{"id":526,"date":"2014-10-19T14:00:00","date_gmt":"2014-10-19T13:00:00","guid":{"rendered":"https:\/\/hub.findingsimple.com\/au\/legal-practice-tech-future-proof\/"},"modified":"2022-08-03T16:04:40","modified_gmt":"2022-08-03T05:04:40","slug":"legal-practice-tech-future-proof","status":"publish","type":"post","link":"https:\/\/insight.thomsonreuters.com.au\/legal\/posts\/legal-practice-tech-future-proof","title":{"rendered":"Is Your Legal Practice Tech Future-Proof?"},"content":{"rendered":"<p class=\"intro-paragraph\">Our 2014 whitepaper,&nbsp;<em><a href=\"http:\/\/insight.thomsonreuters.com.au\/resources\/resource\/future-law-digital-law-firm-revolution\">The Future of Law: Digital Law Firm Revolution<\/a>,&nbsp;<\/em>shows that 82 per cent of respondents were either unsure or not confident that their existing legal practice business model was \u201cfuture-proofed\u201d to remain competitive in 30 years. What is your law firm&#8217;s strategy to stay ahead of the market? Are you on top of technology trends?<\/p>\n<p>Here are five technologies to help you prepare for increasing client demands in a rapidly changing legal landscape.<\/p>\n<p><span style=\"color: #ff9900\"><strong>1. A new dawn: Changing business models<\/strong><\/span><\/p>\n<p>In July 2014,&nbsp;<a title=\"Big Law, Big Problems: The Bright Future For Small Firms\" href=\"http:\/\/www.forbes.com\/sites\/basharubin\/2014\/07\/07\/big-law-big-problems-2\/\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Forbes<\/em><\/a>&nbsp;reported that the \u201cera of the small law firm is dawning\u201d. With competitive prices and new technology on the rise, tweaking or reinventing your business model could help you define your value and win clients. New models include:<\/p>\n<ul>\n<li><a title=\"Virtual law firms\" href=\"http:\/\/insight.thomsonreuters.com.au\/run-virtual-law-firm\/\" target=\"_blank\" rel=\"noopener noreferrer\">Virtualised firms<\/a>.<\/li>\n<li>Increased use of non-lawyer professionals such as offshore legal vendors, virtual assistants and paralegals.<\/li>\n<li><a title=\"Niche law firm practice\" href=\"http:\/\/insight.thomsonreuters.com.au\/grow-your-niche-or-premium-law-firm-revenue\/\" target=\"_blank\" rel=\"noopener noreferrer\">Specialised practice in niche areas of the law<\/a>.<\/li>\n<\/ul>\n<p>Australian firm&nbsp;<a title=\"Nexus Law Group\" href=\"http:\/\/www.nexuslawyers.com.au\/\" target=\"_blank\" rel=\"noopener noreferrer\">Nexus Lawyers<\/a>&nbsp;is also leading the charge with a dispersed, \u2018open law\u2019 business model.<\/p>\n<p>Similar to Axiom in the US, Nexus operates like a remote-chambers practice with the collegiate and systems support of a large firm, including an efficient work referral and payment system, access to knowledge banks and a better return for lawyers on their intellectual capital.<\/p>\n<p>The founder of Nexus, Marcus McCarthy, believes this is the most sustainable legal practice model for the future.<\/p>\n<p>\u201cWe offer efficient, competitive legal services through structural reform,\u201d he says. \u201cClients are&nbsp;winning,&nbsp;lawyers are winning \u2013 everyone is happier\u201d.<\/p>\n<p>To shore up for the future, review your firm&#8217;s existing model to better utilise technology and compete with the innovators.<\/p>\n<p><span style=\"color: #ff9900\"><strong>2. Work smarter, not harder: Smart devices<\/strong><\/span><\/p>\n<p>\u201cKnowledge and skill is mobile,\u201d says McCarthy, which means personal smart devices are here to stay.<\/p>\n<p>The uptake of smartphones, tablets<strong>&nbsp;<\/strong>and mobile operating devices<strong>&nbsp;<\/strong>has enabled flexibility, mobility and, ultimately, more satisfied and autonomous employees. Practitioners can access mobile dictation, <a title=\"Legal document management apps\" href=\"http:\/\/www.thomsonreuters.com.au\/browse\/legal-solutions\/practice-management-solutions.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">document management apps<\/a> and research databases such as <a title=\"Westlaw AU legal research\" href=\"http:\/\/www.thomsonreuters.com.au\/browse\/legal-solutions\/knowledge-solutions.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Westlaw AU<\/a>, <a title=\"AUSTLII \" href=\"http:\/\/www.austlii.edu.au\/\" target=\"_blank\" rel=\"noopener noreferrer\">AustLII<\/a> and legal eReader apps like <a title=\"Thomson Reuters ProView eReader app\" href=\"http:\/\/www.thomsonreuters.com.au\/browse\/proview\/\" target=\"_blank\" rel=\"noopener noreferrer\">ProView<\/a>, as well as tapping into the firm&#8217;s resources while out of the office.<\/p>\n<p>Make sure you <a title=\"Mobile device useage is going up. But is safety coming first? \" href=\"http:\/\/insight.thomsonreuters.com.au\/resources\/resource\/study-reveals-mobile-device-useage-is-going-up-but-is-safety-coming-first\/\" target=\"_blank\" rel=\"noopener noreferrer\">establish strong internal IT systems and &#8216;smart&#8217; security processes to manage your staff&#8217;s BYO technology<\/a>. You can then reap the benefits of a workforce that can access secure data while on the go \u2013 from a home office to their local espresso bar to the back of a courtroom.<\/p>\n<p><span style=\"color: #ff9900\"><strong>3. Content is king<\/strong><\/span><\/p>\n<p>In an era of information overload, client-centric content is more important than ever. <a title=\"Content marketing for law firms\" href=\"http:\/\/insight.thomsonreuters.com.au\/content-marketing-for-law-firm-business-development\/\" target=\"_blank\" rel=\"noopener noreferrer\">Content marketing<\/a> brings a raft&nbsp;of advantages, and smaller players can really set themselves apart by taking these steps:<\/p>\n<ul>\n<li>Distribute fresh, accurate and up-to-date content across a broad range of mediums, from Facebook to LinkedIn to Twitter to the firm\u2019s website.<\/li>\n<li>Promote your expertise and affordability in an online marketplace.<\/li>\n<li>Create a personal connection to attract and engage a loyal target audience.<\/li>\n<\/ul>\n<p>And if you&#8217;re a busy sole practitioner with no time for marketing, outsource it!<\/p>\n<p><span style=\"color: #ff9900\"><strong>4. In the cloud: Practice management software<\/strong><\/span><\/p>\n<p>Reporting to&nbsp;<a href=\"http:\/\/www.lawyersweekly.com.au\/news\/firms-slow-to-change-with-the-times\"><em>Lawyers Weekly<\/em><\/a>&nbsp;in July 2014, ALPMA president Andrew Barnes has observed that the internet offers a platform for competitors to use non-conventional law firm structures to deliver quality at a lower price, which means firms are under pressure to be more efficient.<\/p>\n<p>Cloud-based practice management software, such as Thomson Reuters\u2019 <a title=\"Infinitylaw by Thomson Reuters\" href=\"http:\/\/www.thomsonreuters.com.au\/products\/infinitylaw\/\" target=\"_blank\" rel=\"noopener noreferrer\">Infinitylaw<\/a>, allows small firms and solo operators to access a fully integrated, mobile, secure management system with essential legal research and business tools on hand. Time, matter and billing management, enhanced mobility and unique integration with a range of legal programs are just some of the benefits of being in the cloud.<\/p>\n<p><span style=\"color: #ff9900\"><strong>5. Electronic age: eDiscovery<\/strong><\/span><\/p>\n<p>Kylie Peterson, a litigation technology consultant, has reported&nbsp;to ALPMA that with the right support,&nbsp;<a title=\"e discovery\" href=\"http:\/\/www.alpma.com.au\/a-survival-guide-for-legal-practice-managers\/ediscovery-come-on-in-the-water-s-fine\" target=\"_blank\" rel=\"noopener noreferrer\">eDiscovery<\/a>&nbsp;is a low-risk proposition for firms. It&nbsp;provides a means for document disclosure in an electronic format, allowing lawyers to review, manage, analyse and disclose litigation documentation in a more efficient way.<\/p>\n<p>So when it comes to new technologies, how much change can we expect and how quickly? Andrew Barnes says firms are conscious of the challenges that their businesses face, but most are committed to a&nbsp;\u201cslow evolution\u201d&nbsp;through incremental reform.<\/p>\n<p>Embracing new technologies is crucial&nbsp;to maintaining market relevancy. By rethinking the way you service your clients and use technology, your firm could be well and truly future-proofed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>82% of senior legal fee-earners recently surveyed, noted they\u2019re unconfident existing legal practice business models were \u201cfuture-proofed\u201d to remain competitive in 30 years. Here are five technologies to help you prepare for increasing client demands and remain competitive in a rapidly changing legal landscape.<\/p>\n","protected":false},"author":9,"featured_media":527,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[576,645,602,609,613,629],"tags":[41,139,200,391,484,486,488,489,535],"insight_job_role":[614,627,628],"insight_practice_area":[],"class_list":["entry","author-jacquiwalker","has-excerpt","post-526","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business-management","category-innovation-and-disruption-in-law","category-innovation-and-technology","category-legal-technology","category-marketing","category-strategy-and-business-development","tag-app-technology","tag-content-marketing","tag-e-discovery","tag-mobile-technology","tag-small-law-firms","tag-social-media","tag-sole-practitioners","tag-specialisation","tag-virtual-law-firms","insight_job_role-partner","insight_job_role-senior-executive","insight_job_role-solicitor","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is Your Legal Practice Tech Future-Proof? | Legal Insight<\/title>\n<meta name=\"description\" content=\"What is your law firm&#039;s strategy to stay ahead of the market? 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Here are five technologies to help you prepare for increasing client demands in a rapidly changing legal landscape.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/insight.thomsonreuters.com.au\/legal\/posts\/legal-practice-tech-future-proof\" \/>\n<meta property=\"og:site_name\" content=\"TR - Legal Insight Australia\" \/>\n<meta property=\"article:published_time\" content=\"2014-10-19T13:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-03T05:04:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insight.thomsonreuters.com.au\/legal\/wp-content\/uploads\/sites\/8\/2019\/06\/Is-your-legal-practice-tech-future-proof.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"847\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jacqueline Jubb\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jacqueline Jubb\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/posts\/legal-practice-tech-future-proof#article\",\"isPartOf\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/posts\/legal-practice-tech-future-proof\"},\"author\":{\"name\":\"Jacqueline Jubb\",\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/#\/schema\/person\/bb88ba44d67ab9361fff1053770425f2\"},\"headline\":\"Is Your Legal Practice Tech Future-Proof?\",\"datePublished\":\"2014-10-19T13:00:00+00:00\",\"dateModified\":\"2022-08-03T05:04:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/posts\/legal-practice-tech-future-proof\"},\"wordCount\":742,\"image\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/posts\/legal-practice-tech-future-proof#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/wp-content\/uploads\/sites\/8\/2019\/06\/Is-your-legal-practice-tech-future-proof.jpg\",\"keywords\":[\"app technology\",\"content marketing\",\"e-discovery\",\"mobile technology\",\"small law firms\",\"social media\",\"sole practitioners\",\"specialisation\",\"virtual law firms\"],\"articleSection\":[\"Business Management\",\"Innovation and Disruption in Law\",\"Innovation and Technology\",\"Legal Technology\",\"Marketing\",\"Strategy and Business Development\"],\"inLanguage\":\"en-AU\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/posts\/legal-practice-tech-future-proof\",\"url\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/posts\/legal-practice-tech-future-proof\",\"name\":\"Is Your Legal Practice Tech Future-Proof? | Legal Insight\",\"isPartOf\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/posts\/legal-practice-tech-future-proof#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/posts\/legal-practice-tech-future-proof#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/wp-content\/uploads\/sites\/8\/2019\/06\/Is-your-legal-practice-tech-future-proof.jpg\",\"datePublished\":\"2014-10-19T13:00:00+00:00\",\"dateModified\":\"2022-08-03T05:04:40+00:00\",\"author\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/#\/schema\/person\/bb88ba44d67ab9361fff1053770425f2\"},\"description\":\"What is your law firm's strategy to stay ahead of the market? 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