RazorLex
The legal industry is experiencing radical disruption in terms of technology. The market demands efficient legal services in cost effective prices. There is a stiff challenge where Law Firms have to meet client requirements and on the other hand, maintain seamless workflow for continuous growth of the firm.
These two key drivers driving the need to change the shape of the Legal industry through smart technology. Legal technology is continuously changing how lawyers work and creating a structured infrastructure for better services, generate more revenue and maintain a seamless firm by automation. Legal technology is also invariably justifying the need of digitization in Law Firms to keep pace with the growing demands.
Law Firms, who are transforming their practices with a standardised legal technology platform are likely to yield significant benefits in terms of revenue, quality, productivity and efficiency. These law Firms also deliver substantial real value to their clients. The traditional law firms seeking to become market leaders must overcome the conservative, risk-averse culture that seems to pervade the profession and exponentially decrease the growth curve in comparison to Law Firms equipped with Technology.
We have found that in recent years a Platform of legal technologies have evolved with Practice Management, DMS, Finance and Accounting, Client Relationship Management, Knowledge Management, Security, et al with a single motivation of digitally transforming legal workflow to boost efficiency and cost effectiveness. This enables the lawyers to deliver better services in lesser time than the traditional processes followed. Producing better output in lesser time also enables law firms to focus on more clients or rather important task to manage and grow their law firms.
Technology is evolving with the need generated for seamless, integrated, automated, simplified, fluidic workflow, insightful to generate a singular lucid view of the entire organization in one platform. With the evolving platforms, the adoption rate of legal technology which was scantily seen in past few years have started increasing. Our years of experience, tuning with the legal industry, and industry experts navigating the changes, have shown us significant changes in technology adoption and learning curve over the years.
Legal Technology had evolved at every level to make the process of Law Practice fluidic. 80% of half of the top law firms have achieved above average value from adoption of technology tools. The remaining are at the brink of the realization curve.
The derivation denotes that the early adopters of technology platform reap increasing growth levels and better delivery of services through streamlining of practices. PracticeLeague has helped Law Firms manage this integrated technology to its greatest extent of degrees and the platform has reached clocking over 12 Million Billing Hours of legal productivity per annum. Meaning an average business impact of around $1Billion Y-on-Y in revenue.
PracticeLeague has streamlined practices of more than 9000+ lawyers on this ‘Integrated Platform’ - an indispensable ecosystem of technology for Law Firms. This also explains, why Premier and Growing Law Firms look to us as their Trusted Partner to remain at the forefront in the Legal market today.
The entire Legal Ecosystem is evolving with the growing magnitude of digitization and it has become a necessity to turn with the tides to achieve similar goals of keeping pace with an efficient and cost-effective Law Practice.
The vast improvement in the information technology with inclusion of big data and artificial intelligence has also offered significant leverage to boost the efficiency of the law department. In coming years the legal industry will require expertise and understanding of technology and business besides Law.
