
Ways Technology Pushed Law Firms Toward Success during the Pandemic
Though the future of COVID-19 is still unknown, there are some clear lessons we can draw from how successful organizations
By
CIO Applications Europe | Wednesday, December 01, 2021

Sound financial management has traditionally been a cornerstone of the long-term commercial health of law businesses. However, it has become a means of survival throughout the epidemic.
Fremont, CA: Though the future of COVID-19 is still unknown, there are some clear lessons we can draw from how successful organizations ran their operations during the most intensive days of 2020. Firms got compelled to adopt new business practices, such as supporting a remote workforce, finding alternatives to in-person meetings, and adapting to the requirements of worried clients for the first time in many of their histories.
Money was, of course, a significant issue for both legal companies and their clients. With stay-at-home orders delivering devastating blows to customers in virtually every industry, many of them began tightening their belts and slashing expenses everywhere they could. Unfortunately, these cuts typically included legal costs, putting law firms under comparable financial strain.
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Financial hygiene encompassed numerous vital economic indicators, such as worked rate growth, strong billing realization against the standard and agreed/worked rates, and less discounting through to billing, according to the report, which identifies "Pandemic Performers" as firms that were in the top quartile of performance in revenue per lawyer (RPL) growth.
- For many businesses, cloud-based technology was the driving force behind financial hygiene.
If there was the one virtually unavoidable fact for law offices throughout the world during the epidemic, it was the necessity for remote access to technology. But, unfortunately, the study observed that some less successful businesses were not as consistent in their legal tech investments in examining the measures Pandemic Performers made to succeed during COVID-19.
It is not difficult to assume that the unwillingness to invest in cloud-based solutions contributed to the problems of the less successful businesses. Top-performing companies, on the other hand, “had already been spending more per lawyer on technology prior to the pandemic and were hence likely to have been better technologically prepared too,” according to the research.
Simply put, cloud-based solutions enabled users to have constant access to the information they required to accomplish their tasks. They could readily and securely access financial, customer, and matter information no matter where they worked.
- Taking full use of a single practice management solution
These sorts of practice management systems, which encompass a firm's payables administration, time and billing management, and sophisticated financial solutions, were the pillars that stabilized many companies during the epidemic. In addition, they aided in the streamlining of several regular operations and procedures, resulting in increased production and profitability.
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