Law Firm Technology Trends

The COVID-19 pandemic has caused a seismic shift in the legal industry, elevating Legal Technology to be a vital component for success. With its potential for accelerating workflows and client service delivery while reducing cost pressures, legal technology is poised to continually transform how lawyers use technology day-to-day – giving them greater oversight into their operational efficiency gains as well as improved capabilities when it comes to serving clients. According to the 2021 Report of Global Legal Services, 55 percent of a legal professional’s top priorities include utilizing information extraction from documents and 54 percent of those individuals utilize a type of document automation. Firms that do not make these investments risk being left behind by an ever more competitive landscape of technological innovation; investing now could mean staying ahead of your peers and fast-tracking success for years to come. The following trends illustrate how technology is transforming the legal sector in 2023:

Rapid adoption of digital assets through automated processes

Digitalization is intensifying the competition in almost every industry, and it is more important than ever for companies to stay ahead of the game by investing in technological innovation and driving economic efficiency. In the past, most legal tasks have been done manually. This means that lawyers often must spend time dealing with paralegals and assistants while also taking care of associated legal operations. The amount of time spent on performing these tasks can deplete energy and resources, leading to a decrease in efficiency and higher expenses for law firms. By applying modern legal technology solutions and innovative customer experience practices, lawyers can help their organizations remain competitive while also providing added value to clients. As technology continues to evolve and become more user-friendly, automation is becoming an increasingly attractive option for streamlining legal workflows and making businesses more productive. Automated systems, like NetDocuments, can help reduce manual labor, enabling lawyers to focus their attention on tasks requiring more expertise or brainstorming skills, such as drafting complaints or negotiating settlements. Automation also affects other aspects such as billing and client management, helping firms save both time and money.

Learn more about Document Management Software Options for Law Firms

Enhanced use of artificial intelligence (AI) and the cloud

The legal industry is being quickly changed by the implementation of artificial intelligence (AI) and cloud technology. AI has had a significant impact, as it allows for more efficient and accurate predictions and assessments that would have taken teams of lawyers days or weeks to finish. More importantly, it also decreases costs for clients, making legal services more accessible. By utilizing cloud storage, important documents like contracts and agreements can be monitored in real-time and managed efficiently due to increased security measures that accompany the use of the cloud. Both AI and cloud technology allow legal firms and companies to support and automate daily processes. The legal sector is proof that when technology solutions are applied to the right problem, tangible improvements can be seen not only in efficiency but in productivity as well.

Increased utilization of cybersecurity

The rapid advances in technology used by the legal industry have recently increased the need for advanced security measures to protect both employee information and clients’ private data. According to the ABA’s 2022 Tech Report, 33% of respondents noted that a client or potential client had asked for the firm’s security requirements. One of the best ways to safeguard websites, client files, and other sensitive information is through increased utilization of cybersecurity. Such measures can include advanced encryption software, virtual private networks, upgraded firewalls, and improved user access settings that help protect data from cybercriminals. As our digital landscape continues to evolve, legal professionals must invest in protecting their firm’s most valuable asset – their data – through enhanced cybersecurity utilization. It is important for legal firms to make sure they are investing adequate time and money into cyber security in order to stay one step ahead of malicious actors who may try to access their material.

Are you concerned about data security risks for your law firm? Learn about What to Do If Your Law Firm is Attacked

Improved resource management through platformization

Platformization has emerged as a popular approach for content management and has revolutionized streamlining the experience for end users by providing them with a single core technology platform for their day-to-day workflows. Platformization can be a great asset for teams who need to collaborate on different devices securely. By having a shared search engine and organizational structure, platformization allows teams to work together from anywhere quickly and effectively. Platformization is an efficient and effective way to ensure your team can always complete tasks with ease and efficiency.

Increased communication and transparency

One of the key issues when dealing with legal firms is a lack of communication and transparency. This can make the client experience feel confusing, frustrating, and even tedious. Improving these elements with technology has become a priority within the legal industry as firms strive to create more efficient, streamlined processes that clients can better understand and trust. Through new ways of increased communication and enhanced transparency, clients will experience greater ease in navigating their legal matters and trust that the firm is looking out for their best interests. Additionally, technology can help increase employee satisfaction by letting them work flexible schedules. Increased communication also results in more professional relationships between attorneys and clients fostered by an understanding of both sides’ needs. Technology that encompasses communication and transparency in legal firms should not be overlooked but seen as essential tools for providing superior service to clients.

How Can PSM Help

PSM Partners provides IT services for law firms in Chicago, IL to help manage and protect their IT infrastructure and implement solutions to improve the system.  We provide project-based IT consulting and support as well as cybersecurity and cloud services.  Our law firm IT services are personalized to accommodate the specific needs of your firm and help you achieve your technology goals. We also partner with NetDocuments which is a cloud-first, cloud-only enterprise content management solution to help secure your firms ecosystem. You can call PSM at (312) 940-7830 or submit a contact form to learn more about how we can help you with your IT consulting and support needs.