The legal sector is on a digital transformation journey and for partners who own or manage law firms, embracing technology not only enhances operational efficiency but it also has the potential to increase the valuation of their businesses.

Here’s 5 ways in which technology helps you achieve this:

1. Reduced Risk.

For estate planning firms, there’s always the chance that a Will could become contentious in the future. It’s a risk for potential buyers. Firms that use technology to draft their documents reduce their exposure to risk because there are often automations and safeguards in place that are built into the software itself.

2. Streamlined Operations.

Implementing document automation software, case management software and cloud-based storage and systems significantly improves workflow efficiency. This makes the business more profitable in the long run. A well organised and efficient operation is often perceived as more valuable to potential buyers or investors.

3. Improved Customer Service

Virtual meeting platforms, ChatBots, digital instruction taking, and client portals all provide clients with convenient access to legal assistance and information. Organisations that prioritise client satisfaction are likely to have a better reputation and receive more referrals, which can positively impact your valuation.

4. Analytics

Software often comes with intelligent analytics tools, which helps firms make informed decisions based on real-time insights. Easy access to this data helps prepare the reports that potential buyers want and will give them a clearer look ‘under the hood.’ Helping assuage any worries buyers might have about the business.

5. Scalability

Automation technologies empower lawyers to handle a higher volume of cases without compromising quality. The ability to scale operations and demonstrate growth potential is attractive to investors seeking long-term value in a business.

Organisations that have streamlined their operations, informed by their analytics, have a great brand, a loyal client roster and have reduced exposure to risk have a stronger position to negotiate.

For more information about document automation software that helps you reduce your risk, drive efficiencies and delight clients, reach out to us.