law tech compliance firms.
Digital transformation has already happened to early bloomers who are risk-takers and visionary. Such firms already know that remote work is necessary rather than the world’s perception of it being a luxury. The firms are maximizing employees’ capabilities by knowing that they must remain relevant and compliant to survive in the evolving world of digital technology.