How important is it for law firms to keep up with new innovative technology?
There’s a well-worn saying which I’ll paraphrase – if you don’t adapt, you don’t just stand still, you go backwards.
Never a truer word, given the steady march of tech advancement across the legal sector. There are new toys galore, and not just technology aimed at law firms, but also the rise of AI, and the influx of expertise from outside the legal world, bringing world class business tech into play.
A good starting point is for firms to actually optimise and properly utilise their practice management system.
Far too many have old and creaky systems which don’t give the resilience, agility and security that more modern systems can provide. However, even those firms who have traded up and obtained a quality PMS often do not maximise the potential of the system with proper implementation.
Far too many firms continue to use vulnerable email to communicate within the firm and with their clients. In these days of increasing cyber threat, that really must be viewed as a negligent approach. At Cashroom we developed a secure communication portal to engage with our clients, removing risk and creating significant efficiencies with the movement of data. Our clients effectively piggyback on our technological advances – in effect they outsourced the problem of tech knowledge in the finance function area of their business.
For law firms trying to keep up with tech advances, the crucial question should always be “Am I providing the best possible service to my clients?” and the answer to that question can only be properly given by someone who is keeping abreast of what tools are available.
Communication and responsiveness are the biggest pitfalls – the things that most often bring criticism from clients. In the drive for 5-star reviews, one of the quickest ways to lose stars is to fail in that area. As a judge for two of the most prestigious legal awards, (British Conveyancing Awards, and British Wills and Probate Awards) I see many submissions which extol the virtues of innovation and the optimal use of tech, in particular as it relates to interaction with clients. 
Happy clients make for happier staff and repeat business as well as powerful testimonials and reviews.
For the avoidance of doubt, I’m not suggesting firms should throw caution to the wind and go for every shiny new gadget in town. What I am saying is that every firm needs to keep themselves informed about tech innovation, because they can be sure their potential clients and competitors will be doing.
To find out more about how Cashroom utilise innovative technology combined with expert knowledge to deliver legal accounting as a service, get in touch with our team today.
P: 01695 550950
About Cashroom
Cashroom provides expert outsourced accounting services for Law Firms including Legal Cashiering, Management Accounts and Payroll services. Our mission is to free lawyers from the complexities of legal accounting by supporting the industry with accurate management information and allowing lawyers to do what they do best – practice law.
The team’s expertise is evident and gives us confidence our funds are in safe hands. Their innovative portal prompts best practice, compliance and provides a clear audit trail as well as enhancing security for our firm and clients. Working with Cashroom assures the continuous running of an essential department for our firm and means we no longer need to worry about holiday cover/sick cover etc as Cashroom has us covered.
