Client-driven demands, increased competition, and market consolidation have accelerated a shift towards the automation of knowledge work within law firms. As external pressures mount, more firms are turning to advanced technologies to help integrate valuable know-how into core business activities and processes to streamline and innovate service delivery.
McKinsey & Company predicts that knowledge work automation will be the most significant disruptive technology to influence the world over the next 10 years, second only to the addition of 2-3 billion mobile internet users by 2025. The automation of knowledge work is expected to have a £4-6 trillion economic impact by 2025. Keep in mind, these figures don’t include any estimate of the value of higher quality output expected through the more productive use of knowledge tools.
The business implications for law firms are enormous: firms will be able to more easily balance profitability and client service innovation. According to McKinsey & Company, nearly 25% of lawyers’ time is automatable. Forward-thinking firms can leverage automation to replace the time lawyers spend on banal, repetitive tasks with a stronger focus on advising clients and building relationships.
So how can law firms unlock the power of automation? Our latest whitepaper, The Future of Legal Technology: Automated Intelligence, looks at how law firms can use advanced automation technologies to drive efficiencies, reduce risk and improve client service. Download the whitepaper here to learn more about the strategic benefits of knowledge automation and tips for getting started.