Managing knowledge well gives law firms an edge. It enables them to differentiate, to be more productive, and to broaden the services they provide and ultimately grow the business. Investing in modern document management isn’t a luxury—it allows firms to make best use of the knowledge that is essential to legal practice.
Not convinced? Read on to learn why law firms of all sizes need a modern, cloud-based document management system in place.
1. Knowledge is at the center of law
At the center of every legal matter, there are two constants: the lawyer and the documents they create, review, or manage. In every law firm, lawyers spend most of their day working in email and documents to capture and convey knowledge. In fact, knowledge is so central to legal practice that a survey we conducted with Metia group found that 68% of respondents said the information in digital documents and files is the most important thing to their business. Managing these critical files should be a high priority for any law firm.
2. Information silos waste valuable time
Although knowledge is widely viewed as crucial to legal practice, some firms make the mistake of keeping knowledge in multiple locations. When firms trap knowledge on hard drives, siloed systems, and emails, lawyers are forced to spend valuable time searching for the right precedent, the proper clause, or the right expert. This is time that could be better spent with a centralized document management system in place.
3. Knowledge should be an institutional resource
Knowledge silos not only waste time, they also prevent firms from making use of their knowledge across the organization. The advantage of modern document management solutions is in the ability to transform knowledge that’s stored in multiple systems into institutional knowledge that’s available to the entire firm. New technology advancements like powerful information search, easy and secure collaboration, artificial intelligence, and machine learning can transform a traditional static archive, unlocking the knowledge held within its folders and create value for the firm as a whole.
4. Data and reputations need to be protected
The Solicitors Regulation Authority (SRA) in the UK published a report in September 2020 that found that three-quarters of the firms participating in their research had been the target of a cyberattack. Calculating the impact of these breaches, the SRA found that this “often resulted in indirect financial costs. For example, one firm lost around £150,000 [around $210,000] worth of billable hours following an attack which crippled their system.” Data breaches risk not just invaluable client information, but your firm’s reputation as a trusted partner. Secure document management is a must to prevent disastrous data events.
5. The Cloud levels the playing field
Large law firms with big IT teams, infrastructure, and dedicated resources have been the first to take advantage of modern document management. They are using it to their advantage, capturing this knowledge and sharing it securely across the business, turning individual knowledge into a competitive advantage for their firm.
As with any technology advancement, these solutions are now available to a broader market, especially when they are in the cloud. Moving to the cloud enables midsize and smaller firms with smaller IT investments and teams to deploy turn-key solutions that can almost instantly level up their knowledge technology. Cloud-based document management can provide the centralized, secure, and collaborative system your firm needs to gain the edge in the modern legal marketplace.
To learn more about why your firm needs modern document management, download our brand-new eBook!