In the fast-paced world of legal and conveyancing services, technology has become more than just a luxury; it's now a fundamental driver of growth and efficiency. But it wasn't always this way. Let's take a journey through the transformation of legal technology, from its early days where it was considered a luxury, to its modern-day role as a vital component of business continuity and growth.
Legal technology as a luxury
Historically, legal technology was considered a luxury reserved for larger firms with deep pockets, as it was not widely accessible, and was a costly investment. Smaller practices often relied on manual processes and paper-based documentation. Investing in technology was a high expense, and while having strategic advantages, was not a priority or necessity for most firms. Kirsty Edwards, General Counsel at InfoTrack reflected on working in this period where a lack of dedicated technology led to inefficient processes.
“When I first started in-house back in 2014, we relied on SharePoint for document management, and our workflow involved manually managing queues through Outlook. This led to a significant amount of time being spent sifting through data and manually allocating resources and caused tasks to be inadvertently missed. Overall, it was an incredibly inefficient workflow.”
Necessity in the COVID era
The landscape shifted dramatically with the onset of the COVID-19 pandemic. Lockdowns, remote working, and social distancing measures forced legal professionals to adapt quickly. Suddenly, physical meetings were no longer possible, and the reliance on paper-based processes became impractical. In this new reality, legal technology transitioned from a luxury to a necessity for business continuity. Firms needed to quickly implement digital solutions that would enable them to work efficiently from anywhere, collaborate remotely, and serve clients effectively despite the challenges posed by the pandemic.
“COVID really changed the way in which law firms transact on property. eConveyancing hadn’t been adopted widely in Queensland before the pandemic. Law firms were still choosing to settle a matter by paper means. Probably the best thing in my view to come out of COVID was the uptake of online property settlements. A lot of firms were pushed in to using the platform due to the changing landscape and could see how easy and efficient it really was, even before the mandate was introduced. Nothing like a happy client receiving their settlement funds on the day of settlement, instead of waiting 3 to 5 business days for a cheque to clear.” Nicholas Wlodarczyk, Lawyer, SettleIT.
The rise of legal technology as a growth driver
As the dust began to settle and the world adjusted to the new normal, it became evident that legal technology was not just a temporary fix but a permanent presence in the industry. Firms that had invested in digital transformation found themselves at a distinct advantage. They were able to operate seamlessly, deliver services efficiently, and adapt to changing client expectations with ease. More importantly, they discovered that legal technology was not just a necessity for business continuity, but a powerful driver of growth.
“Legal technology not only saves an astronomical amount of time but also enables easy reporting to the business. We can now achieve greater productivity, doing more with far fewer resources, as our workflows are streamlined. With the aid of a ticketing system, we can efficiently manage capacity and workload prioritisation.” Kirsty Edwards, General Counsel, InfoTrack.
Time is money
One of the key principles driving the adoption of legal technology is the understanding that time is money, especially in the legal profession where billable hours reign supreme. By leveraging technology, firms can automate time-consuming tasks, streamline workflows, and increase productivity. For example, InfoTrack's innovative technology allows for the pre-population of data between searches, contracts, and other solutions, seamlessly integrating with Practice Management Systems (PMS). This means faster turnaround times, reduced administrative overheads, and ultimately, more hours you can dedicate to your clients.
Harnessing the power of APIs
APIs (Application Programming Interfaces) have played a pivotal role in connecting practitioners with the resources they need to do their jobs effectively. From directly connecting orders to land registries, to automating searching processes and returning results directly to Practice Management Systems, APIs have revolutionised the way legal matters are conducted. With InfoTrack's APIs, firms can access real-time data, automate repetitive tasks, and improve accuracy, all of which contribute to greater efficiency and profitability.
The evolution of legal technology from a luxury, to a necessity, to a growth driver is a testament of its transformative power. In today's competitive landscape, firms that embrace technology stand poised for success. By leveraging innovative solutions, like those offered by InfoTrack, legal professionals can not only survive but thrive in an increasingly digital world. As the adage goes, "time is money," and with the right tools at their disposal, firms can make every second count.
