It’s long been a mantra in legal tech: “Streamline the mundane tasks so lawyers can better focus on high-level work.”
Indeed, attendees at this year’s ILTACON saw just how far the industry has come in this regard, with forward-thinking technology featured throughout.
For Litera’s CEO Avaneesh Marwaha, however, these types of technology will be table stakes for a modern law firm.
Without revenue growth, the efficiency gains could even threaten profitability and utilization rates.
Ironically, then, lawyers looking to differentiate themselves in a high-tech era will need to get back to the basics.
“The more time lawyers spend with their clients and less in front of a computer screen, I think that’s better,” he said. “That’s just better for society and better for where we want to go.”
Marwaha’s remarks came during a company update for Litera during lLTACON, where he was joined by Microsoft’s WW Strategy and Business Ops Leader Gbenga Ige and Litera’s Chief Product Officer Adam Ryan.
Speakers at the event outlined how technology can go beyond enabling efficiency gains and truly help modern law firms increase top-line revenue, while detailing Litera’s flurry of new product releases.
Here are some takeaways from the presentation.
There’s Tough Competition
For large firms in particular, advances in legal technology have brought about a difficult competitive landscape.
A partner could leave with a few associates and start a competitor firm with the help of technology, for example.
“Those weren’t situations that we had a while ago,” Marwaha said. “So how are you going to build a firm that is competitive for the long-term and not just the short term?”
To remain competitive, particularly as legal work becomes more streamlined, law firms must grow their revenue.
The good news is that there’s a lot of room for improvement in this area.
At most law firms, cross-selling just isn’t happening, Marwaha said.
He recalled his own past experience with outside counsel who neglected to reach out about potential compliance work after advising his company on a major transaction.
“There’s so much unmet work sitting out there that if your partners just did something about that, you would naturally grow your top-line revenue,” he said.
Client Service Is Key
This type of business development goes hand-in-hand with a focus on client service.
“We’ve been thinking about defining what our belief system is for this industry, and it’s this idea of ‘maniacal client service,’” Marwaha said. “This is a mirror of how we view ourselves today.”
Everyone at Litera is mandated to utilize AI. But it’s being used to improve customer service, as opposed to a primary focus on, say, profitability.
Law firms that take a similar tack will deepen their client relationships and grow their revenue as a result, Marwaha said.
“Essentially, what you want to do is focus on relationship-building,” he said. “I think lawyers and partners should spend their time with their clients. I think that’s smart.”
“It’s not just thinking about automation day in and day out.”
Tech Is a Differentiator
So how can tech enable deeper client relationships?
Litera’s focus on delivering the right data, in the right place, at the right time will deliver this result, Marwaha said.
Litera One operates directly within the Microsoft ecosystem, eliminating the need to juggle between products. It prioritizes proprietary firm data gathered in its Foundation system, and the Peppermint CRM solution integrates with Microsoft for client outreach.
Marwaha gave the example of a law firm partner receiving an email asking how much experience a firm has in a particular type of matter.
“How is that question answered today?” he said. “Does the partner just guess? Do you go ask someone? How do you get that information?”
Litera One, by contrast, will proactively provide an answer to that question, right within Outlook. It does this by using artificial intelligence and experience data gathered within the Foundation system.
“We can now give you that information as an email comes in,” Marwaha said. “So that, to me, is the right data at the right place at the right time.”
Litera Is All-In on Microsoft
Marwaha described the Microsoft ecosystem as the most safe and secure way to conduct professional work.
“Why go against the leading company in the space?” he said.
“Everything that we do is safe and secure and built on Microsoft. I’m so committed to that right now,” he said.
Evaluating Your Firm
Curious to see Litera One in action? Discover how the industry’s first fully connected legal workflow solution can transform your practice here.
To explore some of Litera’s other groundbreaking solutions trusted by 99% of the AmLaw 100 and 75% of the legal industry worldwide, you can book a demo here.
If you’d like to see the full company update, you can view it here.
Jeremy Barker is the director of content marketing for Breaking Media. Feel free to email him with questions or comments and to connect on LinkedIn.
The post How Litera Is Building Deeper Lawyer-Client Relationships appeared first on Above the Law.
It’s long been a mantra in legal tech: “Streamline the mundane tasks so lawyers can better focus on high-level work.”
Indeed, attendees at this year’s ILTACON saw just how far the industry has come in this regard, with forward-thinking technology featured throughout.
For Litera’s CEO Avaneesh Marwaha, however, these types of technology will be table stakes for a modern law firm.
Without revenue growth, the efficiency gains could even threaten profitability and utilization rates.
Ironically, then, lawyers looking to differentiate themselves in a high-tech era will need to get back to the basics.
“The more time lawyers spend with their clients and less in front of a computer screen, I think that’s better,” he said. “That’s just better for society and better for where we want to go.”
Marwaha’s remarks came during a company update for Litera during lLTACON, where he was joined by Microsoft’s WW Strategy and Business Ops Leader Gbenga Ige and Litera’s Chief Product Officer Adam Ryan.
Speakers at the event outlined how technology can go beyond enabling efficiency gains and truly help modern law firms increase top-line revenue, while detailing Litera’s flurry of new product releases.
Here are some takeaways from the presentation.
There’s Tough Competition
For large firms in particular, advances in legal technology have brought about a difficult competitive landscape.
A partner could leave with a few associates and start a competitor firm with the help of technology, for example.
“Those weren’t situations that we had a while ago,” Marwaha said. “So how are you going to build a firm that is competitive for the long-term and not just the short term?”
To remain competitive, particularly as legal work becomes more streamlined, law firms must grow their revenue.
The good news is that there’s a lot of room for improvement in this area.
At most law firms, cross-selling just isn’t happening, Marwaha said.
He recalled his own past experience with outside counsel who neglected to reach out about potential compliance work after advising his company on a major transaction.
“There’s so much unmet work sitting out there that if your partners just did something about that, you would naturally grow your top-line revenue,” he said.
Client Service Is Key
This type of business development goes hand-in-hand with a focus on client service.
“We’ve been thinking about defining what our belief system is for this industry, and it’s this idea of ‘maniacal client service,’” Marwaha said. “This is a mirror of how we view ourselves today.”
Everyone at Litera is mandated to utilize AI. But it’s being used to improve customer service, as opposed to a primary focus on, say, profitability.
Law firms that take a similar tack will deepen their client relationships and grow their revenue as a result, Marwaha said.
“Essentially, what you want to do is focus on relationship-building,” he said. “I think lawyers and partners should spend their time with their clients. I think that’s smart.”
“It’s not just thinking about automation day in and day out.”
Tech Is a Differentiator
So how can tech enable deeper client relationships?
Litera’s focus on delivering the right data, in the right place, at the right time will deliver this result, Marwaha said.
Litera One operates directly within the Microsoft ecosystem, eliminating the need to juggle between products. It prioritizes proprietary firm data gathered in its Foundation system, and the Peppermint CRM solution integrates with Microsoft for client outreach.
Marwaha gave the example of a law firm partner receiving an email asking how much experience a firm has in a particular type of matter.
“How is that question answered today?” he said. “Does the partner just guess? Do you go ask someone? How do you get that information?”
Litera One, by contrast, will proactively provide an answer to that question, right within Outlook. It does this by using artificial intelligence and experience data gathered within the Foundation system.
“We can now give you that information as an email comes in,” Marwaha said. “So that, to me, is the right data at the right place at the right time.”
Litera Is All-In on Microsoft
Marwaha described the Microsoft ecosystem as the most safe and secure way to conduct professional work.
“Why go against the leading company in the space?” he said.
“Everything that we do is safe and secure and built on Microsoft. I’m so committed to that right now,” he said.
Evaluating Your Firm
Curious to see Litera One in action? Discover how the industry’s first fully connected legal workflow solution can transform your practice here.
To explore some of Litera’s other groundbreaking solutions trusted by 99% of the AmLaw 100 and 75% of the legal industry worldwide, you can book a demo here.
If you’d like to see the full company update, you can view it here.
Jeremy Barker is the director of content marketing for Breaking Media. Feel free to email him with questions or comments and to connect on LinkedIn.
