LegalTech | Thoughts – 1
Everybody is talking about LegalTech. Everywhere you look, you will see numerous articles about LegalTech. Some may think it is a fashion, a trend and just disregard it, continuing to use old outdated faulty tools, saving client documents on their C: drive and having this false feeling that they are saving money. The reality is the opposite: if you do not use LegalTech tools, you are actually losing money and getting less and less competitive on the market. And no law firm should treat new LegalTech tools as a cost, but as a justified and necessary investment with a big ROI.
There are many LegalTech areas and tools that you can take advantage of. And they do not have to be very pricey. You can start using automation tools:
- a document management system that will organize your numerous documents and make them easily searchable and accessible
- a document comparison software that will quickly compare complex documents with tables and pictures
- a metadata scrubbing software that will remove unnecessary metadata and help keep email security
- a good timekeeping software that will help you find and bill more time
- a transaction management software that will help you manage your transactions securely, efficiently and collaboratively while boosting profits and amazing your clients
- for larger law firms some complex legal AI solutions that will automate your due diligence and contract review process.
Regardless of your case and context, do not be afraid to venture out and find and implement appropriate LegalTech tools for your law firm!