For every business, 2020 has certainly changed how people work, live and do business forever and with it has brought increased pressure for the legal sector to look at how legal services are delivered, and the way in which law firms operate.
Embracing digital solutions has become essential in helping firms drive efficiency, manage business risk and remain competitive. In short it has forced and helped them find smarter ways of working, enabled by intelligent technologies.
One such technology is Intelligent Automation, which is being adopted via hyper-automation within many law firms, “68% of US law firms leveraging legal technology solutions effectively raised their profits (Bigle Legal)”.
Here are five-ways in which intelligent automation technology is benefiting the legal services sector:
Reduction in error rates
Error is a huge issue within law firms and many back-end office processes are currently carried out manually that are at risk of human error and duplication of data. This is having huge implications on client care and service as if key information is reported incorrectly there is no way this can be easily spotted and dealt with.
Key processes like updating data/client records, data analysis and CRM updating/reporting are all automated using intelligent automation technology. Legal compliance standards are automated eliminating human error. These key processes are identified, targeted, resulting in a huge reduction in overall error rates.
Reduction in operational costs
Operational costs vary from business and industry, within law firms there are huge amounts of mundane and repetitive administration requirements that need to be carried out and met. The current solution includes outsourcing this load to external personal assist companies or investing in human resources. Both impose huge operational costs and are nor scalable or futureproof.
Intelligent automation technology directly reduces operational costs by on average 30%.
Increased client experience & retention
Intelligent automation technology can optimise and streamline existing processes. Customer experience is extremely important, businesses are having to deliver and meet high standards, law firms are operating in an increasingly competitive market and therefore customer experience is now more important than ever.
Automating key client processes like the case, customer management and customer service, customers feel more in control, benefiting both businesses and client. Implementing Intelligent automation wins the heart of your customers, firms can focus on high-touch interactions with customers and work with technology to better manage their customer lifecycle and work to retain and win long term customers.
Increased in employee morale
The success of a business is determined by many factors like the execution of strategy, communication and leadership. Employee morale is an important pillar for the success of law firms, your employees must feel motivated, empowered and most importantly supported at work. “McKinsey & Company suggests that 23% of lawyers’ time can be automated”, resulting in employees feeling empowered and able to focus on tasks that require emotional intelligence and human effort.
Before the advent of automation and LegalTech solutions, law firms looked at a manual solution to help meet the varying repetitive and administrative day to day processes. Employees having to carry out these tasks can be left feeling overwhelmed not supported de-motivated. Intelligent automation technology, automating these manual and mundane process frees up human resources and allows employers to invest in their employees, retraining and developing them into more strategic and emotionally driven roles. This, in turn, leads to greater productivity, driving employee morale and higher revenue for the business.
Increased in regulatory compliance
Law firms must adhere to a range of compliance laws and standards surrounding their customers, employees and key stakeholders. It’s becoming increasingly difficult for law firms to keep track of the varying and constantly shifting regulatory pinpoints. If these standards are not met, law firms can face huge fines, face sanctions that affect their business and brand. Intelligent automation technology, in real-time, monitors these changes, notifying the persons of any changes to compliance laws and regulation. This increases regulatory compliance as law firms can use technology to create more robust and effective compliance programs and methods.
It’s clear that the benefits of implementing intelligent automation technology are varying and are pivotal in the success of law firms. Human intelligence will never be replaced, technology and humans can work together to drive smarter, more productive and more impactful decisions.
Intelligent automation is key to driving structural change, it’s clear that the legal industry is ready to be disrupted.
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