As per American bar association, the rate of lawyers practicing law is lowering compared to 2010. Only 12.4% increase in new lawyers since 2010 to 2019. In the past three years, 3 times the percent of active lawyers grew only 1%. The fluctuations in demand for legal services reduces the law firm’s staff utilization rate. law firms prefer contract lawyers to flex capacity while ad-hoc demands. Legal agencies prefer price reduction from outside counsels in order to cut costs. The most efficient tactic is always enabling your legal firm with technology to ensure agility. This helps to stay in control of your costs.
So, every attorney and legal associates should be aware of technology, tools and software’s that helps their law firm to improve the profit margins. Explore the set of opportunities you must transform your law agency tech friendly. This helps to prevent your legal services firm declining productivity and downward pressure on realization rates. See what a survey reveals about enabling technology to solve challenges in a legal firm.
There are wide range growing legal technologies and tools to automate each of your departments namely,
- Contracts Management
- Governance and Compliance
- Document Management & Automation
- E-Discovery
- IP Management
- Practice & Case Management
- E-Billing
- Legal Research
- Collaboration Tools
Knowing your legal tech list opportunities will keep you smarter and make informed decisions to scale up your profit margins.
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