“Technology is the fourth industrial revolution.”
Technology is revolutionizing every aspect of our life. Adding technology to our life is making our life easy and comfortable. It influences everything.
Recent statistics indicate that a contract can be reviewed in less than an hour with the help of AI, saving 20-90% of the time it would take to do the work manually.
How this new revolution in technology can be helpful to law firms and what tools the law firm owners need to include in their legal tech stack to run their law firm efficiently- Described in detail in this article.
What is Legal Tech Stack?
Digitalization is impacted every aspect of life, and so has it done with businesses.
Every business wants to have an online presence, use technology for operations and be up to date in the internet world. Businesses need to position themselves appropriately to harness technology effectively. It can be achieved by utilizing digital tools, management software, and other technological resources. It will enable them to be more productive, generate better results and become more reliable.
There is no official definition of the word tech stack. Still, people infer from the operation that the collection of technology tools, structures, and models is used to run an application.
A Tech stack is a list of software solutions for building a technology structure or running a program. In the technology field, developers use multiple programs or codes to run an application and then put out the list of software as a tech stack.
A legal tech stack combines technology management tools and software law firms use to function and operate digitally.
Legal tech is a combination of complex digital and traditional law that can be used to improve the efficiency and effectiveness of legal processes for law firms. Legal tech is an emerging field that seeks to bridge the gap between law and technology. It aims to make legal processes more efficient, cost-effective, and accessible.
The legal tech stack includes applications that help lawyers and clients interact with each other and software that automates legal processes.
As other businesses require, the law firms also need financial management and assessment tools, client databases software, billing software, etc., to function. A well-integrated legal tech stack for law firms can help you focus on law and less on admin.
What are the Essential Components of a Strong Legal Tech Stack for a Law Firm?
To adapt the legal tech in your firm, you must access your law firm’s size, strength, and jurisdiction. These will be the base criteria to decide what and how technologically advanced you need to be for operation.
A law firm needs the following in the legal tech stack:
- Computer systems
- Online client registering systems
- Lead generation tools
- Contract Management
- Legal research tools
- Law firm cases calendar
- Document management and automation
- Digital signature and identification tools
- Time management and tracking tools
- Payment portals
- Real-time communications
- Practice management tools
- Social media management tools
It would be best if you took all the teams and departments in your firm into confidence to make a legal tech stack for law firms and follow the steps:
- Call a general meeting of all the teams.
- The finance department will decide and suggest changes as per your business operations.
- Lawyers will also decide and suggest changes per individual requirements, like contracts lawyers, will suggest what contract management software they want to work with.
- Other teams and departments will follow the idea of suggesting.
- Then accordingly, decide what type of legal tech stack your firm needs.
Legal Tech Stack in a Law Firm: What Tools Should You Have?
A law firm to stay relevant must have the following legal tech stack tools:
Law firms use tools to track developments in the cases, make understanding easy and keep the office running smoothly.
Case management benefits:
- Avoid any errors and scheduling variations
- Transfer of cases from one order to another
- Safe case files in one single database are easily accessible by all.
- Clients will know about the status of the case
- Easy scheduling and research
After case management, what is essential is practice management tools. They help legal professionals to manage case stages, front and back office workflow, legal documentation, task management, and calendaring.
Practice management benefits:
- Storing all the cases in one database
- Coordination between all the teams
- Matter management
- Case management
It is the responsibility of law firms to be responsible toward clients. They are charged with the duties like updating clients on case stages, billing information, safety, and secrecy of client data, etc. law firms should have better tools for client management.
Client Management benefits:
- Client counseling and management
- Information portal for clients
- Secure database and information sharing
Legal Analytics and Reporting
When a law firm delivers excellent results to its clients, it must show it to the world. It is where legal analytics play a role. People trust results when a law firm shows results and reports them in the public domain.
What are the Essential Practices to Build a High-Performance Legal Tech Stack?
The legal tech space has become increasingly popular over the last few years and is likely to continue growing in the coming years.
Legal tech companies are using technology to make law firms more efficient, increase productivity and reduce costs for attorneys. According to projections from Research and Markets, legal tech is projected to grow from $1 billion in 2020 to $9 billion by 2023.
The growth of legal tech will be driven by increased demand for cloud-based services and AI-powered solutions that automate specific processes within law firms. More and more law firms will demand a legal tech stack for law firms.
Key practices to build a high-performance legal tech stack for law firms are:
- Stay aware and up to date with the modern methods of working.
- Include, implement and use technological management tools.
- Have a good Legal tech stack for law firms.
- Consult and go through legal operations from time to time.
Technology is boon if used properly and for welfare. Various types of technological methods have given rise to different usages. Every company or business is using technology to be efficient, and the legal field is also slowly implementing the technology. Law firms are switching toward legal tech stack for law firm management tools, and software companies are developing such tools. Legal tech will revolutionize the whole legal system. As a result, law firms are able to reach a wider audience and manage their practices more effectively. The legal tech stack for law firms is beneficial and useful in management.