4 Must-Have Technologies for a Competitive Law Firm 

4 Must-Have Technologies for a Competitive Law Firm 

2.19.2024

By M.E. Hammond, Sr. Content Writer, MyCase  

This article was adapted from the MyCase e-book, “2024 Legal Tech Buyer’s Guide: 8 Must-Have Technologies for a Competitive Law Firm.”  

With a wide variety of technology solutions on the market, from specialized tools like e-signature software to comprehensive offerings such as legal practice management (LPM) software, choosing the right technologies with the right features to meet your team’s and clients’ needs can be challenging. 

In this article, we’ll explain how to quickly identify the most impactful solutions that will help your team produce outstanding outcomes for your clients.   

Legal Technology Adoption: Trends and Benefits  

Much like the legal industry itself, legal technology adoption continues to evolve and expand. According to Bloomberg Law’s 2023 Legal Ops + Tech Survey, legal professionals said their organizations were currently using the following technologies.    

• Timekeeping: 91% of respondents   
• Billing: 89% 
• Legal research: 79% 
• E-signature: 63% 
• Records management: 63% 
• Cloud storage: 55% 

For many of the legal professionals surveyed, the benefits of these solutions were clear:   

• Time savings: 30% of those surveyed claimed they had finished tasks faster due to legal technology. 

• High-quality work: 37% said they have increased the quality of their work, while 32% said they have increased the time they spent on higher-level tasks. 

• More billable time: 26% mentioned they have dedicated more hours to billable matters.  

• The ability to make informed decisions: 64% agreed that legal technology helps them make better decisions for their clients. 

• Increased security: 81% stated they are better prepared to respond to cybersecurity threats.  

Artificial Intelligence in Law 

Artificial intelligence (AI) has been a hot topic this year. For lawyers interested in using AI in their practice, it’s essential to understand the benefits, applications, and risks that come along with it.   

Bloomberg Law’s survey found that 50% of respondents are “somewhat” or “very concerned” about the ethical implications of using artificial intelligence in their practice. Potential risks of AI in law include: 

• Inaccurate content: AI-generated content is not always accurate—often, it includes errors and, at times, even false information. Any content created by AI should be meticulously reviewed and edited by a legal professional. 

• Data security: Using sensitive client information with third-party software, such as an AI tool, can put data at risk and potentially breach privacy laws. It’s important to ensure that any AI tools you input information into have robust security measures.  

Ultimately, legal professionals who choose to utilize AI can reap many benefits. For instance, AI-powered tools can automate repetitive and time-consuming tasks, which in turn can help increase firm efficiency and reduce overhead costs.  

Wolters Kluwer’s Future Ready Lawyer 2023 survey, which surveyed over 700 legal professionals, found that 73% of respondents expect to integrate generative AI into their legal work within the next twelve months.  

Practical uses of AI in law include:  

• Document generation: Generative AI, like ChatGPT, can create first drafts of documentation such as demand letters, nondisclosure agreements, employment agreements, or discovery demands.  

• Legal research: ChatGPT can provide summaries of cases, laws, deposition transcripts, or pleadings.  

AI innovation and adoption is still in its infancy. But it is poised to become a significant technology for many industries, including legal. Understanding legal AI and how your firm can leverage it is essential to be competitive in today’s industry.  

Top Technologies to Maximize Law Firm Productivity and Profitability 

Utilizing the right legal technology has the potential to enhance operational efficiencies and boost profitability. Below, we’ll highlight some of the key legal technology solutions that can increase productivity within any law firm, as well as essential features that these solutions must have to be considered best-in-class. 

Billing and Invoicing 

Bloomberg Law’s survey stated that 89% of respondents are currently using billing technology.  

What to Look For:   

• Time tracking: Look for billing software that includes time tracking for a quick and easy billing and invoicing process. Your time tracking and invoice creation can also be automated and completed in a matter of a few clicks.  

• Automated invoice creation, sends, and reminders: Don’t spend non-billable time tracking down payments. Speed up the invoicing process with auto-fill templates that populate with time entries. In addition, automated invoice reminders prompt clients to pay without the need to craft an email or make a phone call.  

Digital and Flexible Payment Options  

If you want to provide a competitive and convenient client experience, online payment options are a must. According to a 2020 Speedpay Pulse Survey, over 95% of people prefer paying bills online versus in person.  

What to Look For:  

• A variety of payment options: Look for software that accepts credit and debit cards, eCheck, ACH payments, and electronic payments, as well as flexible payment options such as scheduled payments or legal fee financing.  

• ABA and IOLTA compliance: Ensure that any payment methods you choose comply with industry regulations.  

• Best-in-class security: Keep client data and payment information secure with reliable payment software.  

• User experience: Give your clients the convenience they crave—ensure that any solution you choose provides ease of use. 

 Accounting and Trust Account Management 

Legal accounting software can give you control of your firm’s finances and ensure compliance with industry trust accounting regulations.  

 What to Look For:   

•  Three-way trust reconciliation: This will keep your firm compliant with state bar regulations and ensure your accounts are accurate and secure.  
•  Expense reporting: Legal accounting software should enable you to keep track of outstanding bills and expenses (and vendors associated with them) to ensure an accurate depiction of cash flow and financial projections.  

 Lead Management and Client Intake 

What to Look For:   

•  Embedded and customizable intake forms: With intake forms embedded directly into your website, potential clients can easily reach you.  
•  Lead tracking: Look for software that tracks prospective clients and keeps all client data in one secure location.  

 Get ahead of what’s next. Download the MyCase e-book, “2024 Legal Tech Buyer’s Guide: 8 Must-Have Technologies for a Competitive Law Firm.”  

 Embracing technology is essential for law firms to remain competitive in today’s evolving legal industry. But with such a diverse range of software and new solutions hitting the market all the time—which technology is worth your investment?