“I can’t get enough time and resources away from business as usual to make a significant difference to my firm.” Sound familiar?
If so, you’re not alone. The Eventful Group’s ‘2019 Legal Innovation Report” found that 48% of Australian law firms agree with this statement. Furthermore, this statistic isn’t unique to lawyers. Many businesses are time poor and find it hard to make a change.
There are many aspects involved in making an organisation successful. The first elements that spring to mind include profits, employee engagement and a strong management team. Strengths like keeping your organisation on the forefront of innovation and being an early-adopter of technology are often overlooked.
Many Australian companies are strong performers in efficiency and being client focused. Technology helps these areas of high performance, become stronger. Given time constraints however, it is easier to say that the technological systems your firm currently has in place work ‘fine’ for the way you’ve always done things. But what about future-proofing?
At InfoTrack, a number of clients have adopted new legal technologies and have reported better client and staff satisfaction, improved efficiencies and best of all higher profits, all while reducing time constraints and focusing on innovation, strategy and new business. So, what can improving technology in your firm mean for you?
1. Increased efficiencies and revenue generation
Working smarter enables you to use your time more efficiently and streamline mundane tasks, giving you the ability to take on more work and devote more time to your clients and growing your firm.
Time equals money. In saying that, it’s simple to see that increased efficiencies equate to improved revenue generation. Being able to off-load repetitive administration tasks to an automated technology will save you, and subsequently your business, a significant amount of time.
There is also the added benefit that when you automate mundane tasks, you reduce the chance of human error – particularly relevant for data entry.
2. Increased staff satisfaction and retention
A large portion of staff within the workforce come from the ‘technology generation’, who expect great technology. It’s not uncommon to hear of companies that have given in to updating software simply because they couldn’t recruit new people who knew how to use their current (outdated) systems.
Don’t let this be your firm. This generation of professionals have a knowledge of technology never seen before and it is your responsibility to recognise and value this. If anything, utilise the skills and expertise new hires bring to the workplace – they have the skills your firm will need to adapt and remain strong, well into the future.
3. Increased client satisfaction
Not only is your team from the technology generation, but so are your customers – and even those who were not born with technology at their fingertips have adapted to it.
Offering technological solutions for your customers illustrates that you understand their time is valuable and you are prepared to go the extra mile to accommodate their needs. Satisfied clients also mean good word-of-mouth, and good word-of-mouth can generate referral business.
For example, in March 2019 at InfoTrack we launched Securexchange, stopping the need to share trust account details via unsecured emails, protecting against financial loss and the reputation of all professional parties involved in a property transaction.
When developing Securexchange, we surveyed our legal clients and learned of an alarming number of cyberattacks, with 29.8% experiencing hacking attempts and 23.3% having their emails intercepted.
This is what sparked the need for Securexchange as an innovative technology solution. This led InfoTrack to win an Australian Financial Review and Boss Magazine’s Most Innovative Companies award, placing us as the only legal technology firm to win this award.
4. More time to win new business
If you are spending less time having to run your firm, then you can spend more time on developing it. Securing new customers is key for any business to stay profitable. Working smarter ensures you have the time to focus on growing your business and solidifying its future.
Where to now?
Find out what your goals are as a future-ready firm and where the subsequent gaps are in your offering. The key is asking questions and finding ways to adapt and become future-ready with the right technology at your fingertips. Lean on your team and technology provider to help you develop the right skills to become a high-performance organisation.
Ready to be on the forefront of legal technology and make your firm more efficient? InfoTrack integrates with over 30 Practice Management Systems meaning no need to re-key data. All search results are added directly back into your matter. Get started with InfoTrack today. No subscription. Pay per use.
InfoTrack is the leading innovator in legal technology. We provide an integrated platform that enables our clients to find, analyse, organise and communicate information efficiently and effectively. InfoTrack has been at the forefront helping businesses through technology innovation for over 19 years and has a deep understanding of the legal conveyancing industry with over 8,000 legal clients across Australia.