Each process is highly individualized as attorneys follow their specific workflows.
This eventually leads to customer dissatisfaction and further affects the overall firm revenue.According to a study conducted by Law Technology Today, 42% of the time, law firms take an average of 3+ days to respond to a message from a potential new client.According to another study, 86% of the time, law firms fail to collect an email address, and 45% of the time, law firms fail to collect a phone number on an initial call.Problems like manual contract management, team management, manual litigation processes, and so on hinder client experience.
Let’s begin with understanding the challenges first.Current Challenges Faced by Legal FirmsIf your firm lacks consistency and competency, delivering according to client expectations becomes next to impossible.
When you consider the benefits afforded to both attorneys and clients regarding speed, consistency, collaboration, and outcomes, concerns over minor growing pains quickly fall to the wayside.According to a study conducted by Hobson & Company on the ROI provided by legal matter management software, it was found that major challenges faced by the legal industries revolve around the following two aspects:Lack of standardizationInefficient systems for client managementNow let’s take a closer look at these challenges:1.
It is also not effective when you need to share the information with the entire team or organization in real-time.Client information stored in spreadsheets and managed across attorney emails can be a pitfall when it comes to client management.
It can hinder almost everything from opening new matters to managing existing ones.A former legal chief data officer Brian McGovern says:“While it’s very important to establish where you want to be and why from a technology standpoint, it’s also important that you make changes to the management side of the process.
How can a person recognize that they are approaching the proverbial “last minute” when facing a pressing legal or financial matter?
The “last-minute” is the time in a crisis where the balance teeters against one’s favor, placing them beyond any significant help; help that can have a real impact on the desired outcome.Read more...
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