Expert shares tips and tricks to bring your legal practice into the modern age
This article was produced in partnership with Epiq
Recently, the phrase “modern law” seems to be floating around in the legal industry. But what does this mean and why should today’s practitioners care? From corporate counsel to law firms to contract attorneys, this term of art can carry several meanings.
In a nutshell, modern law refers to the idea of taking a business-centered approach to legal practice by embracing emerging technologies and new partnerships to increase efficiency and make smarter operational decisions. Collaboration between legal and tech professionals is the driving force towards a new way of practicing law. This could include things like automating administrative tasks so lawyers can focus on higher value work, using contract attorneys to support an in-house department with a large regulatory project, and data mapping to uncover where untapped business intelligence resides. What does it take to have a modern law approach to practice? Read on to find out.
Before the digital era, lawyers filled their practice with telephone calls, book research, and exclusively manual document review. Then came email, text, and electronic research tools like Westlaw or LexisNexis. Now, we are in the era of remote working, artificial intelligence (AI), technology-enabled document review, chat apps, collaboration tools, alternative legal service providers (ALSPs), and more. No longer should practitioners refer to the “evolution” of legal practice, but instead realise that lawyers who do not embrace modern law will be at a disadvantage. The field is no longer a level landscape, but mired with new, competitive tools and software, meaning only the savvy will survive.
Adopting legal technology and establishing partnerships with skilled tech professionals and vendors is gaining significant traction within the legal sector. It is now the norm, and clients are looking for their counsel to offer efficient work products and use new automated technologies, all while being cost conscious. The only way to do this is to take the dive into modern law and determine which tools and collaborative opportunities can keep an organisation marketable, improve decision-making, and essentially help lawyers do more with less while still remaining innovative. While this may seem overwhelming, the best place to start is to determine where internal inefficiencies exist and gauging performance against competitors. Just remember that modernising a practice will look different for each lawyer, legal department or firm.
There are several toolsets available to help lawyers modernise their practice. The key here is to really understand what combination of people, process, and technology will work best for a particular organisation. Modern law is more than just investing in AI solutions or jumping onto more Zoom calls. While things like this are a part of modernising the legal industry, the business decisions behind investments and creating technology-focused, collaborative strategies are what will drive efficiency. Here are some tools that organisations should evaluate for use:
o Legal analytics software that can help predict success on an issue before a certain judge and make smarter choices about jury or witness selection.
o Solutions for managing class actions every step of the way – from claimant identification to settlement payments.
o Tools allowing in-house counsel to monitor the performance and efficiency of outside counsel to drive decisions about continued partnerships, and shine light on any deficient workflows that need to be addressed.
o Software that can identify language variations in cross-border matters or mixed language contracts applying to international deals.
These are great examples of the ways legal departments and firms can use technology to help make better business decisions, increase efficiency, manage costs, and remain relevant to clients. As technology capabilities expand, there will be more and more opportunities to modernise your legal practice. Many departments are designating a legal operations team to evaluate how to scale their efforts and boost productivity. Evaluating technology investments and gathering performance metrics are two key legal operations functions that can provide some insight on how a department is operating and where inefficiencies exist. Now more than ever, it is crucial to explore the benefits of having specific in-house roles created to help accelerate legal transformation.
Put simply, it is time for the legal professionals to embrace relevant technology and change their approach to the practice of law. While being more business-oriented by focusing on things like cost optimisation and legal transformation has been a common theme over recent years, the pandemic definitely accelerated this trend by demanding remote work models. As more practitioners become comfortable with legal tech and understand the benefits of these partnerships, the industry will get pushed further into modern law. Keeping an eye on emerging technologies and opportunities to maximise efficiencies or decrease overhead costs are a few ways that lawyers can improve their practice and make better operational decisions. It is also important to monitor current tech trends, and to re-evaluate operational needs at regular intervals in order to remain successful.
Miriam Rihani is a Senior Director, APAC Lead – Legal Business Advisory at EPIQ. She is an experienced legal operations specialist whose passion is reshaping the legal industry. Miriam has a deep understanding of in-house legal practice and the current challenges faced by the legal profession. She works with legal teams of all kinds to help them transform their practice, plan for the future and drive value for their organisations.