It’s lengthy been a mantra in authorized tech: “Streamline the mundane duties so attorneys can higher deal with high-level work.”
Certainly, attendees at this 12 months’s ILTACON saw just how far the industry has come on this regard, with forward-thinking know-how featured all through.
For Litera’s CEO Avaneesh Marwaha, nonetheless, a majority of these know-how shall be desk stakes for a contemporary regulation agency.
With out income progress, the effectivity beneficial properties might even threaten profitability and utilization charges.
Sarcastically, then, attorneys seeking to differentiate themselves in a high-tech period might want to get again to the fundamentals.
“The extra time attorneys spend with their shoppers and fewer in entrance of a pc display screen, I feel that’s higher,” he stated. “That’s simply higher for society and higher for the place we wish to go.”
Marwaha’s remarks got here throughout an organization replace for Litera throughout lLTACON, the place he was joined by Microsoft’s WW Technique and Enterprise Ops Chief Gbenga Ige and Litera’s Chief Product Officer Adam Ryan.
Audio system on the occasion outlined how know-how can transcend enabling effectivity beneficial properties and really assist fashionable regulation companies improve top-line income, whereas detailing Litera’s flurry of new product releases.
Listed below are some takeaways from the presentation.
There’s Robust Competitors
For big companies particularly, advances in authorized know-how have caused a troublesome aggressive panorama.
A companion might depart with just a few associates and begin a competitor agency with the assistance of know-how, for instance.
“These weren’t conditions that we had some time in the past,” Marwaha stated. “So how are you going to construct a agency that’s aggressive for the long-term and never simply the quick time period?”
To stay aggressive, significantly as authorized work turns into extra streamlined, regulation companies should develop their income.
The excellent news is that there’s quite a lot of room for enchancment on this space.
At most regulation companies, cross-selling simply isn’t occurring, Marwaha stated.
He recalled his personal previous expertise with exterior counsel who uncared for to achieve out about potential compliance work after advising his firm on a serious transaction.
“There’s a lot unmet work sitting on the market that in case your companions simply did one thing about that, you’ll naturally develop your top-line income,” he stated.
Consumer Service Is Key
This kind of enterprise improvement goes hand-in-hand with a deal with shopper service.
“We’ve been eager about defining what our perception system is for this trade, and it’s this concept of ‘maniacal shopper service,’” Marwaha stated. “It is a mirror of how we view ourselves right this moment.”
Everybody at Litera is remitted to make the most of AI. However it’s getting used to enhance customer support, versus a main deal with, say, profitability.
Regulation companies that take the same tack will deepen their shopper relationships and develop their income in consequence, Marwaha stated.
“Basically, what you wish to do is deal with relationship-building,” he stated. “I feel attorneys and companions ought to spend their time with their shoppers. I feel that’s good.”
“It’s not simply eager about automation day in and day trip.”
Tech Is a Differentiator
So how can tech allow deeper shopper relationships?
Litera’s deal with delivering the appropriate knowledge, in the appropriate place, on the proper time will ship this consequence, Marwaha stated.
Litera One operates immediately throughout the Microsoft ecosystem, eliminating the necessity to juggle between merchandise. It prioritizes proprietary agency knowledge gathered in its Basis system, and the Peppermint CRM answer integrates with Microsoft for shopper outreach.
Marwaha gave the instance of a regulation agency companion receiving an e mail asking how a lot expertise a agency has in a specific sort of matter.
“How is that query answered right this moment?” he stated. “Does the companion simply guess? Do you go ask somebody? How do you get that data?”
Litera One, in contrast, will proactively present a solution to that query, proper inside Outlook. It does this by utilizing synthetic intelligence and expertise knowledge gathered throughout the Basis system.
“We will now provide you with that data as an e mail is available in,” Marwaha stated. “In order that, to me, is the appropriate knowledge on the proper place on the proper time.”
Litera Is All-In on Microsoft
Marwaha described the Microsoft ecosystem as probably the most secure and safe technique to conduct skilled work.
“Why go towards the main firm within the area?” he stated.
“All the things that we do is secure and safe and constructed on Microsoft. I’m so dedicated to that proper now,” he stated.
Evaluating Your Agency
Curious to see Litera One in motion? Uncover how the trade’s first absolutely linked authorized workflow answer can transform your practice here.
To discover a few of Litera’s different groundbreaking options trusted by 99% of the AmLaw 100 and 75% of the authorized trade worldwide, you may book a demo here.
In case you’d wish to see the total firm replace, you can view it here.
Jeremy Barker is the director of content material advertising for Breaking Media. Be at liberty to email him with questions or feedback and to connect on LinkedIn.
