As legal automation experts, we understand the immense potential of improving and automating common legal processes to save time and streamline operations. We have a great track record of delivering successful automation projects for in-house legal teams with very strong returns on investment.
However, law firms have been different.
We have realised that merely automating tasks may not always yield the expected benefits for law firms. The true value – and requirement – lies in a holistic transformation, where automation plays a crucial role but is just one piece of the puzzle.
In this blog, we delve into the importance of a comprehensive transformation strategy and how collaboration with experts is necessary to propel law firms towards success.
Beyond Automation: A Strategic Approach:
The first step towards reaping the rewards of automation is to have a well-defined strategy in place. Simply automating processes without considering the broader implications and objectives will not lead to significant returns. We often encounter firms that lack a clear vision for how automation will add value to their operations.
To make the most of automation, law firms must explore ways to reduce costs or increase revenue or clearly solve some other problem.
Expanding Revenue Potential:
Automation should align with the firm’s revenue goals. While some firms may claim they already have sufficient workload, there are many opportunities to expand the client base and volume of work through innovative technologies, especially cloud-based solutions, without adding proportionate costs.
Embracing technology can enable firms to extend their services nationwide, attracting a larger client base and ensure a steady revenue stream.
Collaboration for Comprehensive Transformation:
Working with a collaboration of experts such as LawX can be a game-changer for law firms. Experts like Emily Morrow (Executive Consultant for Legal Professionals), Simon Tupman (Helping law firms thrive) and Emma Stanley (BizWell) can help firms identify and focus on their most important transformation goals.
These experts will bring invaluable insights and expertise, ensuring that the firm’s efforts are streamlined and prioritise the most essential aspects of their operation, and that the change management process is successful.
Aligning Financial Frameworks:
To maximise the benefits of transformation, law firms must align their financial frameworks with their new desired outcomes. This includes reevaluating how contributions are valued during and after the term of a partnership.
As new ways of creating value, such as subscription pricing for digital solutions, emerge, financial arrangements need to adapt accordingly. If lawyers are incentivised to keep working as they always have, that is what they will do! Sam Bassett from Markhams can help in these areas.
Streamlining Knowledge Assets:
Before automating templates, partnering with a service like Order of Precedents is crucial. Gaining a clear understanding of the firm’s knowledge assets, their status, usage frequency, and potential value for automation helps prioritise and optimise the automation process.
Capturing Value and Marketing Strategies:
Expertise from professionals like pricing expert John Chisholm (Thinking differently in your shoes) and marketing strategists Paul Steele and Steven Gardner from Law2Web will help law firms capture the full value of their new solutions.
There’s no point in having the best solution in the country and not telling anyone about it, or sharing in the value you are creating!
Tailoring proposals to clients, offering multiple options, and effectively marketing the firm’s capabilities are essential steps in the transformation journey.
Empowering Digital Reality:
Once the transformation vision and strategies are set, legal automation experts like us – working with the firm and the other LawX experts – can quickly turn these ideas into a digital reality.
Leveraging our experience as former lawyers and from our own subscription pricing journey, we can efficiently implement the automation process in a strategic context while avoiding common pitfalls.
While legal automation can generate tremendous value, it is just one part of a comprehensive transformation journey for law firms.
Embracing a strategic approach, collaborating with industry experts, and aligning financial frameworks will amplify the benefits of automation and drive the firm towards success.
By reimagining their strategy and operations, and embracing technology as an enabler and differentiator, law firms can unlock new levels of efficiency, profitability, and client satisfaction, ensuring a thriving future in the rapidly-evolving legal landscape.