The speed of legal business today is unprecedented. The requirements for lawyers’ time, pace of work and breadth of knowledge needed to do the job is higher than ever before. Within this context, technology has tended to help, however, traditional manual document management systems (DMS) are actually part of the problem. This is also supported by research data that supports what many lawyers encounter and know intuitively.
While 80% of intellectual property within law firms is communicated or stored in email, the main DMS solutions used by law firms today were created in the 1980s – before the Internet and smart devices – and do not automatically include email as part of the process. Hence, document collection requires even more manual steps to insert into a central system.
Lost time and poorly spent productivity are significant: A search found some surprising (and depressing) data that information workers (including lawyers and other professionals who are online and create, modify, review and /or approve electronic documents) spend 11.2 hours per week dealing with challenges related to document creation and management. At least 6 hours of these are wasted time. While the data have not been updated recently, they remain relevant because many law firms and law professionals still use the more traditional technology solutions, or do not use any DMS solutions at all.
The time lost in creating documents and managing their activities costs law firms thousands of dollars per lawyer per year or a loss of 9.8% in the overall productivity of the studio according to studies conducted in the United States. In more concrete terms, for a law firm with 10 lawyers, this costs more than $ 90,000 each year.
Legaltech today has a special focus in the field of automation and document management. Soon, Legit will offer a suitable solution for the Albanian and Kosovar jurisdiction, in the Albanian language!
For more details, read on: https://metajure.com/lawyers-waste-six-hours-a-week-on-document-management-issues-2/