The importance of legal technology
We've all known it for years: the legal world is rapidly changing. Thanks to the combination of new technology and clients' changing needs, the industry is shifting to a new business model. Several big law firms have already partnered up with legal tech vendors, creating innovative products and services through their combined knowledge.
As a legal professional you need to embrace the new possibilities legal technology brings in order to stay competitive. Instead of the old billable-hours model, you should consider how to use your resources and knowledge in the most efficient manner. So how do use LegalTech to create a profitable and efficient service? Increase your efficiency by capturing your knowledge in automated decision models. You can use these models to build a self-service legal advice portal which can run 24/7. Not only will you be more efficient internally, clients will be able to make use of it at any given moment.
We've mapped out a few options for you.
- Free services: allow people to use a few self-service portals for free. This will act as a lead generator later on, while costing you almost no effort.
- Premium services: at a fixed rate/month, clients can make use of you premium self-service portals. This can also act as a lead generator for the more complex cases, and will generate income at the same time.
We've dedicated an entire blog post to this topic! If you want to read the post on the need for legal technology, you can do so here.
Straight-through legal advice
As mentioned above, the first opportunity LegalTech creates is that of self-service portals. Legal professionals can set up customer self-service advice portals by pouring their knowledge into decision models and automating them. These portals act as lead and income generators 24/7, both in a free and premium services format. The co-workers themselves can then focus on handling the more complex cases, while still generating income from customers who simply need advice.
Avola Decision can help legal providers set up these self-service portals, allowing them to meet their clients' needs faster. The good thing is that you don't need IT to do. As a legal professional you will in control of the self-service portals.
Another important area of innovation in the legal world is RegTech, technology that supports regulatory compliance. These compliance monitors are similar to the legal advice monitors mentioned above.
Your legal professionals know exactly which questions to ask in order to check whether a client is compliant with the (new) regulations. Structure the logic behind those questions in an automated decision model, and you've created a compliance monitor that can be used anywhere at any time -for a fixed price or subscription, of course.
Clients who wouldn't otherwise approach you due to time restraints will make use of the compliance monitor, as it is far more convenient for them. The monitor will act as a lead generator as well. You’ll be able to adjust your approach based on the level of compliance of the customer, without needing to hold a time-consuming meeting first. If a new customer uses the monitor and isn't (fully) compliant, you can schedule a meeting with your professionals immediately.
Actionable Artificial Intelligence
The integration of AI into the legal world has created a mass of possibilities. It can be used to extract structured data from documents, for example. But it shouldn't stop there. Through Avola Decision, you can make your AI actionable.
How can we do that? AI will extract structured data from the documents you receive. Afterwards, you can use automated decision modeling to decide which document or case needs to be handled first. This will save you from reading through all the structured data provided by your AI system yourself. You can create a set of factors that will determine which case you need to pick up first: level of urgency, date, etc. and use these to make an automated decision.
Want to know more about the implementation of legaltech in your organisation?
If you are interested in the Avola Decision platform, and want to get to know its possibilities, we will happily organize a demo for you (online or in office). Please leave your details below and we will contact you as soon as possible!