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👉 Swipe to learn how your law firm can make more money by using LEAP. 📄 From streamlined document drafting to customized templates, our legal practice productivity solution empowers you to work more efficiently and effectively. For more information, visit https://lnkd.in/g4jaK3sx #LEAP #leaplegalsoftware #LEAPessentials #legaltech 

Our co-founder Ben Nicholson has decades of experience in helping large businesses solve complex workflow challenges. Here he is talking about how law firms can start making process improvement a critical part of their long-term business strategy. If you're interested in the #legaltechnology space, keep an eye out for regular content from Ben.

Some great insights here from Ben Nicholson, the cofounder of ShareDo. The tech stack chaos of the past few decades has led many of the larger law firms to spend their finite resources maintaining their existing systems rather than improving their workflow processes. With the 4th industrial revolution well underway, every day you aren't making improvements is a day that you are falling behind. It's no longer enough to re-envision a tech stack every 10-15 years. Over a long enough time frame, even in a Specialist Knowledge focused industry like law, without continuous improvement (Kaizen and Lean Six Sigma especially) firms will simply end-up priced out the market. The question is - do you want to be a Blockbuster, or a Netflix?

Most of the £50M to £100M law firms I talk to struggle with making process improvement a core part of their business operations. Here’s exactly what I’d do to change it: But first, some context: Streamlining processes is a challenge across most industries. But *why* is this so difficult in the legal sector? What makes it unique? 1) Legal faces the same competitive pressures as any other industry Competition is fierce, margins are tight, and new technology is disrupting the market. Additionally, evolving regulations are continuously adding to the cost pressures. 2) Legal is a collection of distinct practice groups For instance, family law operates differently from corporate law or private client services, each with its own processes. This creates a massive process catalog that law firms need to manage. 3) Spending IT budget just to keep the lights on Legal firms tend to have a proliferation of applications, and most of the IT budget is used to keep them running, which leaves little room for investment in process improvement. 4) There’s high resistance to change within the legal profession: Lawyers are understandably cautious about automating processes that rely on their specialized knowledge. However, many ancillary activities related to core legal tasks can be optimized, allowing lawyers to focus more on their primary legal work. So, here are the steps I’d take to drive process improvement in law firms 1) Build a Library of Best Practices to define what good looks like - You don’t want to ask busy associates or partners to map out every process from scratch.  - Having a pre-existing library helps identify what good looks like and highlights high-value, low-effort processes to improve. 2) Rationalize IT Spend and shift more resources to process improvement - Analyze the proportion of IT spending dedicated to maintaining existing applications versus what is allocated for process improvement. -  Shift more resources towards initiatives like Lean Six Sigma, which supports continuous process change. NOTE: This will require skilled personnel and a strategic reallocation of your IT budget. 3) Start adopting Industry Best Practices for Process Improvements - Implement standard practices such as Lean Six Sigma to prioritize high-value, low-effort process improvements.  - Embrace a cycle of continuous improvement, integrating process enhancement into everyday business operations. Anything you’d add? #LawFirm #LegalTech #LeanSixSigma #LegalInnovation

𝗧𝗵𝗲 𝗥𝗶𝘀𝗸𝘀 𝗼𝗳 𝗧𝗲𝗺𝗽𝗹𝗮𝘁𝗲-𝗕𝗮𝘀𝗲𝗱 𝗔𝗴𝗿𝗲𝗲𝗺𝗲𝗻𝘁 𝗗𝗿𝗮𝗳𝘁𝗶𝗻𝗴 𝗶𝗻 𝗜𝗻𝗱𝗶𝗮 In the legal industry, it's common for many lawyers to draft agreements based on pre-existing templates. While this may seem efficient, it often leads to significant issues that can have serious consequences for clients. Here's why relying on templates might not be the best approach: 𝗟𝗮𝗰𝗸 𝗼𝗳 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻: Templates are generic by nature. They don't account for the unique circumstances, specific needs, or nuances of each client's situation. This can result in agreements that don't fully protect the interests of the parties involved. 𝗢𝘂𝘁𝗱𝗮𝘁𝗲𝗱 𝗖𝗹𝗮𝘂𝘀𝗲𝘀: Legal standards and regulations evolve over time. Templates that are not regularly updated may contain outdated clauses, leading to non-compliance with current laws, which can render agreements unenforceable. 𝗜𝗻𝗮𝗱𝗲𝗾𝘂𝗮𝘁𝗲 𝗥𝗶𝘀𝗸 𝗠𝗶𝘁𝗶𝗴𝗮𝘁𝗶𝗼𝗻: Templates might overlook certain risks specific to the transaction or industry, exposing clients to potential legal and financial liabilities that could have been easily avoided with a tailored agreement. 𝗠𝗶𝘀𝗶𝗻𝘁𝗲𝗿𝗽𝗿𝗲𝘁𝗮𝘁𝗶𝗼𝗻: Using a one-size-fits-all template can lead to ambiguity and misinterpretation of key terms, which might result in disputes and litigation down the line. 𝗢𝘃𝗲𝗿𝗹𝗼𝗼𝗸𝗲𝗱 𝗦𝗽𝗲𝗰𝗶𝗳𝗶𝗰𝘀: Important details related to the jurisdiction, governing law, or unique obligations are often not fully addressed in templates, leaving gaps that can be exploited. 𝗣𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝗥𝗲𝘀𝗽𝗼𝗻𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝘆: As legal professionals, our primary responsibility is to protect our clients' interests. Simply filling in a template without thorough analysis may fall short of this duty. 𝗔𝘁 𝗩𝗮𝗸𝗶𝗹𝗔𝗜, we provide Generative AI-based solutions for lawyers that cater to the specific needs of each client. Our approach ensures that agreements are not only compliant but also robust enough to withstand scrutiny. It’s time to move beyond templates and embrace a more customized approach to legal drafting. #LegalTech #Law #LegalDrafting #LegalRisks #Customization #VakilAI #LegalInnovation

🔍 Rethinking Legal Pricing: Embracing Value Over Billable Hours ⚖️ In legal services, the traditional billable hour model has long been the norm, but as technology continues to revolutionize our profession, it's time to reassess how we attribute value to the work we do. At Source, we've embraced a value-based pricing model, and here's why I believe it's the way forward:   💡 Client-Centric Value: Value-based pricing prioritises client-centricity, as it necessitates viewing our services through the lens of our clients. Unlike the billable hour model, which often prioritizes time spent over outcomes achieved, value-based pricing hinges on understanding the true worth of our work from the client's perspective. Value-based pricing aligns our incentives with those of our clients, emphasizing results over hours logged ensuring a mutually beneficial relationship built on shared objectives and mutual respect. ⏳ Questioning Time as a Measure of Value: Was time ever an accurate measure of the value of legal services? While it may have served as a convenient metric in the past, it fails to capture the true impact and significance of our work. Unlike other professional services, the legal industry has clung to the billable hour model, perhaps out of habit or tradition. Consider this: if a task that once took 10 hours now only requires 8 due to improved processes or technology, should the client still be billed for 10 hours or does the whole paradigm under which the lawyer values that work need to change? 📈 Efficiency Equals Profitability: With advancements in technology, legal tasks can now be completed more swiftly and efficiently. This efficiency not only enhances the quality of our service but may also make our operation more profitable. 🚀 Embracing Change: At Source, we're not afraid to challenge convention. By embracing value-based pricing and leveraging AI to enhance our efficiency, we're positioned not only to thrive in a changing landscape but also to lead the way forward. As we navigate this evolving terrain, it's essential to remain adaptable and open to change. By prioritizing value over time, we can better serve our clients, drive profitability, and shape the future of legal services for the better. #LegalInnovation #ValueBasedPricing #Adaptability 🌟🔒

“There’s no turning back from the digitization of legal delivery, and stakeholders had best be prepared for it and the new skills required.” A recent Forbes article discusses the need for evolving skill sets and leadership strategies within legal teams. Data analysis, strategic planning, and technical proficiency are increasingly crucial for legal professionals to remain efficient and competitive. To learn more about how legal tech tools can augment your practice, and your team's development, contact Spider Silk Solutions today. #legaltech #professionaldevelopment #paralegal #lawclerk #training https://lnkd.in/gG2MvNiz

Choosing the right document automation solution for your law firm is pivotal. We talked with James Tapscott, Senior Manager, Innovation and Legal Technology at Addleshaw Goddard, about their 5 key pillars of #documentautomation. Find out what they are and how they go about ensuring the business case for automation here 👉 https://lnkd.in/ekBzrNhD #legaltech #lawyers #law #automation

🚀 Transform Your Legal Practice with Automation! 🚀 Discover how automation can streamline your workflows, boost efficiency, and improve client satisfaction. From document management to client communication, learn how your law firm can benefit from the latest in legal tech. Read our latest blog post to explore the key benefits and implementation steps for legal automation. Plus, get access to valuable resources and recommended videos to help you get started.