Case Closed: The Future of Legal Tech Has Already Been Decided
According to Legal tech and Innovation experts Peter Sovall and Isabel Parker, we’ve got a lot to look forward to in the next five years. While the predicted mainstays have been pretty obvious, there’s been a new push towards collaboration that could leave smaller, less established law firms in a pinch. Here’s what to expect and how you ride the tides of change:
Lots of consolidation
Sovall and Parker argue that we should expect to see teams and firms continuing to join forces in all kinds of ways. From the consolidation of large vendors to partnerships and integrations, no relationship is off limits. But what does that mean for you exactly?
In the coming years we might see key industry players cleaning the floor with their competition. That is, of course, only possible if tech heavyweights like Microsoft don’t suddenly decide to weigh in. This, Sovall asserts, is highly unlikely. Mainly because they seem to be kept occupied too by existing projects to enter a new arena any time soon.
The key to achieving client satisfaction and business success is alignment
As Sovall and Parker point out, the qualities exuded by firms with happy clients don’t always include the qualities needed to turn those happy clients into cash. In fact, attributes like low risk taking have shown positive results in successful client services. And if you’ve been in the Legal industry for any amount of time, you know that kind of behavior isn’t always effective in the courtroom.
One way to better connect with customers while still engaging in a culture of excellence is with the right CRM.
By documenting client conversations, streamlining paperwork processing, and making business decisions based on accurate reports that state facts (not opinions), you’ll be able to tap into the really specific tasks required for keeping your clients and your firm happy at the same time.
Focus on collaboration and strategic partnerships
Build relationships with developers, designers, lawyers, legal tech consultancy, corporate and non-corporate entities (among others). Facilitating these partnerships may seem like an extra headache but there is plenty of software currently on the market to help you navigate it all.
For example, Shape offers advanced collaboration and communication tools that are specifically designed for the Legal industry. These include integrations with other popular programs like Needles and Clio along with automated file organization and case status monitoring.
Regardless of whether or not you agree with these predictions, here are some things to keep in mind as we move forward:
Keep an eye out for information regarding possible mergers, both big and small. Now might be a good time to consider one of your own.
Consider the differences between what makes a law firm good at making money and/or good at making customers happy.
Don’t be afraid to share your toys. Take advantage of industry-specific collaboration tools like Shape CRM to easily make and build future profitable relationships.