News You Can Use – May 2023
Stay updated with the latest trends and developments in this month’s “news you can use.” Here’s what you will find inside:
- Lupl product updates
- How Lupl customers are using the platform (use cases)
- IRL/URL – some of the best content we found around the web last month
The legal industry is undergoing significant changes due to evolving client expectations, increased competition, and rapid technological advancements.
Experts in the 3rd Annual Legal Pricing & Project Management (LPMM) Survey recommend embracing legal project management, innovative pricing models, fostering collaboration, and leveraging technology to meet client demands better, improve efficiency, and strengthen competitive position.
Technology is an enabler, and LLMs continue to be top of mind. Although most legal professionals believe generative AI and ChatGPT should be used for legal work, a small percentage of firms utilize the technology due to concerns about accuracy and confidentiality.
Read on for links to the research reference above and more, and learn how Lupl is being leveraged to elevate the client experience 👇🏼.
What’s new in Lupl
At Lupl, we’ve been hard at work enhancing our platform to improve your experience and unlock new use cases. We’re proud to share the progress we’ve made in recent sprints and are excited to introduce a range of new features and improvements.
However, there are too many to list here. So we’ve complained them into a single post covering the following categories:
- ✅ Task Management
- 📃 Document Management
- 🔔 Notifications and Activity Feed
- 🔗 Open API and Integrations
- ⚡ UI/UX improvements
- 🚀 App Performance
- 🔐 Security & Compliance
Discover how your peers are utilizing Lupl
Successful practitioners harness Lupl to elevate their practice, boosting efficiency, client satisfaction, and profitability for their law firms. Our Success team has compiled a list of 80+ use cases across almost all practices. We’ll be highlighting a different use case each month.
Lupl can be used to create a Client Playbook for Real Estate Matters, allowing users to streamline & standardize the process for similar matters for clients from beginning to end with ease.
This improves efficiency & profitability, elevates the client experience, boosts collaboration, and positions the legal team to win more work.
How it works
- If you handle a large volume of matters for a single Real Estate client, they’ll often expect your team members to handle their projects in a particular way. Whether it’s specific billing guidelines, template documentation, or client-specific positions on given issues that come up in Real Estate transactions, it can be a challenge to ensure that work is delivered in “the client way” each and every time, regardless of team members. That’s where Lupl’s Matter Templates help.
- Use Lupl Matter Templates to provide a checklist or process for team members to follow when taking on a new Real Estate matter for your key client.
- Align the template with client policies and outside counsel guidelines.
- Codify any “Service Level Agreements (SLAs)” for specific tasks or actions.
- Embed precedent documents from the client’s own forms library.
- Pin additional resources like contact points, intranet links, client sites or data rooms for instant access.
Have a use case you want to share? We would love to hear it. Email us, and perhaps we can feature it next month.
Did you know that you can collaborate on documents with users outside of your matter (eg. clients, SMEs, local counsel)?
‘Send for comments’ allows you to share a Lupl document for review outside the matter via an email link. You and the external user can add back-and-forth comments that sync with the document in Lupl.
IRL / URL
A collection of interesting finds across the web (URL) and a chance to meet with the Lupl team in real life (IRL).
- 3rd Annual Legal Pricing & Project Management Survey Report. Our take – the legal profession is undergoing significant transformation, driven by evolving client expectations, increased competition, and rapid technological advancements. To navigate this change, law firms and in-house legal departments must adopt new strategies, such as embracing legal project management, adopting innovative pricing models, fostering collaboration, and leveraging technology. By doing so, they can better meet client demands, improve efficiency, and strengthen their competitive position in the market.
- Chat GPT Generative AI in Law Firms. Our take – unsurprisingly the report found that most lawyers and legal professionals are aware of generative AI and ChatGPT and believe it should be used for legal work. However, only 3% of respondents reported that their firms use this technology. The report found that partners and managing partners were more positive about using generative AI or ChatGPT than other types of attorneys. Concerns were raised about accuracy and confidentiality, and 15% of law firm respondents reported their firms had issued warnings about using generative AI or ChatGPT at work.
- Can supply chain management concepts be applied to legal services? Our take – the first post of an ongoing series by Antony Smith introduces the application of supply chain management concepts to legal project management. The concept of raw materials and legal products and how they can aid in matter planning is discussed. Legal project managers can utilize the principles of supply chain management to provide legal services more efficiently and cost-effectively.
- Canadian Legal Market Shakeup. Our take – last month we shared that India has opened its doors to permit foreign lawyers and firms. This month we highlight Canada, where US law firms Cozen O’Conner and Mintz Levin have recently expanded their operations. This move is expected to encourage growth and create new opportunities for collaboration. India has also opened its doors to international lawyers and firms.