CEO and founder Rakesh Sangani shares his perspective on automation and lawtech at Future Lawyers Week:
Most people are familiar with the urban legend that NASA spent millions inventing a ‘space pen’ that worked without the power of gravity while the Soviet Union just used pencils. The truth behind the story is questionable but the legend remains a powerful example of mind over money.
So how does this apply to law tech?
Like American and Russia during space race of the 60s, UK law firms are competing to gain a competitive advantage with the most advanced technology available. Analytics and business intelligence are providing vital insights.
Just as importantly, 82% of legal departments expect workloads to increase so greater automation, hyper-automation, is becoming increasingly essential to free staff up to work on high-value tasks. On top of this, task mining and process mining are being used to further automate systems and minimise costs.
Firms who don’t undergo digital transformation and aggressively modernise are being left in the dust.
The Space Pen - Not all that glitters is gold
This can lead to the false assumption though that there is only one way to win. Firms need to:
- Spend big.
- Implement the largest projects possible.
- Focus on whatever will deliver the greatest single result.
Is this a realistic outlook though? Larger projects are more likely to go over budget, overrun and some of the promised benefits may fail to materialise.
The Pencil - For barristers on a budget
The past year has given everyone added incentive to review their budgets and push for maximum value for money.
Whether by choice or lack of another option, even simple tools can help generate insights that can help firms gain a competitive advantage. Why commit all your time, money effort towards an advanced solution which may or may not be realised several years from now?
The reality is, something ‘simpler’ like a chatbot can start contributing in a fraction of the time. They are cost-effective and are proven to work
The Truth Of The Matter
There is so much choice out there right now for law firms shopping for RPA that’s going to give them an edge – what to choose? Finding the right RPA solution is critical. A simple chat bot could be what’s needed but maybe a more advanced bot or solution is what’s required. It’s important every firm gets a tailored solution that really is the best fit for their unique situation and challenges.
The key to efficient, cost-effective technology and change management programmes is understanding client needs before looking for a solution. Law firms and technology solutions providers can work effectively together to add value to a client business.
Modernisation is imperative. But, firms need to be savvy and find the way forward that’s right for them.
For everyone on the day who wanted a copy of the presentation’s slides, they are all included below for you to check out in your own time.