There is real momentum building around the use of technology and its growing influence on the legal sector. Law firms are adapting to these prominent changes while also ensuring they are providing a top-quality service to their clients and staying within compliance guidelines.
Amongst the leaders at the forefront of this technology surge is The Lawtech Software Group, with innovative products designed to help law firms ensure they are performing compliant checks and due diligence, improving the overall client experience and building stronger relationships.
However, not all firms are adapting as quickly with a large number sitting on the fence or feeling there is lack of knowledge and understanding of the technology.
The Numbers Behind the Technology Influence in the Legal Sector
As noted above, there is clear momentum in the growth and influence of technology within the law sector. The numbers behind it suggest the same according to a report by Wolters Kluwer with 91% of legal professionals stating it’s imperative to have technology that enables you to change quickly as well as have access to the latest, innovative tools.
While 85% of lawyers working in a law firm expect to make better use of technology to improve and increase productivity. Increasing productivity is hugely significant given the time some cases may take and the waiting for crucial client information.
Innovative law tech products like Verify 365 allow firms to introduce a much smoother process and platform to confirm information within minutes using our Dynamic ID verification software. The software is fast, secure and crucially, compliant to ensure you are adhering to SRA regulations.
Client demand is also playing its part in the influence of technology with 46% of firms utilising the technology to improve productivity and efficiency to meet client demands. The use of tech is allowing law firms to be more productive but also improve the overall client experience while meeting their demands.
Not Everyone is Sold on Technology Within the Legal Sector
The influence of technology has been a largely positive introduction to the legal sector but not everyone is utilising the new technology available. In fact, compared to 2022, only 85% recognise the importance of fully adapting to new technological breakthroughs, down 4%.
What’s more, it’s clear there is a need for education and understanding on what new technology does and what it can potentially bring to law firms and other legal establishments. 36% of lawyers say they don’t have sufficient understanding or knowledge of legal technology and this lack of knowledge is halting their prospects of utilising the technology.
However, the figure of 36% is much lower compared to 48% in 2022, highlighting lawyers and legal sector workers are beginning to adapt to technological advancements.
Other firms follow the more traditional procedures, happy with the current processes they have without the need for technology with 44% not wanting to disrupt the norm. While approaches have worked for several decades, the innovation of technology in law can only be seen as a positive with law firms able to introduce new processes to complete more efficient work in a quicker time period.
Persuading change can be hard especially when they are comfortable with the processes already in place, but they can be educated on the positives and benefits of improving technology.
Verify 365’s Role in the Ever-Changing Technology Landscape
Technology in law is here to stay and with the influence growing, there is more demand for products like Verify 365. Crafted for lawyers by lawyers, the product’s purpose is to allow law firms to function more efficiently and effectively.
Verify 365 is playing a key role in the ever-changing technology landscape. An innovative client onboarding platform, Verify 365 is allowing law firms to gain accurate information on their clients using the dynamic ID verification software, completing compliant identity checks within minutes. As well as completing thorough client due diligence, the platform also plays an influential role in the use of e-signatures and e-payments with law firms able to send out documents for digital signing and invoices for faster payments.
In addition to this, the platform allows you to complete efficient, company checks and source of funds checks. All these moving elements of a law firm in one makes life so much easier and crucially, allows them to run effectively and compliantly.
Technology is Here to Stay
The evolution of technology is moving on an upward scale. Law firms and lawyers are recognising and appreciating the influence of technology within the legal sector. With innovative products, platforms and software, the industry is becoming much more streamlined as well as client and service focused.
The emergence of technology has transformed the operations of law firms as they adapt to not only new regulations and rules but ways in which they can be compliant in a more effective way. However, not everyone is utilising the technology, preferring more traditional methods of practice and while there are several factors in this, understanding the technology appears to be the biggest apprehension. This is where education and technology can work in tandom, educating law firms on the technology and how it all works could see more firms utilising technology. While you cannot change everyone’s outlook and processes, educating lawyers will at least give them something to think about.
It’s clear technological innovations are changing the legal sector landscape with many law firms and lawyers utilising the technology is available. It is here to stay and with its presence growing, the future processes of law firms will continue to evolve.
