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Law Firm Technology 2018

Making Technology Work for Your Firm in 2018

Back in 2014, we published a post titled, “Are Law Firms Letting Technology Pass Them By?” Over three years later, a lot has changed when it comes to the software and services out there, but the question remains: Is your law firm taking advantage of the right technology to make business run as smooth as possible?

By now, we all know that technology saves time both in our personal and professional lives. It has become common practice for many lawyers to depend on their computer to manage daily administrative tasks. However, there are still many firms that choose to practice in a more traditional manner. While there’s something to be said for a “personal touch,” as a lawyer you shouldn’t be preoccupied with the management of your office. Instead, think about how freeing up the resources currently devoted to these mindless and time-consuming tasks could be redirected toward providing your clients with the personalized legal advice and first-rate service they expect and deserve.

One thing that hasn’t changed since our post in 2014 is that when it comes to law firms, size matters. What works for a solo practice might not cut it in a giant law firm (and vice versa). However, the importance of choosing the right technology is the same regardless of how big, small, or in between your firm might be because ultimately, it all comes down to time and money.

As an industry leader in legal practice management software, we’ve heard it all: some firms worry they are too small to implement a new system, while others believe they are too large to need it. But at the end of the day, no matter the size, a few realities hold true.

  1. First, learn How to Make Legal Technology Work For You by utilizing an integrated system that allows you to manage your entire practice with one single web-based application. This isn’t just helpful, it’s the way of the future.
  2. Second, gain an adequate understanding of legal accounting. Lawyers know that Accounting is Hard, but Legal Accounting is Harder. While most practicing lawyers are not also accountants, the legal industry faces the most extreme levels of scrutiny and penalization associated with accounting. Errors and inaccuracies go far beyond a misrepresentation of a firm’s bottom line, they can often lead to penalties and may even lead to disbarment.
  3. Finally, make it easy for your clients to pay your law firm. Simple steps such as designing easy-to-read invoices, using an integrated billing and accounting system, and even accepting credit cards, can seal the billing leakage at your law firm and ensure a strong cash flow in the future.

Whether your law firm employs one or a hundred, your office must embrace legal software to stay relevant in this industry, end of story. If you are using out-of-date systems and software, or if you aren’t taking advantage of technology at all (trust me, these people do still exist), and you have questions about what may be right for your practice, contact us for a free consultation or Try CosmoLex Today.

Rick Kabra

Dr. Rick Kabra is CEO of CosmoLex Cloud, creator of cutting-edge technology solutions to help solo and small law firms law firms. Rick has a Ph.D. in Electrical Engineering from NJIT and has over 10 years of experience in the legal software industry catering to the specialized technology needs of small to mid-sized law firms. Rick has given numerous seminars and published articles on legal technologies such as law practice technology management, cloud computing, and legal billing, business & trust accounting compliance.