Transitional Opportunities for Small Law Firms
Technology creates both an opportunity and a necessity for law firms to harness digital innovation while delivering new value sources for firm clients and employees. Current views of mission-critical business processes and technology require rapid evolution. From client intake and case management to billing have fundamentally changed how law firms interact with clients, creating a time of transformation. With the advent of tools like document management platforms, practice management software, and electronic payment processing, some law practices have embraced technology to enter a new transformation era, unlocking new revenue streams, increased efficiency, and business growth.
Firms committed to technology transformation can expect the operational advantages of:
- Using automation to increase efficiency, productivity, and revenue
- Empowering staff to work and collaborate remotely
- Delivering an exceptional client-centered experience
- Securing sensitive client data
Data Privacy
Organizations of all types face the threat of data breaches, and many must comply with an increasingly complex array of data privacy requirements. The United States may lack comprehensive federal data privacy and data protection law, but that doesn’t mean organizations are not subject to an alphabet soup of important domestic and international requirements, including BIPA, CCPA, CPRA, DPA, FTC, and GDPR.
Balance
Small law firms frequently assumed eDiscovery is black and white; either you have the staff and experience to bring all eDiscovery in-house or engage outside counsel. However, eDiscovery is not a single problem; it’s a series of lesser technical and process hurdles that must balance technology and specialists. The best way to balance cost and risk is to employ an eDiscovery strategy based on matter size and complexity. This approach can significantly reduce outside counsel fees without disruptive organizational changes.
Cybersecurity
In the wake of well-publicized cyberattacks in the legal industry, it’s never been more important to elevate your firm’s cybersecurity posture.
The safekeeping of client information is crucial for law firms, especially those who have access to vital corporate data and intellectual property. Firms have ethical and legal obligations to protect confidential client data—or face potential fallout from the untold cost of recovering from a data breach.
