Have you ever thought about how one can improve the productivity of in-house lawyers?
Legal software is a tool shown and popular for enhancing the productivity of lawyers.
Do you know business lawyers, especially the in-house ones, spend around half of their day accomplishing low-value work? A lawyer’s expertise gets required for a couple of hours every day for billable work or tasks.
So, why not use legal software to improve the productivity of a lawyer as it:
- Makes the workflow of the lawyer more efficient
- Lessens the needless administrative work
- Enables commercial teams to self-serve their regular work
In this business blog, we discuss the seven legal software that enables lawyers to use their time on work that is more valuable.
What is a Legal Software
A term used to relate to the resolutions for the legal industry is legal software. This software gets created and advertised as a tool to help businesses enhance their legal processes. Legal software is efficient and created to smooth out all basic legal processes for business teams and unskilled individuals.
Which legal software solutions should your business prioritize in 2023 and why?
Seven Legal Software Solutions
1. Contract management software
Contract management software got created to streamline the workflow of the contract for lawyers and their teams. It is one of the most widespread and functional legal software types in the market. Contract management software gives users various features they require to make, negotiate, sign, evaluate and renew contracts easily.
Example:
Normally, manual contract workflow consists of a long process of sending a working document using an email with each alteration and change request until the final version ultimately gets stored online or on a computer.
The contract management software allows the legal teams to access, create, alter, agree, and sign any contract in one centralized workspace. It has many features, including advanced ones like approval workflows, conditional logic, and comments.
This legal software type helps business teams to work on contracts by using the template the legal team of the company gives them. It means they can proceed with a standard contract at their own pace, instead of having to wait for the legal team to get free.
2. eSignature software
The electronic signature software, commonly known as the eSignature software, is a technological tool allowing users to sign documents and contracts electronically from anywhere around the world employing a compatible device.
Parties do not have to meet in person to sign agreements or the need to email, print, sign, scan, and send them in order to sign documents. All these efforts get eliminated when eSignature software gets used to make a secure digital signature on a document.
In many jurisdictions, like England and Wales, an eSignature legally binds a contract as the law does not have a set of rules on the specific signature type. Therefore, as long as a specific process gets followers, electronic signature software can get used to signing contracts.
3. eDiscovery software
Legal software getting a lot of popularity is eDiscovery. Moreover, it got predicted that this market will grow by $2.7 billion between 2021-2025.
eDiscovery software is software created to process high electronically stored data volumes. This software can recognize, collect, and create records when it gets requested. Mostly large enterprises and legal teams use eDiscovery software when investigators, the government, or rival advisers are looking for information about something, ensuring compliance.
It is similar to contract management software. eDiscovery software normally gets employed to lessen the time and effort used to complete specific administrative duties manually. It has the ability to reference and flag specific data fast and accurately, making it the reason for its high popularity.
4. Legal research software
The legal research software is a library of technoscientific tools and databases targeting lawyers and paralegals needing access to legal intelligence daily.
Lawyers and paralegals can quickly and expertly find and query legal criteria and data like law, judgments, statutes, and other information in this field.
Manually searching for such data is extremely time-consuming for busy lawyers. However, this software saves them time and helps them in their case by providing them with relevant information immediately.
5. Knowledge management software
A legal software used to organize, assemble, and share a large volume of data in a centralized space is knowledge management software. Sometimes, such tools give an individual platform where users can save valuable data, strategy, records, and projects updates for their team to view, through a single revelation source.
Collaboration and ensuring information is available for teams through the various departments get done highly effectively with these tools. Knowledge management software makes it easier to search and query data while storing valuable information securely. On the other hand, the traditional methods of storing information in office cabinets and using emails are time-consuming and not as secure.
6. Privacy management software
Necessary legal software for developing tech companies is privacy management software. This software gets used to evaluate, react to and observe risks the tech company might face.
There are many types of privacy management software tools. Some of them get set up to show assent with data security, defence regulations, and standards. On the other hand, some privacy management software got designed to observe and manage personal data and risk.
As per Gartner:
A privacy management tool helps to track incidents from the outcomes of unofficial data disclosures, evaluate compliance with data protection ordinances, and aid in composing and issuing privacy policies, amongst other things.
7. Contract review software
Mostly, contract reviewing is a very time-consuming process for lawyers. Moreover, mistakes often get made when a lawyer manually reviews a contract. Contract review software will help exactly with that, taking less time and providing more accurate data.
Legal review software has its own AI (Artificial Intelligence) that represents contract language and takes out the important data. This legal software type is best for businesses that center on reviewing contracts and not making, negotiating, or signing them. Nonetheless, businesses looking for a more extensive contract solution find this one to be not that suitable.
Final Thoughts
You can find limitless legal software tools in the market nowadays. Each of the legal software will promise you to enhance the workflow of your busy legal professionals in one way or another.
Before investing in legal software, you should consider which one is right for your business and lawyers, whether your business should invest in one or not, and lastly, understand your pain points. For example, view what workload area is pulling you down, which specific areas are falling behind and whether any specific manual processes are becoming intense for your legal team. After you view and consider the various workflow aspects, it will become easier to find the best legal software solution for you.
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