eBook - EN

5 Ways Information Management Platforms Produce Deep Value for Legal Teams

Issue link: https://read.uberflip.com/i/1304665

Contents of this Issue

Navigation

Page 1 of 7

5 Ways Information Management Platforms Produce Deep Value for Legal Teams Globally, the legal services industry was worth $849 billion in 2017 and is expected to become a trillion- dollar industry by 2021, per Statista. It's an immense sector of the economy and it's growing. But it's about to be disrupted. Wolters Kluwer says in their report, The Future Ready Lawyer, "After a decade of debate about legal sector transformation — if, when and how it would happen — there's no question that the global future of law is underway and that technology is a key force for change. Legal professionals are increasingly turning to impactful technologies that help them achieve better outcomes and offer higher value through higher efficiency and productivity." STATE OF THE LEGAL INDUSTRY Ultimately, the legal sector is vulnerable in its susceptibility to disruption. An industry becomes vulnerable to disruption when it becomes deep-rooted in the same, age-old solutions and structures. A successful law firm is contingent on positive outcomes predicated on information and knowledge — information that helps attorneys to better strategize, solve problems, to accomplish specific business goals. Demand for legal services has increased year-over-year, as seen in the below figure, and so has worked rates, fees worked and lawyer growth. Yet, productivity has declined. Pedantic information sits at the heart of law firm success, and by extension their expertise in handling complex matters and steering clients down a sound and secure pathway by leveraging their knowledge and research. Businesses cannot know everything and therefore, rely on specialists with practical experience to guide and support their business.

Articles in this issue

view archives of eBook - EN - 5 Ways Information Management Platforms Produce Deep Value for Legal Teams