Digital Transformation within the Legal Profession
A significant increase in demand for legal digital technology has been noted and is expected to rise even further by the end of 2021-2022. Why are more and more legal advisors, in-house legal teams and lawyers exploring these solutions?
Rumyana Gaydarova, Senior International Sales Consultant at Infocredit Group Ltd* describes the importance of digital transformation within the legal discipline as well as its main benefits and illustrates how Infocredit Group LexisNexis legal solutions assist legal professionals to optimise their operations and grow their practise, and ultimately provide better-quality legal advice.
What is Legal Digital Transformation and how it can be achieved?
Digital transformation has been a powerful game-changer in recent years, with many organisations across all sectors moving away from more traditional business models, in an effort to adapt to new market requirements. The legal industry is no exception, although a latecomer to this equation. Equal benefit can be derived from digital technologies by professionals in the legal industry who can use such tools or platforms to dramatically speed up their work, guarantee information accuracy and deliver a better service to clients. Transformation refers to the way legal services are provided, as well as the method used for performing legal research, filing, data collection and analysis, and how this changes workflows, time management and so on. Legal professionals have now come to rely heavily on legal technologies (or Legal Tech), such as online legal databases or platforms, data analytics, AI-powered technology, and other sophisticated legal tools, to face market challenges, and have high expectations as to their positive impact on their operations and revenue. Achieving it is easy. The first step is to define your organisation’s vision and strategy, and more importantly choosing the right technology partner, which is most suited to your firm’s needs and one which will provide it with the greatest value.
Why is digital transformation important and how can it help organisations?
In today’s data-driven world, digital transformation, although not mandatory, seems to be the only way forward to survive. Current demand requires legal professionals to provide services faster than before, leaving no room for inaccuracies. The benefits of such technology and its effects on legal research and on the quality of legal work cannot be ignored. Some key benefits include:
- Increased efficiency & flexibility
Automated solutions considerably increase operational efficiency since processes become simpler and more streamlined, freeing up time which was previously spent on manual work to focus on strategic or more high-value tasks.
- Enhanced, time-saving legal research
It is imperative for legal advice or documentation to refer to the latest developments in the law – this is guaranteed with process automation. Furthermore, advanced search functionality and other built-in features bring faster and more relevant results.
- Accuracy & reduced risk
Automated technology implies that information accuracy is significantly increased as human errors are avoided. This in turn minimises the risk of providing incorrect advice which may damage a firm’s reputation.
- Improved customer experience
Digital solutions tend to be more client-focused and aim to improve customer experience. This relates to things like removing the need for face-to-face meetings, or needless paperwork, real-time updates and better communication, leading to a more convenient approach to receiving quicker and sounder advice.
- Resource management
Legal technology comes down to a list of tools and software which aim to simplify workflows and make resource/document management more effective.
In spite of all the above-mentioned advantages, a large number of organisations still don’t capitalise enough on these opportunities, leaving an abundance of resources and information untapped.
What solutions does Infocredit Group offer to help legal professionals achieve digital transformation?
There are several innovative solutions available within the legal profession, depending upon each organisation’s scope and service offering. Our latest cooperation with LexisNexis Legal & Professional has added various legal tools to our product portfolio, which assist businesses/firms to work smarter and faster while gaining more in-depth knowledge on selected practise areas and obtaining better quality analysis.
Whether they are searching for case law, statutes, treatises or practical guidance on specific practice areas or jurisdictions, legal professionals can get the support they need from an array of legal products consisting of critical legal content, world-class research, analyses as well as exclusive precedents. Ultimately, these products will not only allow them to reduce their risk by immensely extending their research capabilities but will also ensure the accuracy and quality of their legal work.
The majority of these products are in fact international legal databases or libraries containing a plethora of information relating to the legal discipline. These include the UK legal databases LexisPSL and LexisLibrary, giving users instant access to legal guidance and support tools as well as up-to-date and authoritative legal information with over 700,000 cases, annotated legislation and exclusive online commentary (including expert opinions from Butterworths, Tolley and Halsbury’s). In addition, legal professionals can access our US databases, Lexis and Lexis Practice Advisor which incorporate innovative research tools, up-to-the-minute news and analysis, and the robust analytics. Moreover, legal professionals wishing to obtain content and advice relating to specific jurisdictions can do so from extensive databases such as Lexis360, or our other LexisNexis solutions for the MENA region, Asia etc.
Some may argue that such services (databases/libraries) are available online and for free. So why should a legal advisor/lawyer invest in these solutions?
Several legal advisors opt to use free online legal resources when carrying out their work however this involves a degree of risk which may ultimately impact their clients. The main disadvantage is that the quality and extent of information available may be insufficient, outdated or inaccurate thus the source of available content needs to be assessed. Conversely, using verified widely-recognised specialised providers of legal intelligence such as LexisNexis, the client obtains what they pay for – that is, better research, reliable content, innovative search functionalities, powerful analytics as well as know-how from experts and internationally acclaimed practitioner and non-practitioner lawyers. Therefore, when reviewing the pros and cons of database solutions, it is essential to consider the costs to a legal department and as an extension to the company overall. Paid solutions include advantages and features not available within the free ones, setting the standards high in terms of customer experience and service. It is an investment for a legal department, no doubt.
How do you see digital transformation developing in the future for legal advisors?
With the right approach, digital transformation holds the key to solving most of the problems created by insufficient processes. By using a legal research platform, such as LexisPSL or LexisLibrary, processes that seem complex at first become more straightforward.
Due to the large volume of work and information lawyers/legal advisors need to get through on a daily basis, valuable insights can only be filtered through the use of enhanced technology.
Digital transformation will change how legal advisors work and we can already see an increased demand for these types of solutions. However, what we need to focus on is to make this technology more accessible and make sure it is used in the most efficient manner. The ability to use new workflows to offer faster and better legal services at more accessible prices creates a huge market advantage in comparison to firms that do not use or ignore the possibility of adapting to this new technology.
*Infocredit Group is an exclusive representative of LexisNexis Legal & Professional in Cyprus, Greece, Malta and Romania. In Cyprus, LexisNexis legal products are addressed only to corporate legal advisors, whereas in Greece, Romania and Malta they are addressed to all legal professionals.
Infocredit Group has been a leading provider of business intelligence and innovative solutions for over 45 years. The company provides high-quality flexible solutions on Compliance, Credit Risk Management, Corporate Governance, Debt Recovery as well as Call Centre Services and Professional Training. Through its established international network of strategic partners including LexisNexis, Finclude, The Chartered Governance Institute (ICSA), VinciWorks and Keesing Technologies, it aims to empower businesses with a reliable and comprehensive suite of tools which can assist them to meet their financial, legal and ethical obligations. www.infocreditgroup.com.