How successful firms are investing in the right technology
The numbers are in, and the facts are clear: Law firms and legal professionals who adopt the right technologies realize significant improvements to their efficiency, utilization rate, and client service levels.
The data comes from Clio’s 2021 Legal Trends Report. The latest info from Clio’s annual report on the state of the legal industry tells us that growing law firms are much more likely to adopt new technologies, and at a more rapid rate, than shrinking law firms.
Growing firms are investing in technology
For the 2021 Legal Trends Report, Clio asked firms where they would most likely invest new capital; the top response (61%) was more investment in legal practice management software, followed closely by more investment in hardware, such as computers or tablets.
It’s also worth noting the area that firms were least likely to invest in: Physical office space. This is an excellent indicator that modern technology solutions that enable remote work and remote collaboration, both internally and with clients, are here to stay.
Growing firms are using technology to succeed
When looking at surrey data from growing and shrinking firms, the 2021 Legal Trends Report tells the following:
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• Growing firms are 37% more likely to use online payments: Online payment solutions make it easier for clients to pay you, and make it easier for you to get paid. Clients would rather pay for legal services online, through automated payments, or through a mobile app before resorting to time-consuming and inconvenient in-person methods like cash or check. And firms that accept credit cards get paid faster—57% of invoices get paid the same day they are sent, and 85% get paid within a week.
• Growing firms are 41% more likely to use client portals: A client portal—a centralized, secure, online location where all relevant case information is stored and accessible to the firm and to clients—is a convenient way for firms to communicate with clients. Clients can check on the status of their case on their time, rather than setting meetings and phone calls. The result is a more communicative and transparent client experience.
• Growing firms are 46% more likely to use client intake and client relationship management (CRM) solutions: Client intake is your chance to make a great first impression with clients; it can form the basis for the rest of your relationship. A CRM system helps you perform intake more efficiently and provides a better experience for clients. It also helps you keep new client information organized across your firm, ensuring that no follow-ups get missed or conflicts of interest arise.
To learn more about how firms are using technology, as well as the latest data on meeting current client expectations, using key performance indicators to learn more about your firm, and hourly rates, be sure to download the complete 2021 Legal Trends Report.
How to leverage technology at your firm
Getting started with new technology can be intimidating. Most firms don’t have unlimited funds, especially when starting out, and figuring out where to invest first isn’t easy.
Clio’s latest webinar series, Building a Successful Law Firm, was created to help firms overcome just those sorts of challenges. Hosted by Clio and featuring experienced firm owners and industry experts, Building a Successful Law Firm covers everything you need to know about establishing a thriving practice in 2022 and beyond.
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