Law’s tipping point is has become eminent and the metamorphosis the industry is going through is due to the strong focus on customer centricity. Digital transformation has become an existential imperative of corporate viability.
Legal has a significant but underutilized role in advancing corporate digital transformation, the end-result of which is value creation and enhanced customer experience. The legal function, like technology, is no longer a vertical; it affects every facet of business.
Legal can no longer operate as an insular, self-contained department; it must function as a proactive, data-driven, integrated pan-enterprise. The legal function’s contributions to the company and its customers must extend well beyond legal advice. This requires a re-imagination of its purpose from the enterprise and customer perspectives.
What is often missed during a process of automation in a legal firm is the ability to deliver services at a lower cost. Automation leads to significant economies of scale – important in industries which require high capital investment. Automation enables firms to reduce number of workers, and this limits the power of trades unions and potentially disruptive.
Automation frees up human workers' valuable time to focus on more important, dynamic work. Creating additional time for workers to focus on higher-level tasks isn't the only benefit of introducing automation.
Some of the key benefits for the legal industry or legal entity within a corporate to automation and digitalize their processes are:
- Increased efficiencies and accuracy
- Reliable and consistent output
- Reduced time and resources
- Easy storage and retrieval of documents
- Data insights and informed decisions
- Overall business improvement
The tipping point for the legal industry to move towards digital transformation has been reached and most in the industry has gain significant momentum to stay ahead of the game. Don’t get left behind!