Technology is constantly increasing lawyers' abilities to provide a faster and more effective service to clients at every law firm. However, with the rise in the use of technology comes new ethical and compliance risk for law firms to manage. How you manage these risks may be the difference between you and your competitors.
Here are 5 ways that you can use technology to reduce this risk at your law firm.
1. Strengthen a culture of ethical behaviors throughout your law firm
Policies and procedures to reduce compliance risk are more easily maintained when there is a strong culture and ethical infrastructure. This culture can be implemented by decision making on the tech services used. Technology is vital for a strong culture if suited to the particularities of operating a law firm and if it makes work easier.
Practice management systems such as Clio and Actionstep digitize some of the operations of law firms. These systems can integrate with various other software to support the functions of lawyers.
In law firms that perform primarily transactional work for clients, technology can be an incredibly valuable tool as much of the repetitive transactional work can be automated.
2. Consider supplier risk management in the long term
Having software as an integral part of the infrastructure of your law firm carries many opportunities for risk. To avoid serious issues in the future, risk in the legal supply chain should be prevented, considered, and reduced as much as possible. Decisions about employing different legal tech should be carefully assessed with the long term in mind.
Therefore, it is important for law firms to use legal tech that is designed with their specific needs in mind, closing gaps between the software’s functions and the firm’s needs. This will be efficient and effective.
For example, law firms that primarily conduct transactional work will find services that automate tasks to be invaluable. Not only will it save on non-billable hours, but it will automate compliance tasks and reduce the chances of mistakes.
3. Automate recording phone call data
Tasks that could be automated include recording time stamps of billable phone calls with clients, confirming phone call notes and transcriptions with clients, and recording file notes from calls in your firm’s practice management system. Lawyers have reported that they believe 60-90% of their work hours were billable, despite data showing that only 28% of their hours were actually billable. Not only would automation reduce the disparity in these proportions, but it would also enable individual lawyers to maintain good records for the firm and enable accurate communication and improved compliance.
Phone systems like Vxt Call automate the tasks associated with phone calls. Vxt Call allows lawyers to make calls from any device convenient to them, and integrates with practice management systems like Actionstep. Time stamps, notes, and transcriptions are collected by one app that can be accessed on any device with internet. That data can be shared within the firm through integrations with your practice management system.
4. Secure your clients’ data
Law firms save and have access to a lot of confidential client data. Storing data digitally makes work easier, but it also makes client data vulnerable to others. How this data is stored and accessed should be considered when law firms make decisions on technology they use.
Services like Vxt Call encrypt all data from phone calls with clients, such as transcriptions of conversations and contact details.
5. Keep up to date with your jurisdiction’s laws and policies
A customized approach from tech services can improve how your business can stay up to date with your relevant countries’ laws and policies on privacy and security. Using technology that is quick to adapt and improves record keeping can be beneficial in the long term and help save your firm time and money.
To reduce compliance risk, law firms should make use of businesses like FirstAML that are designed to help businesses comply with AML/CFT policy. Furthermore, service providers like Vxt provide bespoke and tailored customer support to ensure compliance with laws around privacy.
Being savvy about the tech that your firm uses can save you from falling behind the competition. Investing in creating a strong culture, thinking long-term, automating tasks, and partnering with adaptable tech services are some of the ways that you can reduce compliance risk at your firm.
Feel free to get in touch with the team at Vxt to discuss your law firm’s needs and how Vxt can meet them.