How Technology and Financing Is Changing the Legal Profession

What Every Attorney Should Know About the Future of the Profession

As with nature, attorneys must be willing to adapt. The legal industry as a whole can be slow to welcome change. Ten years ago, a thriving practice could be built on word of mouth. An attorney did not have to have a website to be competitive, and few offices had embraced going "paperless." Today, courtroom briefcases are a lot lighter, with most attorneys foregoing massive paper files for the ease and convenience of a tablet or laptop. Most attorneys have a web presence and are fluent to some degree in SEO. Adaptation is essential to survival, now more than ever.

The landscape is continuing to change for attorneys across the globe. Technology is, undoubtedly, at the forefront. But there are other factors that are changing the way attorneys practice law and run their office. Litigation financing is one arena that has leveled the playing field. Small and mid-size firms are no longer limited by in-house resources. Third-party lenders can now provide necessary funding for litigation. Cases that may have never have gotten the light of day are now seeing their day in court. The future is bright, but it is moving fast.

The Importance of Technology In and Out of the Courtroom

A firm that is unwilling to implement technology will not survive another decade, let alone another five years. An attorney does not have the option to plead ignorance when it comes to technology. Rule 1.1 Comment 8 of the American Bar Association’s Model Rules of Professional Responsibility reads:

“To maintain the requisite knowledge and skill, a lawyer should keep abreast of changes in the law and its practice, including the benefits and risks associated with relevant technology, engage in continuing study and education and comply with all continuing legal education requirements to which the lawyer is subject.”

Technology is changing the way the world does business. Attorneys must be willing to communicate with clients the way today's society is talking. Texting is a preferred method by most potential clients, that may make old-timers cringe. Today's client is savvy and has high expectations. There is a competitor just a click away, so attorneys must be willing to implement technology and change how they correspond, send documents, and receive information. 

More and more things will become automated. This branch of technology is not unique to the legal industry – automation affects every profession. Now is the time to jump on the bandwagon. Find out ways to do what you do quicker and more efficient, consider Artificial Intelligence (AI) solutions for clerical tasks. Courtrooms are becoming more technology-oriented too. Do not shy away from technological advances; embrace them. Just like clients, jurors are more adept than ever before. Showcase your skills and consider adding a technology guru to your list of consultants.

Opening Doors with Litigation Financing

Litigation financing is changing the playing field by leveling it. It is allowing attorneys to litigate cases that may not have been previously considered because of limited funds. Third-party lenders are providing cash flow to allow plaintiff's firms of all sizes to take on giants of the industry. The truth is, litigation financing is nothing new. Few firms, however, utilized the funding. The tides are undoubtedly changing. More and more firms are seeing the benefits of having a third-party financer who has no input on the strategy of the case or litigation, but instead solely provides funding. Litigation financing helps firms to limit risks and control costs.

With more firms using things like third-party lending to help control costs associated with litigation, attorneys must focus on bringing in clients. Whether it is in teaming up with an outside marketing team or becoming proficient in finding and retaining new clients, attorneys will have to hustle. The more clients a lawyer can bring to a firm, the more value they will add, regardless of what law school they attended.

All of this lends itself to the idea that the future for the legal industry will move away from a general practitioner and into specialty practice. Attorneys and firms alike will have to learn how to stand out in a crowded field. They will need to find their Unique Selling Position and provide unparalleled customer service to compete in tomorrow's field.

The future is here. The time to adapt is now. If you are wondering how to take your practice to the next level, contact the Amicus Group of Companies.

Amicus Capital Group. As a pioneer in the world of litigation financing, we can provide innovative solutions for firms of every size. The power of collaboration can help take your firm to the next level.

Amicus Media Group. If you are interested in legal marketing tips that can help increase your ROI, contact today. We offer full-spectrum legal marketing services that put you in front of the right audience at the right time. Learn how you can grow your firm with TV, radio and digital campaigns. 

Contact Amicus today at (877) 926-4287 for a free consultation and to learn more about the anticipated changes in the legal industry.