As we usher into a new decade, businesses across all industries are expected to embrace several trends. Doing so will make them more competitive. Otherwise, they can be left behind. If you own or manage a law firm, keep on reading as we talk about some of the trends that you can expect this 2020.
- Use of Law Practice Management Software
While it has already been a growing trend in the past, this 2020, the use of law practice management software will be more popular. From billing to scheduling, it can be handy in more ways than one. This will help improve the lives of lawyers, paralegals, and everyone else working in the law firm while also delivering a higher level of customer satisfaction.
Looking for law practice management software to implement in your law firm? Check out Rocket Matter, which you can also use as legal billing software.
- More Affordable Legal Services
In one article from Forbes, the author notes that recession is likely in law firms this 2020. This makes it crucial to safeguard your law firm before it is hit by an economic downturn. And for many, the best solution is to make their legal service more affordable without compromising quality. Competing based on price will help to grow your client list.
- Embracing Artificial Intelligence
A report from the American Bar Association notes that legal analytics is being increasingly popular in law firms. With this, using artificial intelligence will be more common practice this year. This can help legal professionals conduct thorough research. They can find patterns out of thousands of pages of documents they have to review. This can also be useful when it comes to reviewing contracts.
- Discovery Using Electronic Tools
Electronic discovery or e-discovery is another trend that will grow in 2020. Law firms will use this tool to ease the work of paralegals and lawyers. It will streamline legal procedures. This will make it effortless to look for all materials that are relevant in specific cases. Gone were the days when discovery needs to be a lengthy and complicated procedure.
- Emphasis on Client Service
Law firms will continue to prioritize client service in its operations. One way by which they can do this is through addressing feedback. They will gather feedback through different channels to have insights on how they can become more competitive. Law firms will strive to deliver the highest level of client satisfaction.
- More Mergers and Acquisitions
It is also expected that 2020 will be a year when law firms will be forging stronger partnerships in the form of mergers and acquisitions. This is one of the most effective ways to manage a recession. It will minimize the impact of economic downturns. It will help manage costs and improve inefficiencies, among other benefits.
From law practice management to mergers and acquisitions, this article talked about some of the things that will be big in law firms this 2020. These trends will help law firms become more competitive, deliver a higher level of customer satisfaction, and manage economic problems, among others.
