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Here are some of the key themes our team identified for 2020 as being top of mind for lawyers and legal tech providers going into 2020 …
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Our Web360 package was created for firms of all sizes, in order to free up fee-earners time and improve data accuracy. Web360 also removes the process of manually handling data by automatically unifying data from various sources into a single origin - your PMS.
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Now that we are 18 months into the passing of the General Data Protection Regulations the legal sector have three strong motivators (other than their own desire to offer the highest level of professional services) to protect their data.
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Our UK team has been actively making connections and meeting customers throughout the busy autumn LegalTech events & networking season in London, including Legal Innovators, Legal Geek, Legal Support Network & NetDocuments Elevate EMEA 2019. These events brought together the top minds and leaders in UK Legal Technology in the form of talks, presentations, panels and networking.
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Where duty of care is concerned, protection of client monies is one of the highest priorities for law firms. As well as financial security being an obvious responsibility, it’s a vital regulatory obligation too.
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Accesspoint understand the importance of automated forms and how they can have a positive impact on a firms efficiency as they spend less time on burdening admin tasks.
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Law firms typically have fewer systems and resources in place with which to address money laundering,
making them something of a ‘soft target’ for criminals
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A business continuity plan could include elements like remote working but should also include provision for a physical place where your staff can continue to work together
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Lawyers working in today’s market must be able to collaborate. Its global, inter-disciplinary and technologically enhanced nature make it a must. Not doing so leaves Lawyers and law firms at risk of being left behind.
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Data is a vital asset to every modern legal practice. It is the backbone of both case and business continuity and without it, almost any firm today would cease to operate. As data sets grow continuously, law firms are becoming ever more reliant on third party cloud-based systems to manage and store most, if not all of their business-critical data.
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The legal industry is utilising more technology than ever before. Law firms understand that in order to be considered as a leader in their respective fields, incorporating both legal IT and the knowledge to power it is now essential.
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When you think about compliance, the word workflow doesn’t immediately spring to mind. Yet it should. Workflows allow a firm to provide a consistent level of service to their customers, ensuring that tasks are undertaken by those with appropriate levels of skill. A top-level fee earner shouldn’t be spending time sending out Ts & Cs and similarly, secretaries shouldn’t be examining title deeds.
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All too often law firms miss opportunities to supply their services to those who need it, simply because they’ve created a website that looks good on the outside, but their online presence is badly managed, under performing and not always readily visible to prospects.
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We all love being paid, but not necessarily the hassle of billing. With a number of moving parts – invoice generation, double entry, compliance requirements, VAT, tax, chasing bill payments – legal accounting is not always fun. Add to that the time pressure that law firms face, and you have a system that’s inefficient.
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If you’re au fait with the revised SRA Accounts Rules, you’ll know that part 3 includes handling client monies through the use of third-party managed accounts (TPMAs). These are an alternative to holding client money directly and have been permitted by the SRA since 2017. It’s part of the regulator’s ongoing focus on protecting client money by making transactions more efficient, safe and transparent. The SRA has set out guidelines in relation to their use.
