This is Part 3 of a three part series. In Part 1 we told you that clients are moving from traditional law firms to innovative law service companies. In Part 2 we told you how to keep your clients by improving client services. In this post we will discuss the legal tech that has the potential to make a difference in your client’s bottom line leading to more business for you.
As mentioned in Part 1 of this series, legal service companies such as UnitedLex have been disrupting the business of traditional law firms by offering innovative legal services at a fraction of the cost to clients. While the quality of UnitedLex’s legal services have yet to be seen, these recent deals show that clients are demanding more value for their buck. Here are some ways to make your company stand out:
1. Invest in Legal Analytic Software
In order for your law firm to compete with legal service companies such as UnitedLex, one of the best ways to prove your worth is through data analytic software. As Law Technology Today reported, legal analytics provides for a number of benefits such as: (1) giving insights into the behavior of specific attorneys, firms, judges, or parties; (2) outcome prediction; (3) identification of legal trends; and (4) identification of the best legal strategies.
2. Invest in e-discovery software.
According to UnitedLex’s website, the company leverages its in-house e-discovery platform Questio to lower costs for its clients. UnitedLex also uses Relativity, an e-discovery platform that Relativity claims all of the AM Law 200 use. By using e-discovery technology, law firms and legal services companies are able to accomplish large document reviews in a fraction of the time, saving clients significant expenses in billable hours.
3. Provide Alternative Fee Arrangements
Whether UnitedLex’s contracts with GE and DXC Technology will be profitable remains to be seen, but these deals highlight a trend away from the billable hour model towards alternative fee arrangements.
One of the alternative fee arrangements you can use are fixed fees. UnitedLex boasts its Total Project Guarantee, a fixed fee arrangement in which UnitedLex determines and guarantees the cost of its legal services at the outset of a case.
Other law firms have opted for online subscription services, providing clients selected services for a set annual fee. Although online subscription is not an option for all legal services, it is worth looking into if your firm offers legal processes that can be automated. Companies like Neota Logic can help your firm determine what inefficient legal processes can be automated to better serve your clients faster and for less money.
Is your legal practice using any of these technologies or innovative approaches? If so, are they helping you keep your client base or growing it? If you aren’t using these technologies, why not? We want to hear from you.
About Trial by Tech
Trial by Tech is a blog brought to you by Baylor Law’s Executive LL.M. in Litigation Management—the first program in the nation designed exclusively for lawyers who aspire to direct effective litigation strategy, control electronic discovery, leverage technology, manage a team, and lead their company’s or firm’s efforts to manage a high-volume, high-stakes docket.
Here, you will find focused discussions on the #innovation of litigation and the intersection of #legaltech and #litigation. If you like what you are reading, many of the posts are authored by experts from the LL.M. program. To learn more, click here.
Attorneypreneur, writer, technologist. Nerdy for legaltech, politics, crypto, cybersecurity, innovation. Presently in-house at Williams & Brown. Former adviser at Baylor Law, and founder of two technology and legal consulting companies. @JoshuaWeaverEsq