by Savvas Skordellis
Every business today is a technology business. Nowadays legal industry is more
crowded and competitive than ever, and law firms must find ways to distinguish their
services and approach from those of their competitors. Document automation
delivers significant benefits for law firms to be more targeted and strategic as people
no longer buy products, but they buy solutions.
Document automation is the design of systems and workflows that support the
creation of electronic documents. It uses existing legal documents for
example purchase agreements, contracts, leases, licenses, estate planning
documents and many more; to generate automated templates, which law
firms can be used to generate new legal documents. This contains logic-
based systems that use parts of existing data to generate new
documents. The document automation process is straightforward and simple.
By using document automation enables lawyers to reduce time spent on tasks that
do not require deep legal knowledge, enabling clients to save time and reduce costs
as well as increasing firm’s efficiency and maintain profitable. Firms that are
successful in developing efficient or automated systems will increase their market
share and be able to retain or even increase their overall profitability. It is essential to note that document automation is up to 80% faster than if done manually.
As a tool document automation improves documents and contract quality, reduces
typing errors and similar minor mistakes which can have a bigger impact on the
documentation. In addition, a Document Automation tool opens up new fields of
business. Ultimately, lawyers can easily attract new clients, drive more business from
existing clients and increase profitably combination of better services at lower cost.
Moving to document automation can be characterised as unknown territory for several
law firms, especially when law firms have deferent tech budgets. Law firms want
document automation software that delivers risk reduction, compliance and speed.
However, as the future of law is technology, particularly in things that can speed up
the process, document automation is not an exemption. Interestingly, 73% of businesses
said that the pandemic has encouraged them to adopt new technology to provide
their goods and services. Law firms that embrace those types of software will
experience great benefits over the firms that are refusing to embrace them.
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