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New Law has opened up new channels of collaboration between lawyers. Empowering discussions about best practice, client management, technology and the future of law, collaboration can push your law firm forward. Interacting with industry round tables and networking events can provide useful insight into growth strategies other law firms are using to success.
Invest in smart technology
Investing in the right technology can transform the practice of your law firm; and law firms agree. In our report, Is Your Tech Smart? It was found that 64% of law firms have increased their tech spend over the past three years. Installing the right technology can help ease the burden on fee earners, helping law firms to work smarter not harder to get through their workload. Investing in a quality drafting tool for instance, will save lawyers hours in contract preparation, empowering them to work on more complex tasks.
Monitor Return on Tech investment
Monitoring the success of these tools is crucial. Tracking ROI will help your law firm calculate the success of investment and enable decision makers to make informed decisions about tech spend, and where to allocate increased funds. While this won’t produce income, understanding ROI will prevent the installation of inappropriate technologies that waste funds,
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