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“The pandemic has flattened staffing budgets and increased legal workloads; technology is the most obvious solution for many legal departments.”
Gartner
The list of benefits that legal technology provides grows by the day. Legal technology can help legal departments retain talent in a world that runs on a work from home and, nowadays, hybrid work model. An article by Bill4Time states that incorporating legal tech “is an excellent way… to attract law students or young lawyers.” The article notes that even though the legal industry is still wary of technology, it is witnessing the beneficial disruption it brings to improve processes and affords demanding lawyers the flexibility they’re looking for.
In addition to offering legal departments a wealth of benefits, legal technology now offers an additional KPI in the form of attracting and retaining talent. The Great Resignation proved that industries, including legal, need to rethink their perks and incentives to keep and recruit lawyers.
Removes Time and Place Restrictions
Savvy lawyers want remote or hybrid work models so that they can maximize their time by using tools such as mobile applications, document management, and cloud-based systems. Corporate lawyers don’t need to be shackled to a desk at a certain time of day – or night – because they can have access to the information and documents they need to provide their organizations with outputs they’re looking for.
Maximizes Productivity
According to Gartner, the legal industry has been slow to modernize and integrate legal technology. However, “the pandemic has flattened staffing budgets and increased legal workloads; technology is the most obvious solution for many legal departments.” Legal tech software and tools help lawyers perform at their potential by maximizing productivity. Systems such as contract lifecycle management (CLM) streamline the contract drafting, negotiation, and execution at legal departments, offering great return on investments while saving time.
Allows for Independent Work
In an article by Artificial Lawyer, legal tech experts agree that “it is most definitely a candidate’s market at the moment,” where legal departments should entice and hold on to lawyers with relevant legal technology. The article goes on to add that today’s lawyers working at legal departments also want to work autonomously with “the latest technology stack.”
Produces Profits
A crucial finding that is reflective of the state of affairs of legal recruitment is that associate turnover is at a worrying 25%, says a Law.com report. Legal departments have to retain their precious existing talent while tapping into potential avenues to hire new talent. According to the Law.com article, “the number one risk to profitability” is not having the right people – in this case lawyers – and that investing in critical technologies is one way to help legal departments hook and retain the talent that they need to provide value to their organizations.
Lawyers Ready to Utilize Tech
The new wave of lawyers seek out jobs at legal departments with technology as a must-have. Potential recruits are asking their future legal departments about the kind of legal technology they have in place, how it will benefit them, their company, and produce results. Legal tech integration is an expectation rather than a nice to have, and these lawyers come equipped with the skills to utilize these tools to their potential.
The future of legal in the hands of savvy lawyers equipped with legal tech is bright. The prospect of a tech-forward legal landscape can bring beneficial change and inspire a new generation of lawyers to excel with tech.
