Law Society partner, STAR Professions, considers the benefits of embracing technology in your firm

Steeped in tradition, the legal industry has often been criticised for its reluctance to adopt new technologies. While not the case for all, this trepidation has held many law practices back, hindering their ability to keep pace with evolving client demands.

So, how can your firm adapt and invest in the technology required to survive?

An evolving landscape

One of the main challenges faced by law firms today is the sheer volume and complexity of their work. The increasing breadth of legislation, case law and regulations that lawyers must consider in their day-to-day work can make administrative tasks more time-consuming and affect productivity. This, in turn, reduces billable hours and client satisfaction.

Technology can automate these manual processes, allowing solicitors to dedicate time to strategic thinking and direct client interaction.

Industries that are quicker to embrace data recognise its potential to inform decision-making, resource allocation and strategic planning.

In the era of cyber threats, law firms (being custodians of sensitive client data) need to invest in technology that enhances security. The risk of data breaches is a real and serious threat, and the potential consequences – both legal and reputational – can be dire.

The legal landscape is rapidly evolving, necessitating a shift in mindset. Clients – especially those from younger generations – expect greater transparency, efficiency and flexibility from businesses, and legal services are not immune to this.

Embracing technology can enable law practices to meet these expectations, enhance client experiences, and gain a competitive edge. Furthermore, automation of routine tasks allows legal professionals to focus on complex legal matters, fostering innovation and value-added services.

Asset finance – the missing link?

Asset finance provides a compelling solution to the financial barriers faced by law practices when adopting new technology.

Rather than upfront capital investment, asset finance allows firms to acquire the necessary technology and software through flexible financing options.

By spreading the cost over time, law firms can minimise the impact on cash flow, preserve working capital for other essential investments and have confidence that they won’t be compromising their ability to meet other financial obligations.

Removing the barrier of upfront costs creates the possibility for practices to invest in the implementation of cutting-edge case-management systems, document-automation tools and AI-powered analytics, empowering firms to enhance efficiency, reduce errors and internal costs, and deliver superior client outcomes.

Furthermore, asset finance also provides the flexibility to upgrade technology as new advancements emerge. This enables law firms to stay at the forefront of the digital revolution, adapting swiftly to changing client demands and industry trends.

Survival of the fittest

In an era where technology-driven disruption is reshaping industries, law firms cannot afford to lag behind. Overcoming barriers to technology adoption is crucial to remain competitive, improve operational efficiency, and deliver exceptional client experiences.

While there may be initial resistance to change and concerns about cost, the benefits of investing in new technology in the legal sector are clear.

As the digital age progresses, the adoption of new technology is not just an opportunity for law firms – it’s a necessity for survival in the long-term.

By embracing this change, law firms can improve their efficiency, enhance their client service, safeguard their sensitive data, and stay competitive in a rapidly evolving marketplace.

So, why not take your law firm in a new direction?

The STAR Asset Finance Group has created a new division, STAR Professions, which is dedicated to the legal services industry and helping law firms make informed decisions about their technological investments.

You can contact Star Professions on 0330 202 0619.