Legaltech: What Is It and Why Should I Care?

The legal profession is undergoing a transformation unlike anything the industry has seen before. This transformation can be encapsulated in a single word: legaltech. If your law firm is not on board with legaltech yet, you need to either change that or accept the risk of falling behind. So, what is legaltech? We will answer that question in this post. We will also explain why you should care. Suffice it to say that legaltech is disrupting the legal environment in ways no one would have thought possible just a couple of decades ago. At the forefront of the disruption is software. And at the forefront of that software is NuLaw.

What is legaltech?

The word 'legaltech' is a shortened version of 'legal technology'. Tech experts use the term in much the same way they use 'fintech' to describe financial technology. The best definition of legaltech we have seen comes from a June 2018 article published by Fintechnews Switzerland:

"Legal technology, also known as legaltech, refers to the use of technology and software to help law firms with practice management, document storage, billing, accounting and electronic discovery."

It's easy to understand legaltech if you compare it to something as simple as a web browser. Prior to the dawning of the internet age, we all did business either in person or over the phone. If you needed to purchase something, you went to the store and bought it. If you needed to speak to your real estate agent, you either visited the office or made a phone call. The web browser changed all that. Today, you can do everything from buying consumer goods to chatting with your real estate agent via a web browser. Browser software and the technology behind it has literally revolutionized how we do business. Likewise, legaltech is changing how attorneys practice law.

Why should I care?

Now that you understand what legaltech is, you may be wondering why you should care. It is quite simple. Your law firm is a business first. You may have gotten into law out of a desire to help people seek justice, but you're not going to be able to help clients if you can't sustain a viable business. That's just reality. Competing in the modern environment means keeping up with what the legal industry is doing. The thing is, many of your competitors are already heavily invested in legaltech. If your law firm continues to do things in the way it has always been done – which is to say you don't embrace legaltech – it will eventually become irrelevant. Your competitors will far outpace you using technology that makes them more efficient, more client friendly, and more productive.

What is NuLaw's role?

We assume your law firm wants to effectively compete. As such, we encourage you to seriously consider NuLaw. NuLaw is a software solution built on the Salesforce platform, one of the most widely used CRM platforms in the world. Not only is NuLaw your introduction to legaltech, it stands for your best opportunity to compete.

NuLaw has a range of built-in features designed to make your firm more efficient. For example, NuLaw automates some of the routine tasks your firm's staff now handle manually. NuLaw features an advanced calendaring module that makes keeping track of client meetings, court dates, and a variety of deadlines more efficient.

NuLaw is an all-in-one case management and CRM platform hosted in the cloud. It is legaltech in every sense of the term. That's important because legaltech is here to stay. Your firm needs to either get on board or risk falling behind.