Going digital is not just about reducing paperwork and organizing data—it’s essential to business success. A McKinsey study reveals that data-driven organizations that invest in digital best practices are 23 percent more likely to acquire new customers and six times as likely to retain customers.
The legal industry is lagging behind, according to a report issued by the Center for the Study of the Legal Profession at Georgetown University Law Center and Thomson Reuters Legal Executive Institute. And Gartner states that just 19 percent of in-house legal teams are prepared to support digital efforts within their organizations.
Partnering with digital transformation consulting firms to help implement and execute a digital transformation strategy—rather than delegating various tasks across your staff or hiring full-time employees—has big benefits for many law firms. Here are three reasons why:
Assess Needs and Identify Lower-Cost Solutions
Before anything else, a digital transformation consultant for law firms should conduct a thorough assessment of your current information and records management practices to identify strong points, weaknesses, and the biggest areas of risk.
Weak points will be shored up and automated wherever possible so old habits can’t be set back in. Digital consultants will often work with other third parties to identify more potential solutions to help streamline processes and best practices, when necessary, and leverage their experience to make recommendations that align with your firm’s requirements and budget. Similarly, a digital business consultant for law firms will identify unnecessary processes and confirm procedures you’re already doing well.
Emphasize Data and Information Security
Law firms can no longer ignore the threat of data breaches, both physical and digital. According to the American Bar Association cyber-attacks on law firms are on the rise, up 14% over the last few years alone.
You might think digitizing client data means putting it at greater risk, but smart digital transformations involve implementing sophisticated software that limits data access to only the most critical stakeholders. Secure, compliant storage of your digital records with chain-of-custody tracking is necessary to ensure data is properly protected.
Additionally, digital transformation consulting firms will work with and train your staff to be more aware of attempts to breach your firm’s security through phishing or other methods.
Understand Data Retention Compliance
While a strategic digital transformation strategy requires the buy-in, participation, and suggestions from team members across your firm, it’s hard for anyone whose head is all the way down on cases or other day-to-day responsibilities to dedicate themselves to learning about and implementing best compliance practices with federal, state and local data retention policies.
The legal industry is a complicated space with strict regulations that are ever-changing, and (if not followed), can be very costly. Experienced digital transformation consulting firms know data retention policies inside and out. They know how long various types of documents should be kept and how to automate the secure destruction of redundant or otherwise unnecessary files.
To save time and resources so your law firm can focus on clients and other important areas, consider partnering with digital transformation consulting firms to help with your information management and governance strategies. Start the conversation today by asking about our secure, compliant digital records management solution, CartaDC.
