As clients scrutinize bills and cut budgets for legal services, law firms who have resisted technology are finally getting on the bandwagon. Lawyers must serve their clients better, without increasing client fees, or they are doomed to fail.
Below is what the research supports about this premise and three innovative apps that can get law firms and attorneys up to speed in a hurry.
Research Findings on Legal Technology
The Boston Consulting Group wrote in a January 2016 report that technology is going to revolutionize law firms in three ways by:
- Digitizing legal data (i.e. taking paper to cloud rentals or private servers)
- Making case management and back-office support more efficient and
- Supporting or replacing lawyers with what were substantive legal tasks.
According to Tracxn, legal tech startups received more than $1 Billion in venture capital investments distributed to 56 companies over the last three years. This has been the sharpest increase in investments this vertical market has ever seen.
Three Cutting-Edge Solutions
Kira, a cloud-based contract analysis tool, uses artificial intelligence to search and analyze contract text and learn along the way based on the search terms. This software solution can find contract information much faster than a team of paralegals and lawyers can. In addition, the information found can be shared with the client on a real-time basis so they can see what you see, even if you are several hundred miles apart.
ROSS Intelligence is an artificial intelligence app that answers a variety of legal questions by reading through laws, gathering evidence and drawing a conclusion based on its research. And it can do all of this within seconds because it is based on the IBM Watson platform. This solution is also cloud-based.
SmartPaTH defines scope, work plan, key decision points and workflow to yield a transparent, predictable process that can be presented to the customer. Bill Garcia, Chief Innovation Officer for Thompson Hine (the owner of this solution) stated, “You can’t say to a client we don’t know how long this will take or how much this is going to cost. That’s just not acceptable anymore.”
Hartford Technology Rental is Dedicated to the Legal Industry
We provide litigation support rentals nationwide. We can help digitize your data with scanner rentals and move it to the cloud. Call us today at 888-520-5667 and one of our technical sales representatives will help you select the right equipment that will take you into the future…today!