Clients and partners are pushing law firms to innovate due to the increasing prevalence of automation in the legal industry for a number of reasons, including efficiency and continuous income production. Here comes the role of legal triage automation.
In-house teams must take use of technology advancements to improve their operating model and adapt to problems as the role of in-house attorneys changes. In-house attorneys may employ automation and self-service capabilities to alter the legal intake & triage processes and boost productivity, cut costs, and offer better client service.
The procedure through which in-house legal teams receive and allocate legal cases is referred to as legal intake and triage. Legal intake is the process of obtaining instructions from internal clients in an in-house setting, whereas triage is the process of matching the appropriate individuals with the appropriate tasks based on experience and ability. The general objective of intake and triage is to provide in-house legal teams with the tools necessary to effectively assign tasks, allocate resources, and guarantee the prompt and economical supply of services and/or settlement of cases.
Recently, the job of the in-house lawyer has changed as a result of quick technology development and changing client expectations. The new legal operating model delivers "Law-as-a-Service," which implies that in-house legal teams are more focused on giving insights to stakeholders that support the business strategy and help achieve organizational goals, in addition to their current day-to-day responsibilities. As a result, in-house legal teams must perform more duties with fewer resources and time. This problem is made worse by the fact that many legal requests are unorganized, incomplete, and decentralized needing legal triage automation
If you've always suspected that corporations in the United States spend more on attorneys and other legal services than companies in any other country, you now have data to back up your suspicions.
According to a new analysis by Acritas, which is now a division of Thomson Reuters, US corporations spend 166% more on legal services than their foreign counterparts, or nearly 0.4% of their sales.
The average expenditure per dollar of sales varies by firm size, with bigger companies benefiting from economies of scale, and by industry, with (not unexpectedly) the real estate, banking, and technology industries spending the most.
The legal teams are over burdened with the same manual paper works in their daily life. But it's the apt time to switch from manual working to paperless working via legal triage automation.
By streamlining workflow and communication between the internal team, internal clients, and outside law firms, an efficient legal automation platform may help save time, optimize resources, boost transparency, lower risk, and improve consistency by analyzing data for future insights.
The following are some additional advantages of automating the legal intake and triage process:
Clients are requesting compensation schedules for straightforward work. Law firms are now being pushed toward the commoditization of these services, which is being accelerated by the rise of NewLaw, Big4 pricing models, alternative legal services, and new entrants in the market. However, if fees are set, attorneys are now motivated to complete more work more quickly.
Many tasks carried out by legal firms are not billable. Work that cannot be billed must be completed in order to preserve connections or to bring value. Loss lead work, which is frequently done for company growth and acquiring new clients via free work, is an example of this.
Panel bids anticipate that law firms will use automation to boost efficiency and keep their spot on the panel as innovation becomes more common. Panel clients place a high value on efficiency, thus it is crucial more than ever for law firms to demonstrate that they are innovative and can offer legal services at a reasonable cost.
Traditional legal firms' business models are under pressure, in part because customers are beginning to demand results that are more focused on business goals rather than purely legal advice. Law companies are increasingly attempting to employ automation to enhance profit constantly as a result of this transition.
VisionERA is an Intelligent Document Processing platform designed to handle all sorts of documents. It can prove to be an excellent choice for automating paper heavy legal intake and triage processes.
VisionERA is entirely built in-house using Open-source tech so you don't have to worry about any 3rd party dependencies. For any new legal document type, it lets you select documents and create a custom workflow for legal use case to point data and start processing in a matter of seconds. VisionERA is an apt platform for legal triage automation, and all the legal processes as they require precise automation that VisionERA holds.
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