The Increasing Demand for ALSPs for providing Legal Tech Solutions
The ever-evolving technology has proved effective in increasing the daily productivity of law offices and law departments by the day and it is no different for the LPOs. Innovative and useful tools are being developed by the newer alternative legal service providers to get the jobs done faster for the law firms. The attorneys and general counsels have been seeking for tools and tech solutions for their staff to get rid of slow and traditional methods to increase their productivity. Attorneys are chasing the tech specialist LPOs and ALSPs such as The Legal Base to provide assistance and legal services, that is proving extremely cost-effective for them. The Legal Base’s focus on legal tech solutions and process automation in various areas especially for the contract management organizations and for M&A has helped the organization significantly. There is no iota of a doubt that the software tools make the work done quicker but regular upgrades are also required to be done to them to ensure that they are up to date. Though, the pandemic has forced the growth of many new start-ups, but value-added work coupled with quality is the single largest challenge. If the technology that aids you with your work doesn’t give you the desired results or the accurate results, then it can be a risk for your clients’ cases. The work force behind these software and tools are not ordinary graduates but specialists that should ideally have 10+ years of experience in creating such tools. The most important point in creating these tools is to make sure that the precise and correct results are achieved. At the end of the day, the work of an attorney or the paralegals should not increase for a wrong tool. Many such tools in the market have failed miserably and had somewhat shaken the trusts of the law firms in tools and software pertaining to law.
Due to the pandemic situation, social distancing has posed a huge challenge because you are most of the time not meeting your clients physically. It was important to create effective tools to ensure the work gets done as efficiently as it is done in the physical offices. While there are some practice areas in which software tools and platforms have been made since the 2000s but 2020 saw a sea change. Many legal tech start-ups came up with innovative tools which brought newer and quicker ways of finishing the tasks remotely. Somehow, these brought excellent opportunities for the law firms and legal departments to implement latest technologies. Law firms are now able to assist their clients in an enhanced way using artificial intelligence and machine learning technologies. The people who work on these tools have specialized expertise, so it is not convenient for the law firms, especially the mid and small law firms, to have an in-house team who can work for them. The Legal Base has a team as large as a size of big law firm that is specialized in supporting law firms and corporates with process automation and legal tech solutions. The team works across time zones round the clock. This process automation team is headed by one of TLB’s founding members, who has 20+ years of experience in creating software tools for giant corporate houses. Whilst most ALPS are basically used to creating or supporting very specifically to the contract management organizations or law firms, they haven’t explored a lot when it comes to other practice areas. TLB’s team can create legal tools for all kinds of practice areas depending on your needs. These can be customized as per the requirement of the law firm and can be effectively used remotely. Sometimes, in a law firm the requirement of one attorney might be different from another and these can be also tailored accordingly. In fact, TLB’s team of tech savvy attorneys and doctors can assist the law firms and legal departments alongside TLB’s process automation team. This engagement model has been a huge success. This doesn’t take away the jobs of in-house teams of the law firms or law departments but gives them scope to focus on the core areas such as collecting documents, gathering evidence, researching on the case writing reports and drafting documents for trials. These increase the business of the law firms multi-fold and law firms see a huge jump in their revenues. These legal tech solutions can also effectively help you with all kinds of documentation work, which makes all your laborious task look extremely uncomplicated. You may find a lot of tools that can support the contract management organizations, but TLB can assist you in niche areas like immigration, estate planning, personal injury, M&A, etc. You can reach out to the TLB’s process automation team and look at our case studies to have an idea of our successful engagement models as regards the legal tech solutions.
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3. Contract lifecycle management services
4. Contract management companies
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