Deal flow software for Legal Services

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foreign [Music] ly the smoke ball team surveyed 200 legal professionals from law firms with 50 or fewer staff around the country to learn how law firms are using illegal technology in 2023 the data shows that no two law firms are the same different practice areas are more likely to use certain platforms over others and not every kind of Law Firm needs to purchase every single kind of Technology available on the market today so let's take a look at which kinds of Technology are most worth the investment for your firm let's start with the basics the legal professionals we surveyed told us their top three Technology Solutions and we recommend that most if not all law firms invest in these number one was video conferencing software to improve internal and client Communications remotely second was a legal research tool to support legal professionals as they prepare for court appearances and more third was Microsoft Office Suite A cloud-based productivity platform including email document creation and more to uphold daily legal processes next let's move on to document management and automation about half survey respondents said they use a document management tool while only about a quarter so they invested in true document automation the difference while document management can help store and edit relevant documents a true automation tool saves law firms countless hours by streamlining everything from form completion to collecting e-signatures to filing forms to the right matter civil litigation in general practice firms were most likely to use document manager management tools and lead the charge when it comes to document automation document automation is still a New Concept for most law firms and many legal professionals aren't aware of the advances made in the past few years however a document automation tool saves valuable time and paralegals report it's the one legal technology feature that positively impact their productivity and quality of work so if you're looking to fill gaps in your firm's Tech stack this year document automation is an excellent place to start and smoke ball can help now let's talk about accounting and payment processing software legal accounting software typically includes features such as time tracking invoicing expense tracking and financial reporting it also allows legal professionals to manage trust accounts and stay compliant with the rules and regulations of their respective jurisdictions less than half of survey respondents that they use accounting software and about a third say they use Payment Processing software there was a lot of variation in use when it comes to Payment Processing specifically family law firms took the top Spot while real estate and general or multi-practice firms were least likely to invest accounting and billing software is one of the most significant areas of opportunity for legal professionals today if there's one quick win where law firms can vastly improve their internal processes and provide better customer service for their clients this is it next let's talk about client collaboration tools this is an especially important area for all firms as 53 percent of clients prefer virtual consultations and 38 percent of legal professionals say they communicate with their clients at least once daily during their case that means law firms need easy ways to get in contact and many are turning to texting as a solution but only about one in poor firms report that they're using a dedicated client portal or a client messaging tool as half of law firms are shifting to working in a hybrid or remote environment it's surprising that the legal industry hasn't adopted powerful communication tools more quickly it's no longer enough to use personal cell phones and call it a day in fact it just might put you at risk of illegal or ethical breach so if your firm isn't using an external messaging tool now is the time to invest finally let's talk about case management software about a third of our survey respondents said they use this type of tool which is an all-in-one solution that automates the entire legal workflow from task management and time tracking to document creation and client billing in doing so case management software eliminates administrative burdens from your legal team so they can focus on what really matters building strong relationships and winning cases personal injury firms say they're most likely to invest followed by civil and criminal firms larger firms also told us they're more likely to take advantage so they can collaborate effectively with other team members and better manage their workflows the good news smoke balls case management system includes all of the different Technology Solutions we talked about in this video so that your team has one place to go to manage the entire legal workflow from document automation to online billing and client communication tools and more smoke balls software streamlines your workday from start to finish no more complicated Point solutions that don't talk to each other no more human error just one simple solution that covers all of your bases if you'd like to learn more about the research shared in this video check out our latest report at smokeball.com