Legaltech is becoming a trend among law firms. According to the stats, 52.4% of small and medium law firms were already using legaltech to increase the efficiency of legal service delivery in 2020.
But a small law firm owner who has not utilized legaltech yet would wonder: How do I approach legaltech adoption? And a follow-up question would be: Are there any success stories I can learn from?
To answer these questions, we at Loio have put together a list of five successful case studies of legaltech adoption in small law firms in 2019-2021. We hope that this list will help law firm owners make more well-informed decisions when it comes to legaltech.
Contract review software as a way to save $150,000 on operational costs
The 7-person law firm Brinen & Associates was spending too much time on contract review. The time-consuming process didn’t leave the bandwidth for the firm to serve more clients, and thus, make more profit.
In 2020, the law firm’s owner started to use Loio, the сontract review software. Operating as an MS Word add-in, Loio has been able to automate the most back-breaking parts of the contract review process, such as fixing the document’s formatting and correcting the mistakes.
“Loio is a clutch player in that it consistently gets on base with what you need. What Loio is doing is the mundane tasks that nobody wants to do. And it’s very important,” commented the law firm owner.
According to the case study covered by the industry publication Legal IT Professionals, the law firm’s owner has reviewed 10,000 legal documents with help of the software within the period of six months.
As a result, the firm was able to take on more clients and provide them with faster and more accurate document review, which has boosted the quality of services offered by the firm. What’s even more important, the law firm expects to save $150,000 in operational costs per year.
The owner of Brinen & Associates also highlighted that Loio is helping them to withstand the competition: “Technology has come to a place now where I can compete with international law firms effectively and thus save money for those clients who choose me by using technology. That means using a bunch of different tools. Loio being an important one of them.”
Case management system as a way to streamline client communication
Gummerson & Nickolaus is a new-formed small law firm of 10 employees. It was seeking ways to optimize its administrative workflow and, as a result, dedicate more time to its clients.
In 2020, the law firm chose MyCase as their new case management system. With its help, the firm has created an automated system, which was able to optimize even the most complicated processes such as billing.
“MyCase has given us the ability to be more effective at communicating with our clients,” stated the law firm’s managing partner. The software has enabled the firm’s clients to check the status of the case at any time without having to spend hours on phone calls.
Last but not least, the software helped the team to better track the time they spend on delivering legal service. For example, one of the firm’s attorneys used to bill nine hours a day before using MyCase. Now, she is billing from 11 to 12 hours, as MyCase helps her keep track of all of her time.
Additionally, the firm’s attorneys don’t need to spend their working time filling Excel spreadsheets and calculate hours manually anymore. This proves that legaltech can be a way to reconcile billable time with efficiency. It lets lawyers not only make the most of their time but also make sure that every billable hour is properly recorded.
Automation software as a way to increase client onboarding by 70%
The Nice Law Firm’s owner was already familiar with the power of legaltech when he came across Lawmatics automation software in 2019. Being a former client of a lead conversion system, he knew what benefits automated client intake could bring to his business. But it wasn’t enough for him.
The law firm was aiming to create a fully automated system that would support each practice area they work with, taking into account the differences between them. To make this happen, the law firm’s owner has approached Lawmatics.
After automating the lead follow-up and conversion processes, the law firm understood: it is a win. With the new system which automatically sends emails and creates templates, an attorney can execute the client call or send an agreement just from their phone.
As a result, the client onboarding process was accelerated by 70%. Moreover, the hours attorneys used to spend on data processing were cut down by half.
“Lawmatics gives us enterprise tools at a small business price. We love having access to all of the automation and management features, and our clients love the experience too,” commented the owner of the firm on his experience with the software.
IP docketing software as a way to save up to 3 hours a week
The owner of Carbon Law Group, a small law firm, used to conduct IP docketing via Google Forms and spreadsheets. But as his small practice started to grow, so did the need to optimize the allocation of time and resources.
The law firm chose Alt Legal as their new IP docketing software in order to speed up the docketing process and save some time on their attorneys’ schedules for more high-value tasks.
Now, the law firm owner doesn’t have to manually create a form for his clients and chase them to fill it out — Alt Legal does it for him. All he has to do is click a couple of times to transfer the information into the TEAS (Trademark Electronic Application System) application.
“The automated trademark docketing saves us 2-3 hours per week, easily. Moreover, we have peace of mind knowing that we have all the information about our filings in one place, easily accessible. We like being able to use Alt Legal to audit our own records, and the reminder emails are huge,” commented the owner of the firm in the case study.
Time tracking and billing software as a way to achieve a 97%+ collection rate
Modern Family Law is a small law firm of around 20 attorneys. One of their pain points was the multi-stage billing process, which involved transferring money back and forth from the trust account.
In order to save time the firm was spending on billing and invoicing, it moved to TimeSolv. It is a time tracking and billing software for law firms. The TimeSolv team has helped Modern Family Law to streamline the payment processes from the very beginning: using clients’ credit card or ACH details, the software was able to run all transactions automatically.
Additionally, TimeSolv has assisted the firm in accelerating the process of paying a large number of invoices at once. In collaboration with the firm, TimeSolv has built a process that lets the firm’s team members pay for many invoices in a couple of seconds instead of hours.
The Modern Family Law was especially satisfied with the automated notifications on the payment statuses or any connected issues. “If you have a $3,000 retainer and you bill $2,000, but the client can’t replenish the retainer back up to $3,000 you have an opportunity before you get in the red to work with the client before your AR begins to accumulate,” said the law firm owner.
After using TimeSolv for a year, Modern Family Law’s collection rate reached as high as 97%.
The success stories above show that applying legaltech to mechanical and time-consuming tasks of legal practice can be a win for a small law firm. Automation of billing, contract review, IP docketing, etc. can save an impressive number of hours per week or even cut $150,000 in operational expenses per year.
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