Legal Firm Survey: Technology

By admin - April 5, 2018

Pitcher Partners recently conducted our fourth annual Legal Firm Survey. The survey was designed to gain further industry insight and to help firms make informed decisions during times of rapid change.

Download the full report here.

Technology continues to change and the growing suite of products available to firms will radically transform how the legal profession is structured and operates.

Firms should look to maximise returns on IT investment by identifying areas where efficiencies can be gained using technology. However, firms should understand the inefficiencies or problems they are trying to solve and not imagine new technology will automatically solve them.

It is often discussed that Artificial Intelligence (‘AI’) will disrupt, if not revolutionise the legal industry. AI technology has the potential to free up lawyers to spend more time on analysis and problem-solving. Firms that incorporate developing technologies such as AI into their service offerings will have a key point of difference over competitors. However the general uptake and impact of AI has thus far been minimal with only 11% of our survey respondents using AI technology in their legal firm.

Only 53% of firms surveyed use technology to improve the client experience, compared to 65% of respondents to our accounting firm survey. Client facing technology is about far more than static websites and email bulletins, firms should ensure they understand both current technology trends and their clients’ expectations. For 67% of the legal firms using client facing technology, a client portal was the technology implemented. Portals provide clients with convenient access to information, files, and other resources they provide. Client portals raise the bar for a competitor firm that wants to try to take away business.

Firms need to decide how to embrace new technology or risk becoming outdated and left behind as clients vote with their feet. We expect firms to invest heavily in the coming years in solutions such as digital document executions, client portals, cloud technology and new internal practice management and CRM systems. Technology is key in reinventing and delivering a client focused business model but is no substitute for direct and personal contact.

Download the full report here.

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