In the midst of Industry Revolution 4.0 and the era of digital transformation, ‘Innovate or Die’ is the stark message for businesses. According to a study by PwC, 80% of law firms understand a clear digital strategy is critical for future success, yet only 23% say they are underway! Whether your firm is just beginning its digital transformation journey or is one of the 77% that haven’t started, don’t worry it’s not too late!
Here we look at the impact digital transformation is having on the legal industry, and why digital transformation in law firms is essential for survival…
How Does Digital Transformation Impact Law Firms?
It’s no secret, the legal industry has been slow to adopt new technologies and introduce new business models. Many firms trying to evolve to a digital workplace hit road blocks, while others perceive it as too complicated and are unsure where to begin - which is understandable considering the large amounts of sensitive information held. However, there are some quick ‘digital wins’, which can enable firms to gain a competitive advantage:
By embracing technology, law firms can streamline business processes to increase transparency and efficiency. Client needs have changed and with it expectations on how services should be delivered - you should consider new technologies to create slicker processes and streamline the end-to-end client experience.
According to McKinsey, you should aim to reinvent processes using digital, by cutting the number of steps required in the client experience. McKinsey say this will not only improve client experience, but could also cut cost by up to a staggering 90%!
Example: Take the process of voice dictation - by digitising and making it mobile, you can save valuable time, money and resource.
The legal sector is deluged with case-critical paperwork, and with it comes a magnitude of administration. Although, many firms are moving towards digital, a large amount of information is still largely paper-based.
Everything paper based; from case archives and contracts to client records, creates hurdles that prevent solicitors from being agile. Not only can it be difficult to find the information you need when you need it, if a disaster were to strike (i.e. fire, flood) all records would be lost. Digital case management systems, and secure online document storage can open a world of potential for firms. By removing long paper trails and filing, you can save both time and money while delivering exceptional customer service. Not to mention you'll be able to spend more time on billable work.
Channels of Communication
With the latest advancements in technology, digital communications are now slicker than ever before. Tools like Skype for Business allow for conference calls, video calling and instant messaging, on any device from any location with internet access. So, whether you’re at the office, in court or on holiday, you can easily communicate with colleagues and clients.
Check out this example of how CMS, an international law firm with 60 offices and over 3200 staff , has used digital technology to communicate better and transform how they do business:
(3 Min Watch CMS Digital Transformation Journey)