There have been several recent legal technology trends that have emerged in the industry. Many businesses have adopted these technologies to help them achieve a competitive advantage and stay relevant in an ever-evolving environment. Read on to find out which trends are on the rise and why your business should adopt them as soon as possible.
1) Social media
It is no big surprise that social media would kick off our list as it has become too big for companies to ignore. By entering existing communities and groups that share an interest in legal matters, you can create more opportunities to grow your business.
Lawyers already use social media as an outreach tool to find and interact with new clients and hunt for new jobs. They also use platforms such as Facebook, YouTube and LinkedIn as branding tools to help advertise their businesses and build a positive reputation.
2) Virtual law firms
Virtual law firms allow lawyers to communicate with their clients through web-based technology applications. The software enables legal firms to provide advice regardless of time and location, bringing additional flexibility for both the company and the client.
A benefit for your business is that it would lower overall costs as you don’t need to spend money to rent out an office. You also have the freedom to work from any location with internet access. Just make sure you save your data to the cloud.
One of the most important investments any law firm using technology in their operations must make is cybersecurity. Dealing with confidential and sensitive client information means that there is a risk of data leaks, which is increased when technology is involved.
To keep their data safe, lawyers have been migrating their databases from traditional paper-based storage models to faster and more reliable cloud-based solutions.
4) Performance measurement software
Typically, law firms relied on simple metrics such as billable hours to measure business performance. However, there are limitations to this method, especially if a firm wants to increase its productivity and efficiency. By using powerful analytics software, firms can measure and optimise performance and set better business objectives.
5) Mobile banking software
We are heading into an increasing cashless and app-focussed society. More and more customers are using virtual payment methods such as PayPal and alternative currencies such as Bitcoin to make payments or transfer money.
Companies that use these payment methods expand the potential pool of clients that they can work with. They also show that they keep up to date with emerging technologies and are not afraid of technological innovation.
Keep abreast of legal technology trends
Understanding these trends and implementing relevant technologies is vital for law firms who want to retain their competitive edge in the legal industry. If you would like to keep up to date with the latest legal technology trends, news and recent insights, follow our blog.