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Technology and the modern law firm: Thomson Reuters on how new technology is advancing the legal profession
Lawyers and firms are often open to the advantages of technology in improving critical relationships with clients and staff, but there is so much information out there that firms could find it difficult to mine the data and work out how to best use it.
Naomi Neilson
It’s where providers can offer technology information and services to lessen confusion, particularly within client relationship spaces. Thomson Reuters said law firms are seen as the key drivers in the digital transformation space but there is a lot happening in the legal community in terms of “trying to grasp this technology” as an advantage.
“In legal tech, [firms] have been dragging the chain a bit in some ways, but I think we’re seeing significant movement within the local market and we’re seeing leaders emerge. We’re also seeing in this particular market a proliferation of start-ups and alternative providers who are pushing boundaries and offering new capabilities,” he said.
Firms without help may find itself working with a multitude of systems that relate with the legal work of their clients. On top of this burden, they are confronted with hundreds of start-ups which offer new technology that is highly applicable to their clients needs.
James Jarvis, Thomson Reuters’ vice-president of legal solutions AEM, said it’s critical to look at how law firms are using technology to compete in this space and achieve its goals faster and more effectively, both internally with staff and externally with clients.
“The process now is a design thinking approach. We spent a lot of time studying how lawyers are working and looking at opportunities where technology can enhance how they’re working. So, to understand that and to make a plan with them, it’s really looking at what they’re trying to achieve with the work they’re doing for their clients.
“They are very focused on getting better outcomes and providing a high level of service for their clients, so legal technology from Thomson Reuters or another provider is good to partner and explore those technology opportunities,” Mr Jarvis said.
Thomson Reuters found law firms started using their technology initially in the way the piece was designed, but tended to lean towards methods that were better fitted for the individual and unique problems or goals that they each have.
In this way, the company is continuing to work with law firms to find new ways to create and develop technology in innovative ways that it had not envisaged.
Part of this will be through its recent acquisitions, Acritas and HighQ. Acritas provides firms with data-driven help for their strategies, while HighQ is a technology which will enable users to collaborate and manage projects in a secure environment.
“We’re very keen to be able to continue to support lawyers’ decision-making through [Acritas] but also, we wanted to benefit from the information that businesses produce to guide us in our own strategy formation and ultimately make sure we are making the right day-to-day decisions in our strategies,” Mr Olson said.
“It’s never too early to start thinking about how solutions can shape your organisation.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
You can email Naomi at:
