Six key benefits of document automation
For decades, law firms have operated under a business model where lawyers spend much of their day on time-consuming tasks like researching and drafting contracts and other detailed legal documents. As technological advancements continue to permeate every aspect of life, law firms may want to start exploring ways in which they can harness and use this technology to their advantage.
To remain competitive and profitable, firms need to find ways to streamline processes, reduce redundancies, and improve efficiencies. One easy method for accomplishing these goals is to implement a document automation process.
Making the case for document automation adoption
The document automation process is as simple as it is effective. It uses your firm’s already existing legal documents – including contracts, purchase agreements, estate planning documents, leases, licenses, etc. – to generate automated templates, which you can use to produce new legal documents.
While there are countless advantages to having access to new legal documents at a moment’s notice, some of the possible key benefits of document automation include:
- Increased efficiency The days of painstakingly drafting employment contracts, NDAs, or other documents from scratch are long gone. With document automation, you can create a wide range of legal documents in a fraction of the time it previously took.
- Increased profitability. Since document automation reduces the time it takes to create documents, lawyers are free to work on other matters. And more clients translate into an increase in overall firm profits.
- Reduced likelihood of errors. When lawyers are forced to create legal documents from scratch – or copy and paste a new document together from other sources – it increases the likelihood for slip-ups or omissions. Document automation eliminates these concerns, producing document templates that are accurate and consistent.
- Retention of firm “know-how.” A lot of brainpower and know-how can be lost when lawyers leave a firm. But, document automation can remedy this since it essentially serves as a continuous repository of firm knowledge – not to mention it can help speed up the onboarding of new lawyers at the firm.
- A better customer experience. For better or worse, speed of delivery is something clients increasingly expect and demand. Being able to produce customized legal documents quickly provides a better experience and improves client satisfaction and retention.
- Attract new clients. Today’s clients are technologically savvy and expect a lot – and document automation can deliver on these expectations. For example, some firms build online portals where potential clients can come and create a variety of select contracts using the firm’s document automation software. Not only do these potential clients obtain the legal documents they need right now, but they are also more likely to reach out to the firm when they have additional legal needs in the future.
Today’s legal marketplace is more crowded and competitive than ever, and law firms must find ways to differentiate their services and approach from those of their competitors. Document automation delivers significant benefits to lawyers and their clients – helping your firm be more targeted and strategic.
Are you ready to implement a document automation process?
From how you promote your firm to how you interact with clients, technology is rapidly changing the way your firm operates and how you do your job. Even if your firm has been slow to embrace new technologies, your clients are using them and expect you to be able to quickly deliver the detailed documents they need to resolve their legal issues.
The hard truth is that firms that fail to adopt new technologies and continue to operate under archaic business models risk being surpassed by competitors and seeing their client and profit bases dwindle. Adopting document automation is an effective way to not only gain an advantage over competitors but also attract and retain clients while increasing your firm’s profit margins.
Discover Contract Analysis from Thomson Reuters and ensure your documents are complete and accurate every time with document automation