“Over the next two decades, the way in which lawyers work will change radically. Entirely new ways of delivering legal services will emerge…” — Richard Susskind
The verdict is in – change really is inevitable. Even the legal profession couldn’t stay away from technology and embracing metamorphosis through intelligent performance assessment tools is crucial for modern law firm development. Tracking core functions such as billable hours, matters and account receivables through spreadsheets or basic diagnostic charts no longer provides the intuition necessary for growth within an industry driven forward by consolidation, globalization and advanced technology.
Now the question arises – How do we revolutionize assessment methodologies to improve law firms processes?
Of late, law firms have been experiencing performance pressure in different spheres. Areas such as project management, employee engagement, expense management and customer relations have direct correlation to law firm success. The data necessary to measure and validate these items is available within your existing practice management capture, however, traditional assessment methodologies are unable to deliver intelligent, visualized results.
With the advent of AI based machine learning, existing business data is now your most powerful asset. Legal analytics and KPI reporting driven by intuitive algorithms easily identify and predict profitability, billing patterns, cycle times, workload and overall firm health. Digitizing a law firm enables automated chatbots, drives marketing efficiency and optimizes decision making.
How law firms can prepare for the change?
Change is hard. Changing someone’s mindset is even harder. Changing a long standing, respected, intelligent industry…well, that’s nearly impossible. However, adapting the necessary technology and integrating your existing system is not a tough nut to crack. Before changing your practice management system, employee procedures, billing practices or decision-making methods, simply plug an intelligent reporting tool on top of your existing management system and see your law firm digitally come to life. Opening a new world of assessment strategies, projection techniques and innovation is accomplished with a few clicks of a button.
The legal industry has been inefficient in employing business intelligent systems, but mindsets are evolving due to increased computing power and improved machine learning technology access. Top law firms across the globe either use or are piloting some form of AI system to empower their business. Organizational KPIs are trending. Key indicators tracking financials, account receivable aging , revenues, expenses, billable hours, matters and client activity provide data-driven results producing organizational consistency, process efficiency and sustainable growth. Todays consumer demands top-shelf knowledge with world-class service at discount prices. Competing for business in the information age has spread beyond local economies and requires agility and continual improvement. Put your existing data to work for you and thrive as a modern law firm.