ABA Journal looks at how law firms are developing their own tools and software to better serve clients. Legal technology experts argue that clients want cheaper, more streamlined ways to get their legal advice and ensure their compliance with the law and that whenever possible they want technology-based solutions.
Scott Rechtschaffen, chief knowledge officer at Littler Mendelson, comments:
“Law firms that want to get into the business of building and selling technology products need to get out of the old business model and become more nimble. By creating a stand-alone technology-based company, a law firm can maximise its expertise while also creating an enterprise where sales and marketing professionals can be motivated. In addition, a separate company can entice top talent by creating an equity opportunity that would not be available in a traditional law firm setting.”