The legal profession is in a state of flux. At the time when law firms were happy to receive business from company X and pass it on to Attorney Y, times have changed. Company X can now choose Attorney Y or Attorney Z based on price alone, and this has led to some significant financial challenges for law firms in recent years.
It’s clear that lawyers need to up their game in order to remain competitive and deliver business value, but how? Well, one way may be through outsourcing – read on, and we’ll tell you why.
What are the benefits of outsourcing legal work?
There are many ways in which outsourcing legal services like with Thomson Reuters practical law, can have a positive impact on law firms. Here are just some of them:
Outsourcing can help law firms manage their costs. By contracting with an external vendor to provide specific services, law firms can save on the cost of hiring and training employees, as well as on the cost of office space and other infrastructure. Outsourcing can also help law firms stay competitive by allowing them to focus on their core competencies and outsource non-core activities.
Outsourcing can improve the quality of services provided to clients. Law firms that outsource often work with vendors who are experts in their field and who have a proven track record of providing high-quality services. This can lead to better results for clients and increased satisfaction rates.
Outsourcing can help law firms improve their efficiency and responsiveness. By working with an external vendor, law firms can access resources that they may not have internally. This can lead to faster turnaround times for projects and improved customer service.
For example, by outsourcing legal research, a law firm can reduce the time it takes to complete a project by up to 50%. And by outsourcing docketing, a law firm can save up to 75% of the time it takes to complete those tasks in-house.
As for document review, those who outsource tend to win more and move faster than those who don’t.
Outsourcing can help law firms better manage risk. By contracting with a reputable vendor, law firms can reduce the risk of data breaches, fraud, and other security incidents. Additionally, by outsourcing work that is not in their core area of expertise, law firms can limit their exposure to risks associated with those activities.
Outsourcing can help law firms stay up-to-date with the latest technology and practices. By working with an external vendor who is on the cutting edge of technology and best practices, law firms can improve the quality of their work and stay abreast of new industry developments.
When a law firm has access to specialized skill sets such as predictive coding, machine learning, complex analytics, etc., the ability to derive deep insights from legal data becomes possible. This can help drive better business decisions and aid in uncovering hidden risks and opportunities.
So, what areas of your law firm can be successfully outsourced to help alleviate your workload and improve your standards?
One of the most common areas of outsourcing that you can explore is IT support, as this is likely a topic that your team has little knowledge in or time for. Another area that you can consider outsourcing is law firm internet marketing, as this way you can have the utmost confidence that your company can attract as many clients as possible from near or far, any time of day or night. You may also find it beneficial to outsource your reception department, as having to shell out for a full salary plus benefits as well as finding the space for an in-house receptionist is far too much hassle in today’s modern world – you can simply hire a specialist service externally for a lower fee. Exploring just a few of these options could help your law firm to save an enormous amount of time, energy and money, while also potentially boosting your standards at the same time.
Law firms should consider outsourcing because it can help with managing costs, increasing efficiency and responsiveness, improving risk management, staying up-to-date on technology and practices, helping the firm specialize in its core area of expertise, and improving client satisfaction rates. If you are considering outsourcing, an EOR company can help you.