The law is no exception to digital transformation. The use of technology in the legal industry continues to grow exponentially, accelerating processes and results for both firms and in-house teams.
Legal technology is not limited to computers, and some essential record-keeping software: more sophisticated, state-of-the-art LegalTech software helps streamline the lead generation process, amp the conversion rate, and cut costs by automating daily operations.
LegalTech is the thing of the present. It empowers legal firms to turn profitable in no time without compromising quality. However, they must collaborate with the best law tech companies to achieve these goals. And with so many options, where do you start?
This article will go through our top 5 law tech solutions. Each one is designed for different legal processes, so you can choose the one that better fits what you're looking for.
What is LegalTech?
But first, what are we talking about when we mention this tech branch?
LegalTech, or in simple terms, legal technology, defines the use of software and technology to cater to the legal industry's and associated businesses' needs. AI-driven, automated LegalTech solutions are vital in record-keeping, smart contracts, client communications, accounting, and billing.
Law tech comprehends the vendors that offer these solutions and the law firms that provide their technology services.
How can LegalTech help your firm?
LegalTech makes legal and related processes more efficient, profitable, and collaborative, irrespective of the firm's size. Here are some reasons to adopt LegalTech Solutions in your firm.
Better case management and fast data processing
As legal cases are inherently complex, efforts should be made to simplify the processes. So here comes the importance of LegalTech solutions in legal practice management. Advanced features like timesheet tracking, screenshot records, intuitive charts, and project overviews can help beat any competition.
Simplified workflows and enhanced transparency
Today, timely legal case updates are critical for clients and firms. Traditional methods of record-keeping and reporting consume time and resources. With automation tools, you can easily keep track of legal cases, streamline them, and create templates. In addition, it helps in better facilitation and enhances transparency about the case.
A more secure and centralized database
Law firms deal with a great load of sensitive information every day. That generates the need for a centralized database that is highly secure and easily accessible. With cloud-based software, legal firms can easily bridge this gap. In addition, authorized members of the firm can access legal data remotely.
Better business insights
Like any other sector, the law industry needs to introspect on its performance to serve better. AI-driven and machine-learning tools offer real-time insights, reports, charts, and dashboards to make this task effective. Law firms can leverage this handy and intuitive data to make better decisions about budgeting, operation, and much more.
Transform client experience
Lastly, the advanced features of these automated solutions significantly enhance the client experience. Greater transparency, cutting-edge insights, and fast processes create a sense of satisfaction among clients. For instance, a chatbot can help your clients 24x7 without human intervention.
5 must-have Legal Tech solutions for your team
Now that you know the ways this area of technology can help your firm let's take a look at our LegalTech software picks.
Checkbox is a simple yet powerful tool that allows law firm automation on a single, no-code platform. As a result, law firms can build their solutions using drag and drop without coding knowledge.
How is this helpful? Clients can use the tools built by the law firm on Checkbox for simpler, more bureaucratic tasks and involve lawyers only when truly needed.
Checkbox is great for generating cases, smart contracts, and client engagement agreements automatically - even automating legal advice!
These features reduce inefficient, manual workloads and enhance the customer-firm relationship. You can request a demo or free trial.
This intelligent legal tech solution pairs AI with machine learning to streamline internal workflows, making billing and spend management easier. Brightflag is entirely designed and dedicated to the legal industry. Some of the noted features of this legal software are:
- AI-powered legal e-billing;
- Automated invoice reviewing;
- Forecasting, vendor management, and budgeting;
- Reporting and dashboards.
Brightflag is mainly preferred by legal teams for monitoring and reviewing legal spending and allows to spare outside vendors since there is no need for code.
This legal tech for financial services is available on a subscription basis, and the final price depends on the annual legal spending of the firm. You can request a free demo or join one of their online events, where they provide tours of the platform.
Not a LegalTech solution precisely, but a company that offers a platform to create chatbots and has experience doing so with legal firms. For example, for an Australian firm, BotsCrew created Ailira, a chatbot to create legal documents by chatting with clients.
Legal chatbots are vital in optimizing routine jobs and saving lawyers time and money. Being available 24/7, customers get legal help as and when required. Interestingly, it is much more agile and friendly than human intervention.
BotsCrew can be a great ally for a legal firm; they have experience creating chatbots to generate, review and analyze legal documents, automating lead qualification, and performing due diligence. And the possibilities for new features are limitless!
Moreover, chatbots can be easily made multilingual through BotsCrew. You can also integrate them with other solutions like Zapier, and since AI powers them, they learn with each interaction.
You can use the ROI calculator on their site to estimate results.
Although not exclusively designed for legal teams, Stillio can be essential for processes like record-keeping and eDiscovery. Why? This screenshot tool allows users to capture entire web pages automatically at the interval of their liking.
As a result, Stillio is chosen by businesses that need records of online communications like social media posts and website information to comply with industry regulations. These include:
- Complying with FINRA and SEC, which regulate online communication record keeping for financial entities;
- Having a HIPAA-compliant website for the healthcare industry, regulating the privacy of patient information;
- Meeting education web requirements like HEOA, where institutions are required to share certain information on their site.
Periodic, timestamped screenshots are of great use for these companies that need proof of website compliance and content verification. So legal teams can benefit from screenshots to help clients comply, no matter their industry. Moreover, screenshots can help the eDiscovery process, providing timely copies of online public information.
Captures on Stillio can be shared as URLs with others or saved directly to cloud-based storage like Google Drive for future reference. Pricing starts at $29 for daily screenshots of 5 URLs.
An e-discovery solution allows law professionals to upload, review, and produce documents faster. Law firms and in-house teams can concentrate each eDiscovery phase in Everlaw, streamlining the entire process and getting insights quickly.
Documents used as evidence in a case are securely saved in Everlaw, ready to review collaboratively. It's also straightforward to use: it can be connected to a personal drive to import documents, which are processed at high speed, and categorized by file type. To locate files, Everlaw offers customizable search queries and advanced analytics to review documents as a whole.
Another feature worth noting is Storybuilder, which is used for trial preparation. It allows us to build and work on depositions, organize timelines, and keep assets like notes and testimony transcripts all in one place.
You can request a free demo and a pricing plan according to your firm.
When it comes to LegalTech solutions, the one-size-fits-all approach doesn't work. Instead, a holistic approach and systematic planning are critical to integrating technology in the legal industry. LegalTech solutions were only an alien concept a few years earlier, but the COVID-19 pandemic has proved it wrong.
Today, automated software for the legal industry can optimize daily workflows, bring transparency, and cut costs. It can help your law firm generate leads, manage contracts, and outpace other less tech-advanced competitors. So now that you know some of these tools, it's time to start trying them!