Why Law Firms Should Build a Technology Ecosystem

Why Law Firms Should Build a Technology Ecosystem

Why Law Firms Should Build a Technology Ecosystem

In today’s fast-paced legal and tech industries, your law firm’s technology stack is a lifeline that keeps your lawyers afloat through constant changes and upheaval. Creating an ideal tech ecosystem is essential for your firm’s growth, legal practice, and overall business needs. But, let’s face it, finding the right technology can be a headache so many firms end up resorting to quick-fix point solutions that end up causing more trouble than they solve. This leaves firms with a tech stack that is disjointed and frustratingly inefficient. In this article, we’ll dive into what makes an ideal tech stack, how to build an efficient tech ecosystem, and how your law firm can thrive with the right technology that supports your firm’s unique needs.

So, what does an ideal tech ecosystem look like?

Imagine a world where all of your tech tools work together seamlessly, sharing data, automating tasks, and making workflows a breeze. That’s the nature of an ideal tech ecosystem. On the flip side, a jumbled tech stack can be a real pain with tools that don’t communicate and data that doesn’t flow freely.

Many law firms with successful tech ecosystems have one thing in common: they use a legal practice management system (LPMS). This platform forms the backbone of the tech ecosystem, with additional tools (those point solutions) providing extra capabilities. The LPMS allows data to flow effortlessly across your firm, letting legal professionals automate tasks, build and track workflows, and collaborate like never before.

Key points for building your tech ecosystem

Ready to build your dream tech ecosystem? Here are six crucial steps to get started.

Step 1: Take inventory of your tech stack

List all the platforms, tools, software, and hardware solutions your firm currently uses and prioritize them based on their importance in growth management, legal practice management, and business management.

Step 2: Identify pain points in your current tech stack

Examine your current tech stack for pain points that are affecting you and your team of legal professionals. Law firms often stack up multiple point solutions that serve single purposes, leading to complexity and inefficiency, not to mention it can get expensive. Look for signs like data silos, manual logins to complete tasks, slow information retrieval, and stressed-out staff. In fact, 36% of surveyed legal and administrative professionals in midsized law firms feel stressed from working with too many apps, tools, and programs.

Step 3: Evaluate your current tech stack for cohesiveness

A cohesive tech stack contains fully integrated tools that share data, automate tasks, and support workflows with minimal manual intervention. Identify functional gaps and figure out which functions drive growth and profitability at your firm. Consider whether your current tools support matter and client management, intakes and closures, document management, time tracking, research, e-billing, accounting, marketing, and whether lawyers and teams can manage client expectations effectively. If your current systems don’t cover these functions, you might consider looking at a platform, like a LPMS, that will cover most of the essential functionality. Ideally, that platform forms the base of your tech stack with complementary tools to add further necessary functionality.

Step 4: Seek opportunities for integration

Make sure your technology tools can communicate and exchange data to support each other and streamline legal functions. If your case management and billing software can’t exchange data, staff must manually type client contact information into each tool separately and update them individually as needed (which is a big headache). Integration is the key to streamlining legal functions and avoiding errors and frustrations.

Step 5: Assess against tech ecosystem characteristics

Your LPMS forms the base of your tech stack, performing 90% of the functions your firm needs, and integrated best-in-class point solutions fill any functional gaps. With this highly integrated, interoperable ecosystem, your firm’s tech ecosystem displays the following five common characteristics:

  • Streamlines efficient data sharing
  • Ensures flexible and secure access
  • Scales for growth and complexity
  • Adapts to change
  • Automates to improve efficiency

Step 6: Envision your highly functioning tech ecosystem

Carefully select a legal practice management platform and tools that integrate seamlessly, share data, and work together to accomplish firm goals. An ideal tech stack will empower your firm’s growth management, legal practice management, and business data management.

Key takeaways

Creating an effective tech ecosystem is crucial for meeting client needs and providing best-in-class service. Building your law firm’s ideal tech ecosystem is an ongoing, iterative process that requires careful planning and management to be successful. It can feel overwhelming so approach it one step at a time to ensure you establish a solid foundation that supports your firm’s needs and goals. Are you ready to propel your law firm to new heights?

Download our complete blueprint with a step-by-step guide to steadily develop an ideal tech ecosystem for your firm to grow and thrive.

About the author
Oliver is the UK Regional Director of Actionstep, a fully cloud-based legal practice management system that helps law firms scale, grow, and nurture clients to thrive. As UK Regional Director, Oliver leads Actionstep's UK go to market strategy including sales, marketing, customer success, and support. Driven by a deep curiosity and an entrepreneurial spirit, Oliver...