By Chris Popovic, Toshiba – The pandemic of 2020 has produced a myriad of consequences for the legal industry, with courts literally closing up shop and halting new case filings, which in turn caused a significant drop in law firm billings.
By June, Clio, a leading legal technology firm, documented a 27% decrease in billings nationwide, leading firms to layoff more than 64,000 employees across the industry, a nearly 20-year low according to the U.S. Department of Labor.
In addition, the coronavirus has forced many lawyers across the U.S. to learn how to work from home, leaving offices empty, void of the traditional labor and technology that moves the legal information out of reach for them.
The new normal of working remotely hasn’t stopped the paper from coming in. Firms are struggling with how reduced staff can maintain access to critical information, how to digitize the new work coming in, and are obviously concerned with maintaining document security.
WHERE TO START?
Because of COVID, firms are forced to pivot and adapt new technologies to function in “the new normal.” This means taking an aggressive stance in going upstream to digitize information at the point of transaction as effectively and efficiently as possible with state-of-the-art solutions.