Legal firms have a reputation for being expensive.
Their billable hours can become quite costly. This is the work that is purely related to a case or for businesses to ensure they’re compliant and protected. It might be research they need to compile or people they have to speak to. All of these tasks come at a cost.
However, there are also non-billable hours. This administration is necessary to keep the law firm open and operational. The problem is that these time-consuming tasks take precious time away from high-value work they could be doing for clients.
It’s one of the reasons why the legal profession has started turning to process automation. The results show that not only can law firms reduce their administrative tasks, but their clients are also more satisfied with the legal services provided.
How are Law Firms Implementing Process Automation?
The legal profession has been utilising software to automate manual or routine tasks that lawyers are normally required to carry out. On average, law professionals claim that the amount of non-billable administrative work can equate to 40% of their role.
There is even potential for firms to explore process automation for billable tasks. It could be reviewing documents utilizing OCR technology. It’s also been suggested that business process automation can be used to conduct research. The results anticipate improvements to due diligence, reduce errors, and decrease the time it takes to find specific information critical to a client’s needs.
What Tasks is the Legal Profession Automating?
Automated solutions for law firms are still in the early stages. However, many administrative tasks no longer need to be completed manually. They have also shown significant improvements to the way lawyers provide their services.
Not all contracts contain intricate by-laws and clauses. There are many that include either one or two outcomes. Some are standard agreements that cannot be altered. These contracts that lack complexity are ideal for process automation. Instead of delegating it to a staff member, they could be working on something more substantial.
Contract Review Process
It’s best practice to review a contract once it’s been constructed. Legal teams can become inundated with documents requiring high attention to detail. Many firms have turned to software for assistance. It’s more than just spell check and grammatical issues. Artificial intelligence can ensure that the contract is compliant and doesn’t contain contradictions.
There was a time when appointments were made to sign documents. Thankfully, electronic signatures have saved lots of time and money. It’s secure, is now universally recognized and doesn’t require participants to be in the same location to finalize agreements.
By automating workflows, legal teams can scale faster without impacting productivity. One example is triaging new enquiries and prioritizing legal matters according to their urgency. It ensures everything gets to the right person the first time instead of being passed around the office.
Risk and Compliance Management
One word missing in a legal document can sometimes prove to be a costly mistake. There are specific criteria that are required to protect highly regulated industries like financial services and fintech companies. Fortunately, software solutions help with this task. It gives assurance to clients and takes the pressure off law firms from having to do it all themselves.
The legal profession has been utilizing knowledge management systems for many years. But, when combined with workflow automation processes, it provides a faster and more efficient way for knowledge to be shared and updates to get communicated.
Controlling spending and calculating costs can be complicated for the legal profession. From managing retainers to one-off consultations, it can be challenging to balance the books without the proper support. Automated billing provides this assistance and saves time searching for specific rates or identifying various charges. It can even include discounts and waivers for high priority clients.
What are the Benefits of Process Automation for Law Firms?
Many of the advantages of implementing automation relate to increasing productivity and recouping precious time. It can then be repurposed in various ways. For example, focusing on higher value tasks and strategies to achieve desired outcomes.
Once processes are automated, they don’t have to be completed manually again. You won’t have to draft documents from scratch. You’ll be able to generate it via a template and send it off in a few clicks. Business process automation can also support tasks requiring access to data. It can help identify errors and pick up on mistakes that the naked eye might miss. You can even capture data via documents to avoid manual data entry, which is prone to multiple issues.
The most significant benefit is the client experience the legal profession is providing. There are fewer meetings to sign documents. Costs savings can be passed onto the client, whether it be through internal or external processes. Law firms can also take on additional clients without fear of being overworked due to the reduction in manual work.
Who Can Help You with Process Automation?
It’s still early days for business process automation in the legal profession. Many manual tasks have been successfully
Want expert advice and help with process automation? Through its Digital Transformation Solutions Division, Compu-Stor helps maximise the accessibility and flow of information within organisations through such solutions as workflow automation and document processes. With offices across Australia, Compu-Stor works with its customers to provide cost-effective solutions tailored to their needs.
Contact us today for a free initial exchange to see how we can help you: 1300 559 778
For more information, visit our website at https://compu-stor.com.au/digital-transformation-solution-services/