Posted 12 December 2019
Technology has become embedded in the modern law firm, transforming the way firms operate, communicate, and collaborate with clients. Over the past several years, law firms have put the power of automation to work to transform internal processes, such as document generation. However, looking ahead to 2020, we expect to see firms begin to tap into technology to fuel more innovative models of delivery and create differentiated service solutions.
Here, we outline three key technologies that we expect to drive change in legal services in 2020.
Digital Onboarding & Business Acceptance
The General Data Protection Regulation (GDPR) and EU Anti-Money Laundering directives continue to be a core concern for today’s law firms. Additionally, the growing threat from cybercriminals has placed greater emphasis on the need for data privacy and protection.
To ensure compliance and stay one step ahead of cybercriminals, today’s law firms must ensure they’re following appropriate compliance and information security procedures and develop controlled process that can be documented. Unfortunately, this often requires considerable use of internal time, as well as manual operation across multiple, siloed systems. So not only does the manual operation of client onboarding and acceptance result in internal inefficiencies, it also greatly increases risk.
So how can firms drive greater efficiency in the onboarding process, whilst reducing risk? The answer lies in digitising the onboarding process. Digital onboarding solutions use workflow modeling tools to automate the client onboarding process, streamline risk analysis, and speed up business acceptance.
Towards the end of 2019, we’ve seen several firms tap into digital onboarding solutions to improve client service. For example, Arntzen de Besche, one of Norway’s most sought-after firms, recently started work on a new digital client onboarding solution that uses a built-in risk matrix to automatically assess a new client against Money Laundering Act requirements. Any client that falls outside the requirements will be automatically routed to a simplified workflow for further assessment to ensure compliance and once approved, automatically created in the firm’s integrated ERP system.
As the need for compliance and data security continues to mount, we anticipate more firms turning to workflow automation to transform the client onboarding process and ensure compliance protection.
Client Self-Service Portals
Another way that firms will tap into technology to transform service is through self-service client portals. Legal self-service portals use document workflow automation to enable clients to quickly generate firm-approved documents on a self-service basis. For example, an in-house counsel client may use its law firm’s self-service portal to quickly access an NDA template and easily complete it using an intuitive online form. The template itself would be fully managed by the law firm to ensure it’s up-to-date and includes all relevant clauses. If you’re interested in seeing how it would work, you can visit our online self-service portal demo.
By giving clients the ability to access key documents, whenever they need them, law firms can not only improve client relationships and create service differentiation, but also boost profitability. We’re already seeing more legal clients request this as a service from their firms, so we expect this to be a big trend amongst law firms in the year ahead.
Contract Creation & Negotiation
As clients demand greater responsiveness from their firms, automated contract creation and negotiation will begin to play a more significant role in service delivery. In the year ahead, we expect to see more firms turn to automation to simplify the drafting of contracts and quicken negotiations.
Manually drafting new contracts requires a significant amount of time, as does completing the negotiation phase. However, by employing workflow automation, law firms can streamline the contract creation process, speed up the negotiation phase, and get to work faster for their clients. Using document workflow automation, firms can empower lawyers to quickly and accurately generate contracts using an online questionnaire. These contracts can then be routed to signatories - either individually or in order of precedence - by email for review and digital signature. For even greater ease of use, contracts can even be executed via mobile device.
While automation has already played a key role in transforming law firm operations, in the years ahead, we’ll see more firms adopt the technology to transform the client experience. By running more cost-efficient and responsive systems, law firms will be able to attract a broader set of clients and create differentiation in the market.
Looking to bring one of these technologies to your firm in 2020? Get in touch with our team to discuss your requirements and options.