Optimizing Legal Practice Business Processes with Smart Technology is Essential. Also: Cool!

Optimizing legal practice business processes with smart technology is cool?  Never thought those words would ever be used together in a sentence, did you?  Smart tech will ultimately make your life easier (cool); help you make more money (cool); unleash more you-time (cool!); and give you more time to do the thing that got you into law in the first place - actually practice law.  Totally cool! And not to be overly dramatic - but essentially - you must modernize... or fossilize. Why risk going the way of the dinosaurs when technology is here to lend a friendly invisible hand?

We understand that embracing technology can seem extremely daunting and complicated when acronyms and buzzwords like “LPM”, “VoIP”,  “Cloud”, “AI”, “APIs”, and even “blockchain” are thrown about. Smart technology back-of-house is complicated yes - but that is why the technologically adept work rigorously to design tools that feel intuitive and are user friendly.  The average user doesn’t have to concern themselves with zeros and ones, nor be in fluent in tech-speak. But if you want to learn - here is a handy resource!  For example if one wanted to know what “VoIP” means, Techopedia has you covered:

 

Voice over Internet Protocol (VoIP) is a technology used for delivering different kinds of data from a source to a destination using IP (Internet Protocol). The data may be in many forms, including files, voice communication, pictures, fax or multimedia messages. VoIP is most often used for telephone calls…

We do that! More on that later. 

And… what about ‘The Cloud’?  Yes, sometimes ‘the cloud’ does seem like some kind of strange wizard magic, and it kind of is, or it can feel that way!  Professor Richard Dawkins is a really cool guy who wrote a book about the Magic of Reality, since ‘magic’ really is just science.  In some cases - science still yet to be defined.  Not to digress too far down the rabbit hole - we got a little nerdy for a moment!  Shall we get to the point and think about how it relates to you?

The Future of Law is Here:  Modernize or Fossilize. AI or Die. You With Me?

The legal sector must modernize their business processes today or robots are going to render lawyers obsolete.  Don’t be freaked out! We kid, we kid. Andrew Arruda of Ross Intelligence riffs in an interview about legal-tech on Logikcull:

There’s this idea that AI is the same thing as robotics, which is not the case at all.  Movies like ‘The Terminator’ planted the seed of the conscious robot bent on gaining one over on the human race in folk’s minds, which I think sets back AI’s acceptance at times. This being said, the tide has turned and now more and more people, especially those in law, are educating themselves about AI.

In all seriousness, optimization via smart technology is no longer just a slick option: it is fundamental, and essential to survival.  “9 out of 10 Americans believe that the cost of legal services is extremely high. Most of them agree that alternatives to ‘traditional lawyers’ are needed… They need cost-effective legal solutions.  And they need it quick”, states Valentin Pivovarov of Forbes. In order for law firms to stay relevant, they will have to get up to speed, and quickly - or, sadly, become aged-out. “Clients expect information on demand.  There’s a need for immediacy. They look for information outside of work hours, on weekends. They’re mobile and constantly engaged online. The legal industry needs to adapt to the 24/7, mobile nature of doing business”, notes an article on Dynamic Business.  Quite frankly, the future of law is already here, and of course lawyers don’t want to be completely replaced by robots in Savile Row suits.  Yes, this is hyperbole and metaphor - for now, it could never be robots, not actual robots.  Still, consider this: lawyers are burnt out from working consistently long hours and attending to far too much tedious minutiae; firms are losing potential clients to more cost-effective e-legal alternatives; and employee retention is becoming increasingly costly and difficult, as millennials seek a satisfying work/life blend - which most law firms are not equipped to support.  Yikes! That is almost scarier than the idea of robotic lawyers! 

“The real legal system doesn’t operate like an hour-long episode of Law & Order... the practical, everyday work of the law revolves around high-level minutiae (and the according headache)” notes Sam Mire via Disruptor Daily.  Does the constant attention paid to these tasks have a significant negative impact? The American Bar Association states: “when excessive demands or a lack of recovery from demands tip the scale, workers are in danger of burnout.  Disengagement, alienation, and turnover become likely.” “Even the most balanced and well-adjusted lawyer at some point eventually succumbs to the pressures of working in the legal field”, Psychology Today addresses in their article The Depressed Lawyer.  The majority of lawyers are slowed down by repetitive administrative tasks, giving them lower job satisfaction, because the majority of their time is not actually spent practicing law.  This point was made very clear in Clio’s Legal Trends Report: “the fact that lawyers miss out on nearly 5.6 hours of billable work each day should be a wake-up call for why efficiency is so important to law firms… if ignored, inefficiency can have a devastating effect on profitability, which is a problem that will only compound day to day, year to year.”  Some firms are downright archaic with their systems and they are paying the price: “If it takes you 8 hours to create invoices, and you charge $250/hour, you could have made $2,000 more by practicing law during that time. Then, factor in all those calls, emails, and small tasks that went unbilled.  Collectively, we’re talking about tens of thousands of dollars lost each year”, a post on Above the Law points out. 

 

Forbes further reports that: “we have witnessed the emergence of new online legal services that cut the cost by providing individuals with direct access to the relevant legal expert.”  While not quite the dramatic proposition of robot-lawyers - traditional law firms should be listening to this clear and resounding alarm bell. It is simple math: traditional law firms incur massive costs in maintaining their infrastructure, and in turn these “high costs [are] passed onto their clients… law firms, being quite bureaucratic structures, also suffer from a long adoption of new technologies that could have optimized legal processes, for example, by eliminating repetitive tasks.  Investment in new technologies has been proven to increase law firms’ efficiency and reduce costs”. “Those who ignore advancements in technology that could improve legal services will do so at their peril. Those who choose to keep up on the tools available to them will have remarkable opportunities. For those who want to take part in the future of legal work, it’s time to get to work and reboot”, Gabriel Teninbaum of ABA Journal supports.  As the Lexicata blog points out in their brief on the Clio Report: “we were surprised by how many people choose not to hire a lawyer when solving a legal problem.” 

“Millennials chafe against the notion of balancing work’s ambitions against life’s desires because, to this generation, they are part of the same continuum.” 

Firms need to accept that Millennials are the future of law, quite literally.  “We have a millennial generation that is closing in on their 40s and who are becoming partners in law firms.  They have the trust of their clients and can move away from workplaces they’re unhappy with. They want to work from wherever they wish and whenever they wish.  They want independence, purpose and they’re not afraid to leave if firms won’t accommodate those values”, says Mitch Kowalski, author of The Great Legal Reformation, in an interview on LSJ Online.  Firms can choose to meet their (the Millennials’) requirements of achieving the much sought after work-life blend, mentorship, and timely implementation of technology (and avo-toast) - or quite literally, get out of the way.  “Millennials chafe against the notion of balancing work’s ambitions against life’s desires because, to this generation, they are part of the same continuum.”  Not only do Millennials “vote with their feet”, but “this turnover costs law firms an estimated $1 billion annually” according to Thomson West. “Notably, a Millennial lawyer will leave a job, not just when he or she is unhappy, but when he or she is not happy enough”, the American Bar Association notes in their interview with former Millennial lawyer and current author JP BoxComptia cites that the “role of technology seems to be more of a factor today when compared to previous years – in 2015 and 2017, 65% and 67% of Millennials, respectively, reported technology being a factor in the employment decision. Younger workers are more apt to feel their company is pushing the envelope, suggesting that they are taking greater advantage of technology being offered or are seeking out tech-savvy employers.”  An article on Law Fuel further supports this, stating “Millennials have a more entrepreneurial streak than the earlier generations and are more drawn to technology, looking actively for new ways to fix legal services.” “Technology lends itself to efficiency and mobility - which plays a huge role in finding an optimal work-life blend.  “For many lawyers, an important part of building a meaningful life is through meaningful work.  Experiencing our work as meaningful means that we believe that our work matters and is valuable.” notes point 8.11 in The Path to Lawyer Wellbeing Report published by the ABA.  Because really, does anyone find meaning in data entry?  We thought not. 

What Technological Advancements are Available to Support the Risk-Averse Dinosaur Lawyer While Simultaneously Satisfying the Tech-Savvy Millennial?

Implementing smart technology hugely impacts business by streamlining processes and automating administrative tasks, which allows for greater mobility, malleability, collaboration, communication and accessibility.  Yeah, that’s the ticket! Dynamic Business posts: “Some technologies will automate processes like reading time logs and automatically create an invoice for a client.  Others will integrate with existing technology platforms so you can find everything you need relating to one matter in one place. This can increase the efficiency of your firm and reduce human error.”  Law firms that are upgrading dusty old systems to adopt “legal tech applications...can quickly help modernize [a] practice” informs Ross Intelligence.  The legal sector has very specific needs, which can be very well supported with the use of CRM (customer relationship management) or more specifically LPM (legal project management) software, integrations, and cloud-based VoIP phone services (especially those with integration capability). ‘The Cloud’ again - that word can inject a certain amount of confusion and fear, or even annoyance, into anyone. What is ‘The Cloud’ exactly?  Or dare we say, cloud-based computing? We don’t want to get too technical on you here - so we googled it for you - cheeky? Maybe a little. 

“CRM and client intake software transforms legal practices by freeing up billable hours and growing client bases” Lexicata points out.  Clio is clearly amongst the front runners, with over 150K legal professionals already using it.  “With the rise of cloud computing, lawyers can now access their practices from anywhere, so you can practice whenever and wherever you’re most efficient....  All key matter information is in one place, and anyone can work on a matter together - even if they’re working in different offices” points out Derek Bolen of Clio.  Further, “the best tools integrate directly with each other. You’ll never have to key in important data twice, or waste time in multiple systems.”  Generally, the legal sector has been slower to adopt new technologies than other businesses. “Confidentiality, security, data control and ownership, ethics, vendor reputation and longevity, and other concerns weigh heavily on the minds of lawyers…” according to the ABA Tech Report 2018.  However, surprisingly, of the lawyers and firms already using cloud-based services, the majority are not using applications designed specifically for the legal sector.  Rather they are using “popular consumer cloud services like Dropbox, Google Apps, iCloud, and Evernote”. “Although lawyers have a lot of concerns and wariness about cloud services...their reported behaviour about precautionary measures simply does not reflect what they express their level of concern to be” reports Dennis Kennedy is his ABA article 2018 Cloud Computing.  “Legal-specific cloud services have not reached the same levels of popularity as the consumer services. [However] Clio continues to be the most popular legal cloud service named by respondents” Kennedy continues.  It seems rather absurd that more firms are not yet utilizing LPM platforms, especially when there are a plethora of integrations - tailored to the legal sector - available on the market.  From transcription, to e-discovery and online-payment processing applications such as LawPay. By using a CRM/LPM platform such as Clio, one really can do everything in one place from case management to direct billing.  Not only that, but by making client calls using a cloud-based business VoIP phone system (enabled with CRM/LPM integrated features), one can also document all client calls and invoice for the corresponding billable hours seamlessly.  “Legal practice management software is most efficient when it integrates with other applications and shares data” supports an article on Leading LPM software providers in the ABA Journal.  We tend to agree!

Nothing new to the tech-savvy, VoIP (Voice over Internet Protocol) technology has actually been around since the 70s.  Well, sort of. The site VoIP Insights touts the following history (we boiled it down a little):

Voice over Internet Protocol (VoIP) transmission began in 1973 as a result of the experimental Network Voice Protocol… it wasn’t until 1995 that the first Internet Phone Software – Vocaltec – appeared...The Vocaltec software compressed the voice signal, translated it into digital packets, and distributed it over the Internet… Although sound quality was poor and nowhere near that of conventional equipment at the time...By 2000, VoIP traffic accounted for more than 3% of all voice traffic...mass market VoIP telephony began in 2004 with the introduction of VoIP calling plans which permitted subscribers to make calls just as they would with conventional telephone company services.

 

So if your firm is not yet utilizing the services of a reliable VoIP  provider yet, you are only a decade and a half behind the times - which in the world of technology may as well be 100 years.  Or more poignantly, as Ray Kurzweil writes in his 2001 essay The Law of Accelerating Returns: “An analysis of the history of technology shows that technological change is exponential, contrary to the common-sense “intuitive linear” view.  So we won’t experience 100 years of progress in the 21st century - it will be more like 20,000 years of progress (at today’s rate).” Jeepers!

VoIP is popular with IT professionals and business operations managers not only because it is easy to manage, it is also easy to scale and get just the ‘right fit’.  “VoIP enterprise systems aren’t just for large businesses. Many small and medium businesses can also benefit from them, as long as they get a plan that suits their company size.  With flexibility in plans, it’s simple enough for companies of all sizes to get a VoIP plan that suits their needs without going overboard or falling short” states Georgi Todorov in his article on Born 2 Invest.  Further, “VoIP systems can be integrated with other apps, software, and technology solutions. You can create a fully connected system within your company that makes it easier for everyone to stay up to date, use each tool effectively, and communicate internally or externally.”  VoIP phone services are really one of the most basic tools any business should make use of, especially law firms, you know, since lawyers like to talk so much (insert winky face emoji).  At the core VoIP technology is the “low-cost alternative to the old-school phone systems of yesteryear” that “make it easier - and more affordable - than ever for lawyers to seamlessly and effortlessly communicate with their clients and colleagues”,  says the ABA Journal.  Beyond just being fancy phones with a bounty of convenient features as the above quoted ABA article points out - they enable one to “receive unlimited phone calls, conduct conference calls, forward calls to your mobile or home phone, receive (and store) messages in different formats, manage calls on the go, send and receive online faxes, and much more”.  VoIP technology can actually do much-much-more than your run of the mill POTS (plain old telephone service) or PSTN (public switched telephone network). As mentioned earlier, forward thinking VoIP companies are now designing features which integrate - not only with the more general-use CRM software platforms, but with LPM software! Integrations tailored to the needs of lawyers! Now with that, it is of utmost importance that technology designed for lawyers, has an intuitive UI (user interface), read: innately “user friendly” design. Lawyers, being some of the most risk-averse users, tend to be - at best - wary to trust new technology, and - at worst - outright avoidant.  Hence the term “dinosaur lawyer”, that was most likely coined in a hushed moment of frustration by a sassy IT professional. Don’t fret T-Rex! “You can avoid extinction by adapting in a world where technology can help grow your business and keep you alive”,  an article on Above the Law puts a tad more delicately.  

 

Now lawyers need phones right?  And phones are not that scary right?  Well what if your phone was quietly talking to your LPM software so seamlessly that you didn’t even have to think about it. Documenting your client calls, linking them to your contacts, timing them, reminding you take notes and enabling you to associate them to matters - all in real time. Not a bad concept, eh? What if a tech-resistant lawyer has concerns: e.g. they don’t have the time or frankly, patience, to navigate through a new UI, to find the right tab, and click the correct button, so on and so forth... Well, what if all you had to do was pick up the phone, call your client, and a screen automatically popped up like a magic notepad that already recognized who you were calling? Moleskine notepads are attractive - heck we love them too - but it would be pretty cool to be able to take notes that are automatically connected to your client calls, directly bill for that time, and create an invoice instantly all within your firm’s existing LPM platform, for example Clio. Can your $100 pen and leather bound notebook do that? Well maybe MacGyver could find a way to make that happen -  in the meantime, check out Corvum for Clio - the vision is this: “to empower lawyers with transformative communication tools that make business, billing and being easy”. Part of the practically avoidant behaviour (of a large portion of lawyers) with regard to technology is the fear that it will have the opposite intended effect. That it will slow them down, if they are say, not especially technologically inclined. Well, that is precisely why it is essential that there be an emphasis on tailored UX Design (User Experience Design). Got a bit tech-y there. Lawyers are already experts at law, not all of them want to also have to be experts in technology.  So what if using this technology was so easy you didn’t even realize you were using it? Well that would be something. With CRM/LPM software platforms like Clio, and integrated cloud-based VoIP phone services like Corvum, it is.

How Can Technology Benefit the Legal Sector and Why is it So Important? ... Many Ways! Many Reasons! 

It seems pretty darn clear that the legal industry should adopt new technologies (the sooner the better - if they haven’t already!). We have covered a sampling of what is out there (there is a lot more - AI, blockchain etc.) But what is the ROI (return on investment) for firms, lawyers and clients if choosing to utilize foundational tools such as CRM/LPM platforms, integrated applications and VoIP phone services? Aside from the financial benefits, why go through all the trouble of overhauling a firm’s business operations and systems, only to have to learn a whole host of new software? Lawyers have been lawyering a long time - heck - some are still donning those fanciful powdered horse hair wigs (we are looking at you Great Britain).  Lawyers have a duty to be good at what they do. Regardless of whether they prefer to adopt technology or not - there is a duty to represent clients to the best of their ability. So if a client uses technology (which most people do in this day and age), the lawyer should presumably have a decent understanding of said technology on behalf of said client - correct? Beyond that - in this tech-forward modern world - without a basic understanding of how information is stored and transmitted -  how could one assure information is secure and kept private? We also keep hearing about an elusive Millennial invention: the work/life blend. If technology can assist with giving us back more of what we want - shouldn’t we want that? It would seem rather counterproductive to keep dragging oneself in the muck of unnecessary drudgery, if there were ways to avoid it. And what about the reason lawyers went into law in the first place? And what about the clients? If technology could afford lawyers more time to actually practice law, and thus give more value to clients - wouldn’t potential clients be more likely to pursue legal assistance, rather than opting out? Technology can benefit the legal sector in so many ways, and will do so, whether or not firms and lawyers decide to jump on board - the technology train will keep moving forward, and what it can do for the legal industry will keep evolving. 

“We are at the beginning of a gigantic world trend in law schools and universities, investing major resources in technological solutions to ensure that future lawyers will exhibit competitiveness and a high level of training. Already, at least 10% of US law schools teach knowledge related to the use of AI. Their number will increase as law schools begin to more effectively implement technologies in the practice of applying current legislation” informs another Forbes article by Valentin Pivovarov. This is the way the processes of law are going - thusly, not only are there benefits to adopting technology, but it is now simply an integral part of practicing law in the ever advancing technological landscape. “In 2019 it is impossible for lawyers to practice law without encountering – and thus necessarily gaining an understanding of – technology in one form or another. And the failure of lawyers to understand how a given technology works and how it will affect their clients’ matters is a violation of the duty of competence at best, and malpractice at worst” states Nicole Black in her post on NY Law Blog. “The American Bar Association formally approved a change to the Model Rules of Professional Conduct to make clear that lawyers have a duty to be competent not only in the law and its practice, but also in technology” supports Robert M. Ambrogi in his Law Sites Blog post on Tech Competence. “California, while not having formally adopted the change to its rules of professional conduct, has issued an ethics opinion that expressly acknowledges a duty of lawyers to be competent in technology. State Bar of California Formal Opinion No. 2015-193 requires attorneys who represent clients in litigation either to be competent in e-discovery or associate with others who are competent. The opinion expressly cites the ABA’s Comment 8 and states: Maintaining learning and skill consistent with an attorney’s duty of competence includes “keeping abreast of changes in the law and its practice, including the benefits and risks associated with technology.” Seems pretty clear to us! And within this duty of competence with regard to technology -  ensuring confidentiality, security, and data privacy  - is of course top priority. But beyond those core essentials, it is being enabled to provide the most thorough and expedient service. The conventional DMS (document management system) of old, do not afford firms the ability to access and analyze their wealth of data in any kind of timely manner. They are a “graveyard of dead information” states  Alex Hamilton, CEO + Co-Founder of Radiant Law in his post on Artificial Lawyer. “Documents are coffins where information goes to die, and document management systems are graveyards. The cost of opening documents, without being sure what is in them, means that documents are rarely referred to in practice” Hamilton continues, “knowledge management as a method to turn tacit knowledge into explicit knowledge and make it available at the point it is needed.” So it is a matter of not only ensuring privacy but also, of ensuring data-backed representation. “No matter the source of law’s resistance to data, legal consumers-- especially corporate ones-- are increasingly demanding that legal providers base their recommendations on data, not hunches. Their counsel must also be proactive, predictive, holistic in assessing risk factors, fast, differentiated, and cost-effective. Data is crucial to satisfying clients' mandate” highlights Mark Cohen in his article titled ‘Why is Law So Slow to Use Data’ in Forbes.

The ABA released a report entitled: The Path to Lawyer Well-Being: Practical Recommendations for Positive Change in 2017; which identified “six key dimensions of behaviour” as referenced in an article on Psychology Today. Of the six “dimensions”, four stand out as being particularly relevant (in their correlation to how legal-tech can assist in cultivating the much sought after work/life blend):  intellectual, occupational, physical and social. Wow that was a mouthful! But hey, lawyers vibe on verbosity - #amiright? In essence: having the time to do more of the work that matters leads to job satisfaction. Being challenged and engaged - versus treading the midnight hamster wheel - imbues life with more meaning. Having the time and flexibility to step off said metaphorical hamster wheel and actually go outside, into the light, to exercise #IRL (in real life) leads to wellbeing and better sleep. Collaborating with co-workers and being able to make your child’s Jiu Jitsu competition fosters real connection. “How can you feel confined when you're in touch with the universe?" begs MacGyver. Did we just quote MacGyver? Oh yeah we did! The ABA report concludes: “we have the capacity to create a better future for our lawyers that is sustainable”. “Less time at the office means more time for family and interests outside work” exclaims Ronald Shechtmanin an interview for Law 360. According to a survey conducted by legal staffing and consulting firm Robert Half Legal, and the related article on Law Times “...flexible schedules and remote work arrangements are popular policies among lawyers looking to improve work-life balance.”  Charles Volkert of Robert Half Legal says that “work-life balance has taken on a new meaning in recent years — in addition to allowing people to devote time to their families, more workers want the flexibility to work where and when they want.” Cloud-based technology can “help with routine tasks, enable better collaboration and make it easier to work remotely,“for example, lawyers might look favourably on a firm that lets a parent take a couple hours off to watch a kid’s soccer game, even if they need to log on late at night to finish a job” Volkert continues. Lawyers went to years of school to practice law, to make a difference -  not to tread water in a swirling vortex of low-level tedium. Yes sometimes long hours are necessary, and can be sustained -  in the short-term. “Even if you enjoy your job and work long hours voluntarily, you’re simply more likely to make mistakes when you’re tired”. It is well researched, that knowledge workers have a max productivity limit per day. Brains get tired too. So it especially important that there be some respite in the workload. When long hours are the norm and it is day-in-and-day-out with no reprieve; the effects compound. Or as the Harvard Business Review delicately put “In sum, the story of overwork is literally a story of diminishing returns: keep overworking, and you’ll progressively work more stupidly on tasks that are increasingly meaningless.” Bahar Ansari, who founded solo firm Ansari Law says “it’s about automating processes that an attorney didn’t go into law school to do” as referenced in an article on Law.com.

 

Now what if everyone working in the legal sector adopted legal tech this very minute and everything went hunky-dory; what would the actual results be? Lawyers would be better equipped to meet their competency requirements; they would be sipping on work/life blend like yogis on Kale smoothies. But what is all this without clients? As mentioned earlier people are seeking conventional legal services less and less - hence the up-cropping of alternative legal support now available online. Frankly, in order to practice law, lawyers need clients. So how does the legal sector make potential clients feel like hiring a lawyer is a viable option again. I mean it is beyond common knowledge that lawyers are expensive. Well now that “forward-thinking attorneys can [edit] easily handle tasks it would have taken small armies of associates and tens of thousands of dollars to accomplish in the past” states a post on Logikcull.  If lawyers are able to accomplish more, in less time, then one would assume they would be able to charge less for their services over all. In fact, some firms are already have AFA options (alternative fee arrangement) - based on the overall outcome - rather than per each billable hour. “Indeed, for practices of all sizes, technology isn’t just levelling the playing field. It’s offering a distinct advantage.” The article continues: “lawyers who take a more innovative approach to their practice can cut down the bloat and focus on efficiency, allowing them to offer more competitive rates while providing equal or superior services.” Simply put, clients want to spend less and get more. If lawyers are equipped - they are certainly more enabled to do so. “Collaboration is an essential success ingredient... legal professionals and organizations must be fluid as to how, with whom, and when they collaborate to achieve impactful client results” says Mark Cohen in an article on Forbes. Millennials know this, and they “will reshape the legal profession as they abandon traditional firms and become competitors who deliver ‘a better, faster and cheaper’ product. That's the view of a Canadian legal futurist, Mitch Kowalksi, who says ‘the cool kids’ are pushing back at the traditional delivery service model and its work structures” notes Financial Review. "You can run away from your problems for only so long before they start catching up with you". Yup, we quoted MacGyver again - because why not? He’s right!  Technology “frees legal practitioners up to take on more involved tasks like enhancing client relationships and appearing in court” - in this case an article on Dynamic Business refers specifically to AI. AI can make it a lot more efficient to process and analyze data, or do fun things like enable auto-transcription. But really, “how important is data?. A McKinsey report reveals data-driven organizations are 23 times more likely to acquire customers; six times as likely to retain customers; and 19 times as likely to be profitable as a result” - seems pretty important huh? Mark Cohen seems to think so, and he wrote all about it in another article on Forbes. He knows his stuff. 

The Legal Sector Needs to Get Tech-y With It.

 

If you are not yet convinced that the legal sector needs to get tech-y with it - yeah we did -  than we have a few more golden nuggets to profer. “The Legal Operations (legal ops) software market is expected to reach around $3.6 Billion by 2027 at a CAGR of around 14% between 2019 and 2027, says a new market research report” informs a post on Artificial Lawyer.  As well, Bloomberg Law referenced a report put out by the ABA in an article titled Lawyers’ Recent Stagnant Wages Highlighted in ABA Profile informing that: “lawyers’ wages grew slower than inflation from 2017 to 2018 [and] the average lawyer earned $144,230 last year, making less than dentists, who earned $180,590 on average”. Not to mention Canadian Lawyer posted “Deloitte predicts that around 114,000 legal jobs are likely to be automated in the next 20 years. Most of them will be junior roles.” The article goes on further to say that firms “will focus on lawyers that have a solid grasp of using legal tech tools and the ability to understand and adapt to new legal tech, enter the "techno-lawyer". Further: “those willing to learn and adapt to new technological requirements to progress faster than the traditional lawyer.” Not only will there be fewer jobs for lawyers, there will be a smaller pool of clients. “The percentage of law firms citing alternative legal service providers as their greatest competitive threat increased from 5% in 2017 to 15% this year” alerts Law.com. Always best to be informed when deciding what path to go down. We hope this helps! 

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