Innovation involves establishing new ideas or ways of accomplishing tasks in a more efficient and effective way. It’s about finding faster and easier approaches for performing workplace operations. But how does it come into play in law?
The truth is, the future of law lies in innovative technology. There is increased use of ai in legal services to streamline workflows, particularly for the deal management process. Law firm innovation involves digitizing what once was manual tasks that require significant time, effort, and money. Lawyers are turning to deal management platforms that offer services in automated legal proofreading, transaction signature signing, document assembly, closing binder formation, legal file closing checklist, and document comparison tools.
Using an innovative deal management platform can elevate the performance of law firms in multiple ways. And as mentioned above, law firms save time and money by reducing or even completely eliminating the hours spent on non-value-adding tasks. Automated document assembly and transaction management software allow for more efficient and effective operations leading to increased productivity. Features such as auto-formatted, interactive closing books offset the need for manual document assembly.
Law firms can also use innovative technologies to maximize collaboration internally within the workplace. Using features such as version control systems, legal file closing checklists, and track changes and comments allow for stronger connection and teamwork between employees in different departments and offices, working on different projects, anytime and anywhere. Microsoft Word for legal professionals is gaining popularity. Microsoft Word Online integration tools allow for easy collaboration within and outside your firm.
These technologies can also be used to effectively communicate and collaborate with clients externally. Clients have 24/7 portal access to the above features and can track their deal’s status using a live project agenda. Firms are able to use technologies to notify clients and obtain instant signatures.
It’s more important now than ever to keep up with and set trends. Doing so will further your firm’s competitive advantage as an increasing number of clients are seeking inventive alternative sources to traditional legal support.