Business development has become an integral part of the legal industry. Professionals are employing executives who specialise in cultivating commercial relationships, acquiring clients and pursuing a strategic approach to identify the demands of the market. Technology is one such tool that has assisted the legal business in boosting business. The internet has immensely contributed to the growth of the legal business.
With an increasingly pressurized business climate and ever-growing demands to demonstrate the value and effectiveness of marketing and business development within law firms, technology clearly has a significant role to play when it comes to improving efficiency, unlocking opportunity and strengthening relationships with clients, both current and perspective.
4 Areas in which technology boosts legal business
1. Relationship management- Building relationships with customers requires latest and relevant data on the customer. In addition to that, to form best customer service in an efficient and effective manner, information such as case status, lawyer availability, schedule of case dates, billings etc. must be provided on a timely basis to the customer. Through technology, automated tools help lawyers build a trustworthy relationship with their clients. There is a reduced chance of error or omission of any relevant information. E-invoices, case updating tools, automated grievance redressal calls etc., are the tools that enable efficient relationship management. The client feels informed and the notion of indifference towards the matter dies away through constant correspondence.
2. Market intelligence- Discovery of opportunities and awareness of market developments can easily take place through software and other similar market research tools. Legal professionals and law firms can configure market analytics without the use of such tools by simply logging on a platform like MyAdvo’s, where a bulk of potential clients post queries and search for lawyers. Through the data, it is easy to analyze the legal issues faced by the masses. Staying up-to-date with latest trends in order to bank on an opportunity that could boost the business can be achieved through market intelligence.
3. Company data management- Lawyers are always loaded with a bulk of paperwork. Misplacement of files or important documents is a common happening. Sharing, keeping original and/or copies of documents becomes much easier with cloud-based platforms which allow storage of data and mass sharing. This also avoids the possibility of important documents getting chewed off by mice in storerooms!
4. Brand management- Although lawyers are not allowed to advertise, they can, however, display information about their brand online. In the age of enormous competition, it is imperative for a legal professional to maintain their brand. Millennials tend to find the brand image and online presence more reliable than the traditional methods of lawyer referral.
The legal profession has stayed immune to technological innovations so far. Thinking beyond traditional practice and use of the innovative method is important for any organization. To maintain the requisite knowledge and skill, a lawyer should keep abreast of changes in the law and its practice, including the benefits and risks associated with relevant technology. To sum it up, technology gives a boost and a refreshing touch to the traditional legal practice.
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