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ALPMA 2023: Why the legal industry is ripe for automation
Watch our keynote presentation from ALPMA 2023.
Last month Tensis, the head company for both Smarter Drafter and Rulestar, were the platinum sponsor of Australasian Legal Practice Management Association (ALPMA) 2023. As always it is was an engaging and thought provoking event.
The Australian Legal Industry Report 2023
It was our privilege to deliver a keynote presentation entitled 'Why the legal industry is ripe for automation'. Chris Britton, our Chief Growth Officer, leveraged data points from the Australian Legal Industry Report to make his case.
For five consecutive years, this report has been a testament to the evolving legal landscape. The report, based on insights from 366 participants, spans the spectrum from sole practitioners to large 50+ seat firms. This substantial sample size offers a comprehensive overview of the legal industry's current state and trends.
The Rise of Fixed Fee Billing
One key revelation from the report was the growing prevalence of fixed fee billing. Over half of the participants are now generating over 50% of their fees through this model, with a quarter of them exceeding 90%. This represents a significant shift towards more predictable and transparent pricing.
Automation: The Game Changer
But why is this significant, you might ask? It's because there's a strong correlation between a robust fixed fee model and law firm efficiency, particularly in areas like drafting precedents and contracts. Automation, as we learned, goes beyond merely creating precedents; it encompasses the entire process, from client intake to digital signing and document management.
The Power of Automation
Consider, for example, how automation impacts drafting wills. The report highlights a substantial increase in implied yield for more complex wills. Smarter Drafter, an automation-driven tool, streamlines the entire process, resulting in double the yield per hour. Family Law is another area benefiting from automation, with 30-50% less time spent on cases. This efficiency, as the report indicates, is thanks to automation.
A Comprehensive Report
This is just a glimpse into the vast treasure trove of data and insights offered by the Australian Legal Industry Report 2023. It covers multiple practice areas, including Corporate Law, Property Law, Employment Law, Intellectual Property, Immigration Law, Litigation, Finance, and Criminal Law. A must-read for legal professionals looking to stay ahead in the rapidly evolving industry.
Download the Report
If you're as eager as we are to dive deeper into the findings, we encourage you to download a copy of the report here.