Is inflation affecting your law firm?
With inflation rates rising throughout the world, most organizations are under cost pressure in both the private and public sectors. According to the economic trends published by Macrotrends, the inflation rate in North America alone for 2022 was 7.40%, a 3.36% increase from 2021. This has also impacted the legal industry, where the typical rate increases for legal services do not suffice anymore, as noted in The American Lawyer.
Technology plays a major role in helping law firms tackle the economic headwinds. Cybersecurity and cloud computing are necessary investments to keep up productivity and safe yet effective workflows.
Realistically, law firms should leverage technology to drive more profitability. Here are some ideas:
- Switch to cloud solutions: To maximize the production of billable work, a firm needs to have strong operational efficiency. Migrating installed software solutions to the cloud has contributed significantly to this objective. Cloud solutions can be easily accessed on the browser and decrease the time spent by IT staff on server and software maintenance or responding to support tickets.
- Strategically manage time: Winning law firms spend the most time on high-value work from a revenue standpoint, and creatively utilize all tools at their disposal to do so. Using the latest voice technology solutions can help keep day-to-day “transactional” tasks at a minimum.
- Keep a tab on billing and tracking: Billable hours should be best captured immediately. Tracking is important for managing business expenses more accurately, which helps speed up invoicing and payment processes.
Cloud dictation platforms like Philips SpeechLive can help address all your workflow needs. Furthermore, law firms can easily leverage the latest speech-to-text capabilities by starting small and scaling as needed.
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Questions? Leave us a comment and we’re happy to help!