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 noticed simply how far the trade has come on this regard, with forward-thinking expertise featured all through.
For Litera’s CEO Avaneesh Marwaha, nonetheless, these kinds of expertise 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 trying 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 believe that’s higher,” he stated. “That’s simply higher for society and higher for the place we need 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 expertise can transcend enabling effectivity beneficial properties and actually assist fashionable regulation companies improve top-line income, whereas detailing Litera’s flurry of recent product releases.
Listed here are some takeaways from the presentation.
There’s Robust Competitors
For big companies particularly, advances in authorized expertise have caused a troublesome aggressive panorama.
A accomplice might depart with a couple of associates and begin a competitor agency with the assistance of expertise, 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 brief time period?”
To stay aggressive, notably as authorized work turns into extra streamlined, regulation companies should develop their income.
The excellent news is that there’s numerous 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’d 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 fascinated about defining what our perception system is for this trade, and it’s this concept of ‘maniacal shopper service,’” Marwaha stated. “This can be a mirror of how we view ourselves at this time.”
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.
Legislation companies that take an identical tack will deepen their shopper relationships and develop their income consequently, Marwaha stated.
“Primarily, what you need to do is deal with relationship-building,” he stated. “I believe attorneys and companions ought to spend their time with their shoppers. I believe that’s sensible.”
“It’s not simply fascinated about automation day in and time out.”
Tech Is a Differentiator
So how can tech allow deeper shopper relationships?
Litera’s deal with delivering the best information, in the best place, on the proper time will ship this outcome, Marwaha stated.
Litera One operates instantly inside the Microsoft ecosystem, eliminating the necessity to juggle between merchandise. It prioritizes proprietary agency information gathered in its Basis system, and the Peppermint CRM answer integrates with Microsoft for shopper outreach.
Marwaha gave the instance of a regulation agency accomplice receiving an electronic mail asking how a lot expertise a agency has in a specific kind of matter.
“How is that query answered at this time?” he stated. “Does the accomplice simply guess? Do you go ask somebody? How do you get that info?”
Litera One, against this, will proactively present a solution to that query, proper inside Outlook. It does this by utilizing synthetic intelligence and expertise information gathered inside the Basis system.
“We will now provide you with that info as an electronic mail is available in,” Marwaha stated. “In order that, to me, is the best information on the proper place on the proper time.”
Litera Is All-In on Microsoft
Marwaha described the Microsoft ecosystem as essentially the most secure and safe option to conduct skilled work.
“Why go towards the main firm within the area?” he stated.
“Every little thing 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 rework your apply right 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 possibly can e-book a demo right here.
In the event you’d prefer to see the total firm replace, you possibly can view it right here.
Jeremy Barker is the director of content material advertising for Breaking Media. Be happy to electronic mail him with questions or feedback and to join on LinkedIn.
