Law Firm Business Development Starts and Ends with Tech
At the beginning of last year Bruce Baude, Global Chief Technology Officer of Deloitte Legal stated that the use of legal technologies in 2023 will “ensure reuse of knowledge, consistency of service, better legal risk management and will allow for technology-based self-service, allowing lawyers to focus on bespoke complex legal issues."1
Now, with 2023 behind us, it is clear that law firms need to embrace the ongoing digital revolution. The business landscape is undergoing a huge transformation, and the legal industry is no exception.
So what are the benefits of embracing innovation in the legal field?
- Higher productivity
- Exceptional client service
- Improved collaboration
- Competitive advantage
- Cost savings
Surveys reveal that over 60% of law firms want to use digital tools to enhance productivity and efficiency,2 yet only 14% believe that technology is being utilized to its full potential.3 This gap presents a huge opportunity to unlock the true power of technology.
In this article, we'll dive into the world of legal tech and explore how it plays a crucial role in business development for law firms.
Suggested reading: Want to learn more about the challenges and possibilities of digital transformation in the legal industry? Check out, Is Successful Digital Transformation in The Legal Industry Even Possible?
Client Relationship Management
A law firm's success rests heavily on its client base. So, how satisfied are your current clients, and can you confidently promise exceptional service to potential clients?
Did you know that fewer than 10% of customers actually get to speak to a lawyer when they call a law firm? Or that 40% of those who leave a message end up waiting two or three days before they hear back?
Shockingly, US companies lose a staggering $62 billion in revenue every year due to subpar customer service.4
It's simple: the more satisfied clients your firm has, the more business you're likely to attract. Client satisfaction boils down to timely delivery of legal matters, staying within budget, and delivering top-notch quality work.
This is where legal project management (LPM) technology can help. The right platform can automate manual parts of the legal process (such as research collation), make task delegation clear, and encourage client communication through messaging integrations.
Suggested reading: Not sure what legal project management exactly is? Check out our handy What is legal project management? guide to find out.
Saving Time and Money
"Streamlining workflows" is a fancy buzzword, but it is also a genuinely vital ingredient for successful business development in the legal industry.
The ability to deliver matters efficiently directly impacts how many cases your law firm can handle effectively. In today's fast-paced business landscape, where time is of the essence, optimizing workflows is not just a smart move — it's essential and it’s expected, by your clients, board members, and the courts.
And the benefits of embracing digital tools go beyond just being eco-friendly. With digital document delivery and signage, you'll be able to accelerate client interaction and keep much better records. By employing digital task management, you’ll be able to easily see who is responsible for what and the status of each action item. What’s more, by embracing new tech like Lupl, you can reduce reliance on older, clunkier tech, like emails for project management and communication, making it easier for everyone to stay on track and find what they need, when they need it.
Let's explore three key benefits that the right legal tech platform can bring to the table:
- Effortless task management: Assigning projects to the right people with the right skills becomes a breeze with the right legal tech platform. Say goodbye to guesswork and hello to streamlined task allocation. By optimizing resource allocation, you'll boost efficiency, avoid bottlenecks, and never have to worry about something slipping through the cracks.
- Bringing everything together: Juggling countless documents, matters, and research can be a nightmare. Luckily, a reliable legal tech platform brings all these elements together in one easily accessible hub, saving precious time and effort.
- Eliminating manual communication: With a comprehensive legal tech platform, you can say farewell to disjointed communications. Platforms like Lupl allow for integrations with commonly used communication tools like WhatsApp, so that all conversations and shared documents can be tracked in a single source of truth.
Christopher Hutter, Partner IP at Cooley, claimed that Lupl cut emails by a staggering 75%. By implementing cutting-edge technology like Lupl, they revolutionized communication within their firm, saving loads of time and boosting overall efficiency.
Suggested reading: If you want to learn more about how Lupl can benefit your law firm check out, Unlock The Full Potential Of Lupl: Introducing The Use Case Library
Information-Driven Decision Making
Legal professionals deal with mountains of information on a daily basis and by unearthing the insights from that data, partners can optimize both current and future business ventures and decision-making.
How effectively are matters handled? Are there opportunities to upsell services to existing clients? Which types of cases are the most profitable? These are the questions that can be answered by leveraging a tool that can track anything from your client interactions to serving as an archive for your matters.
Luckily, legal tech has come a long way in helping law firms make sense of that array of information they have on hand. Good tech solutions keep comprehensive records of matters, store documents in the cloud for easy access, and collate valuable insights from your firm's data.
When you combine the above with the right software, your law firm can see renewed benefits in various areas, including:
- Improved matter management
- Strategic business planning
- Enhanced client relationship management
- Performance evaluation and benchmarking
- Compliance and risk management
By leveraging the power of the right legal tech platform, you can make better-informed, educated decisions, optimize your operations, and drive law firm business development to new heights.
Put Business Development On Track with Lupl
So we can now see how instrumental legal tech is for business development. But what software should partners choose to facilitate this?
Introducing Lupl: a leading platform designed specifically with lawyers and legal professionals in mind. It's a solution geared towards LPM, which, as we've discussed, is key to nurturing strong client relationships.
Remember the quote from Bruce Baude at the beginning? Leveraging technology for knowledge reuse, service consistency, and legal risk management is at the heart of what we do, and we are excited to see how firms evolve with Lupl today.
Ready to experience the transformative potential of Lupl? Don't delay! Book a free demo and unlock a new level of business development for your law firm.