Rocket into 2022 and Watch These Legal Trends
It’s here. A new calendar year, along with all the resolutions we make at the stroke of midnight. 2021 has been a challenge, and many still have held onto the old ways of legal practice. 2022 will be the year of deciding whether the changing market poses a challenge or an opportunity for your career.
Three expert speakers, Vito DeLuca, Scott Smedresman, and Seth Polansky, gathered at Loio webinar on legal trends for 2022 to share their professional views on what the future holds. We’ve prepared a list of the webinar’s key insights to help you stay afoot of upcoming changes to the legal landscape in 2022.
Integrate remote work into the company’s culture
Yes, remote work practices are still a trend. The legal report by Thomson Reuters has confirmed that remote workflows will grow in 2022, whether out of necessity (cold weather and new COVID-19 variants) or as an employee benefit. Lawyers need new tools and strategies to evaluate, review, and coach teammates. What’s most important is to recreate face-to-face connections online. Take an idea from Seth Polansky:
“What we do is we actually have online meetings 15 minutes every morning, at 10 am, with no agenda, where everyone can ask anything.”Seth Polansky, Partner at Foundry General Counsel
Secure easy-to-manage cloud-based data storage
In 2022, many clients came around to “Hey, why don’t we just give the attorney access to our Dropbox.” The benefits of cloud-based data storage include remote access capabilities, an intuitive interface, and a streamlined search of documents, just to name a few.
According to a recent American Bar Association survey, 71% of legal departments and 75% of law firms plan to grow their use of data clouds in the coming years. Clients’ preferences have also changed. Seth Polansky shared his observations: “I’ve seen a lot of my clients finally implement document management systems other than a SharePoint site which was horrific and awful.”
Enhance flexible document collaboration with redlining software
Nothing explains the significance of redlining software better than a quote from our webinar speaker Scott Smedresman:
“Usually, changes in contracts occur exactly where you do not expect them to be.”Scott Smedresman, Partner at McCarter & English
Just imagine — no more hours spent looking through the endless redlines. Redlining software helps you quickly spot changes and move through the digital comments. Time is money, anyway.
Streamline contract review and drafting with special software
Mistakes in contracts are costly. Vito DeLuca shared his primary concern:
“At my office, we review 1,000+ contracts a year, and a mistake in any one of those contracts can be catastrophic.”Vito DeLuca, owner of DeLuca Law
With intelligent solutions such as Loio, you can accelerate the contracting process up to 90% without sacrificing accuracy. Give Loio a 14-day trial to see all the benefits in practice and meet the growing client demands. Just like Scott Smedresman mentioned: “What they [clients] do want is a quick solution and a price point that they expect.”
Put an even bigger focus on convenient client experience
79% of clients want the option to work remotely with their lawyers. Such technologies as redlining software or e-signature tools make the client experience more convenient, seamless, and transparent. At the webinar, Seth Polansky shared his experience:
“90% of my clients are happy with the way the virtual world and the virtual space is working with them. 10% that are not happy are never going to be happy with technologies.”Seth Polansky, Partner at Foundry General Counsel
Luckily for all of these clients, virtual spaces have become more convenient. And for those who hate discussing essential things over emails, there are phone calls or Zoom meetings to hear the tenor of your voice or even see your facial expressions.
Use innovative self-improvement methods and gain legaltech education background
Take this extra tip from the Loio Team. The lawyers of the future should be open to new sources of knowledge, such as online legal conferences, webinars, educational articles on legaltech, and different courses and masterclasses. According to Gartner’s “21 Corporate Legal Tech Predictions” webinar, spending on legaltech will increase 300% by 2024. A proper legaltech education helps you know which tech can benefit your legal practice the most, so you get the most revenue. It also helps minimize the learning curve of implementing new tech and lets you train others properly.
By knowing the key trends and having the right tools, you’ll boost your legal practice and increase your revenue while providing an excellent client experience. Be sure to download a free checklist to see what you might be missing to set your law firm up for success in 2022 and beyond.
And, a final tip from Vito de Luca — be more open-minded and combine your expertise with the technology you need:
“AI is as strong as the human intelligence behind it. It’s not a substitute for creativity. It’s not a substitute for thinking out of the box.”Vito DeLuca, owner of DeLuca Law