The Dynamic Nature of the Legal Industry and what the Future Holds
Experienced attorneys and legal industry insiders question whether BigLaw’s conventional hourly rates model can compete with the new model centered on pricing and staffing provided by legal service delivery companies. Some are adamant the NewLaw concept will completely supplant BigLaw. Those with an eye on the future believe SmartLaw will be practiced in the next couple of decades.
SmartLaw Explained
Models for the delivery of legal services, business structures and client expectations are quite different than years past. The manner in which firms compete and the firms they compete with, their location, employees and artificial intelligence are becoming important concerns as time progresses. Once you consider the rate at which tech changes, it is easy to understand the status quo will not suffice. SmartLaw is the solution. This type of law unifies technology with client relationships, data and even culture.
Maintaining client relationships necessitates intelligent tech, highly efficient processes and a supportive culture. Law firm cultures must be based on visions that zero in on client needs, tap into the power of technology, access relevant data in an efficient manner and ultimately exceed client expectations. The end goal is to use technology in the most efficient manner possible to support a culture focused on clients.
The Ever-growing Power of Data
The attempt to forecast the future in any sector of the law hinges on the use of artificial intelligence, commonly referred to as AI. AI is the primary driver of innovation. Though it is difficult to determine the final impact of AI early in its evolution, it is clear the increased reliance on data will force law firms to organize data with the utmost care. Law firms that adopt the principles of SmartLaw will pinpoint the abundance of unstructured information existing in the organization and use it with new data to make smarter decisions.
Technology
Technology dominates the discussion about the future of law as well as society. SmartLaw firms are certainly reliant upon technology yet they are well aware of the fact that it is not the end-all, be-all solution to securing client business. In some cases, process enhancements or even cultural solutions are more effective than technology. SmartLaw allows for the automation of tasks that can be automated along with collaboration between tech aficionados and attorneys. SmartLaw firms use technologies and platforms from which legal engineers can generate new services and products for clients as well as in-house employees. SmartLaw firm culture is revered for the fact that it encourages open-mindedness toward experimentation and innovation.
Process is Also Important
Efficiency is the name of the game in today’s dynamic legal industry. In most cases, law firms experience the most significant efficiency gains through the improvement of data-driven processes. SmartLaw systemizes and standardizes processes to dramatically alter delivery of legal services. Structured data is used with the aim of improving analyses and automating workflow steps.
