Law firms, both small and large, have one common initiative: reduce costs and drive productivity. As hiring and operating costs rise, firms are seeking new methods to scale processes and minimize costs while maintaining optimal output.
Digital transformation has shifted to the forefront of the conversation as firms consider opportunities to “do more with less”. The right technology can boost efficiency and save money – all while amplifying your value to clients.
Read ahead to learn how your firm can embrace technology and use automation daily to boost productivity and reduce expenses.
Embracing Technology in Your Law Firm
Before we discuss how to use automation, you must first understand the importance of embracing technology. Historically, the legal industry has been slow to embrace change. The legal field is a highly regulated, risk-averse industry, which adds to its resistance to change. Technology, like entity management software, is redefining the legal field by helping effectively manage legal entities, track filing deadlines, and ensure ongoing compliance. From online research databases to digital contracts, today it is nearly impossible to avoid technology in modern law practices.
We understand that embracing technology isn’t always easy, especially when it’s not the industry norm. However, firms that opt not to adopt technology risk being left behind as the industry shifts towards tech.
Here is a non exhaustive list of reasons your law firm should embrace technology:
- Gain a competitive edge
- Enhance data security
- Boost productivity
- Reduce expenses
- Drive efficiencies
- Track filing deadlines
- Simplify managing multiple entities
The benefits of embracing technology are endless. When your organization has the right technology, you can streamline processes and operate more efficiently (and ultimately reduce impacts on the bottom line.)
Using Automation to Drive Productivity in Your Law Firm
Automation can be highly valuable in enhancing your firm’s productivity. Automated document management tools can help you keep track of important legal documents in a single location. By automating document management, your firm saves time and can avoid mistakes caused by misplaced or outdated information.
Automation frees up time for legal professionals to focus on more engaging tasks, such as developing strategy, providing advice, working with clients, or completing billable tasks. By eliminating manual processes, your teams can achieve more in less time. This approach allows your firm to boost performance and ultimately productivity.
Using Automation to Reduce Costs in Your Law Firm
Today, as many as 64% of law firm leaders believe that insufficient use of technology could negatively impact profitability. Manual tasks such as organizing documents, filing reports, and importing and updating data are time-consuming. The resources dedicated to completing these tasks can interrupt your team from focusing on more valuable work.
According to the 2021 Legal Trends Report, lawyers spend just 2.5 hours each workday on billable work. Essentially, the majority of the workday is spent on tasks that do not drive revenue for your firm. As firms begin to understand how manual tasks affect costs, technology is becoming more widely recognized as a “cost-cutting” solution. In fact, 70% of respondents to a 2020 survey indicated that “using tech to simplify workflow and manual processes” to cut costs was a top priority for their firm.
For example, with automation, you don’t have to hire extra paralegals or legal assistants to help your lawyers sort through stacks of documents and information. Instead, you can bulk upload all of your documents in a centralized, secure location. A bulk upload ensures that your data is populated quickly and easily, saving time so that you can focus on billable activities.
3 Tasks You Can Automate with Entity Management Software
Managing legal entities can be complicated – especially when you’re responsible for dozens or even hundreds of them. An entity management solution like EntityKeeper can automate error-prone manual tasks that impact productivity and waste time and money.
EntityKeeper helps you automate several tasks including:
- Compliance deadline notifications and alerts
- Complex org chart creation and maintenance
- Document and data collection
Learn how Flagler Investment Holdings Uses Automation to Manage Entities. Read the case study.
The bottom line is that technology is disrupting the legal industry – and for the better. Your law firm and staff can save valuable time and resources by automating activities that don’t add value to productivity or revenue.
Get Started with EntityKeeper
EntityKeeper reduces manual errors and increases security when it comes to your corporate data. Ready to track entities and streamline entity data across your organization? Get started with EntityKeeper today or request a demo to see the solution in action.