The world is evolving, and technology is playing a massive role in its growth.
Most companies are adapting to this new era by implementing new technologies and automation in different departments where deemed fit. Computers, software, and the cloud have helped create a new era of efficiency, and legal departments across companies are beginning to implement these tech-based solutions.
Why old ways of doing things no longer apply
While some old practices are good to keep in the company, some can do with upgrading or automation. Technologies such as cloud computing and SaaS play key roles in implementing these crucial changes, especially in a company’s legal department. A critical aspect that many legal departments of companies are implementing is the digitization of documents. Having all documents in a secure space on the company cloud storage helps keep them organized and easily accessible.
What modern law firms can learn from the past
Implementing new technologies in any legal department can bring about hesitancy. Legal matters are sensitive in nature and handled with caution and adding unfamiliar technology advancements to the process can be challenging for some. As a result, some legal departments may feel more comfortable sticking to old habits such as keeping physical paper trails of all cases or mailing corporate legal documentation for signatures.
In such situations, documents can get lost or fall into the wrong hands. Additionally, keeping trails of large amounts of documentation can make locating information quickly and easily challenging. Finally, the security of physical documents is always a concern.
Modern law firms are slowly adapting to new technologies to address the concerns above. Using cloud technology, legal departments can have thousands of documents stored securely with easy access. The implementation of tech software also allows them to share corporate documents for signatures digitally, making processes quicker and more efficient.
How the cloud has changed everything
Many legal businesses today have shifted to a cloud-based platform to help integrate departments and accommodate remote working.
Legal departments of companies are seizing the opportunity to use cloud-based solutions to improve efficiency in processes, communications, business management, and document management.
According to Statista, during a survey conducted in 2019, “72 percent of law firms stated they will increase their use of cloud-based solutions over the next year.” With remote working taking over 2020, many legal departments switched to cloud-based platforms quickly, eliminating concerns about cybersecurity attacks by choosing more sophisticated solutions. These solutions have also helped in the management of financial aspects such as billing clients and accounting. Furthermore, implementing these technologies has helped departments cut costs through saving paper, mailing costs, and storage solutions.
Cloud-based solutions for legal departments will continue to grow with time, especially with remote working not going away soon. With its security and scalability options, it is the apt solution for today’s hybrid working situation.
What legal technology can do today
Legal technology today allows legal departments to work cohesively and efficiently, whether in person or remotely. Implementing the right kind of solutions such as automation of regular tasks, using templates for contracts, and using e-signatures to sign documents allows for increased efficiency.
Furthermore, using the right technology tools can help legal departments collect viable data to improve their processes. For example, insights derived from document management software can help structure solutions for regularly drafted documents that require templates.
Lastly, technology provides transparency and security of the department’s processes and documentation. This allows users to analyze key performing indicators and areas that require improvement, therefore encouraging business development efficiency for the legal department.
In summary, legal technology is paving the way for modern legal firms. Some legal departments may be hesitant in implementing tech-based solutions due to concerns regarding security or adapting to new technologies. However, correctly implementing and training legal departments on these new technology solutions can improve efficiency. Modern legal departments are always searching for new ways to recover money, cut costs, keep expenses down, and free themselves from traditional restrictions. Technology has matched companies with more efficient methods of conducting business.