Why Innovation Matters
“No pain, no gain.” We’ve all heard that phrase before and somehow has been instilled into our subconscious – that greater results come at the price of hard and even painful work. With new market drivers shaping the legal industry, followed by higher expectations on the delivery of legal services, hard work is not something that will ease up any time soon. But, that doesn’t mean the challenges, both internal and external, need to make work even harder for you and your firm. So, what are your top pain points, and how can you tackle them?
Security and Compliance
For the legal industry, attorney-client trust is critical. Your clients’ sensitive information and attorney data are treasure troves for cybercriminals, which makes law firms attractive targets. According to the American Bar Association’s 2018 Legal Technology Survey Report, 23% of overall respondents reported that their firms had experienced a security breach at some point. Weak security measures can result in downtime (which equates to the loss of billable hours), additional costs for repair, loss of data, and even potentially irreparable harm to your firm’s reputation. Compliance is as substantial as security. Regulations and standards continually need to be met. Your law firm should be prepared with next-generation security technology that assesses the risks and safeguards all important assets around the clock.
Excess of Wasted Time and Costs
Traditional administrative processes, such as keeping track of cases, organizing billing, and maintaining HR records, can be unnecessarily burdensome – labor-intensive and, unfortunately, unbillable. Automating these manual tasks, digitizing records, and using cloud-based technology can substantially improve your firm’s efficiency and productivity. When you let technology do the basic yet important tasks, and you don’t have to worry about keeping ahead of the paperwork, your law firm can have more face time clients and focus on priorities. It allows you to gain more visibility to your firm’s performance; ultimately, increasing revenue and competitive edge.
Proving Value and Acquiring New Clients
As clients have increased demands and more control, law firms have increasing pressure to deliver value, sometimes even at lower rates. And, with more options out in the market, such as alternative legal service providers (ALSPs), competition has become fiercer than ever, making it difficult to operate. However, with the implementation of the right technology, law firms can work more effectively and make better-informed decisions, increasing their ability to compete for new clients and deliver on expectations.
The Pace of Technological Change
No firm can ignore technology. It needs to be driven deeper into legal practices continuously. But, the nature of the practice of law is still very traditional and risk-averse, founded on precedents. And, as a result, many lawyers are fixed in their ways rather than having a growth mindset, making it more frustrating to adapt to new technologies and change. McKinsey & Company’s May 2018 report stated that cultural change ranked highest as that most needed for developing the workforce of the future which, in turn, would open up the mindset to adapt to changes quicker and better. It may not happen overnight, but quicker the implementation of the right technologies, better the pace your law firm will be moving forward than being left behind.
Josh Linkner, entrepreneur and New York Times bestselling author, summed it perfectly when he said, “the lesson is clear: quickly adopting future trends rather than clinging to yesterday’s success is the only way to ensure long-term survival.” With rumblings of a downturn in the economy, law firms need to be prepared for future transition and should look to a forward-thinking approach when it comes to growth and innovation. It starts with fully embracing digital transformation and taking advantage of the right technologies, which is ever more significant.
Konica Minolta and All Covered, the IT Services division, embody a heritage and culture of constant growth and innovation, placing the client at the heart of it. Born from this vision and with extensive R&D, Konica Minolta now offers the Workplace Hub, an all-in-one IT solution that connects your technologies, for the legal industry. We believe in being the trusted advisor to assist in your vision toward the Workplace of the Future™, a more digital, connected, and personalized brand of legal services provision.