Is your firm one of the many which has already won an award? Giving you another marketing angle, and increased visibility for attracting new clients. Maybe instead you feel that applying will be a waste of valuable time. Especially when you might not win!
There can be any number of reasons for not applying, despite a business award having the potential to increase your client base.
Award judges are usually looking for evidence of a significant improvement in performance, or an exceptional service being provided. Norton Rose Fulbright in London won the 2021 Technology Venture of The Year award, given by the British Legal Technology Awards. Recognising “outstanding delivery of an individual technology venture, project, or initiative… which delivered a positive and commercially viable impact.”
Shoosmiths was the runner up but went on to win the Legal Tech Team of the Year award. When the Judges took the view that the firm had successfully combined a number of tools in their “New How” initiative. Again adapting their platform to produce a more efficient process and user-friendly products which solved clients’ problems.
If you can find the right performance metrics and evidence of how you improved them, then it’ll put your submission into strong contention to win an award.
Performance Improvements That Can Be Achieved By Embracing Technology & Software
A wide range of technological innovations and software is available now, to enhance business performance or create improvement. Having a good case management system has become an essential part of the financial plan and annual budget. Similarly updating systems and software which may have already been licensed, or bought.
Although it has been argued in the past that investment in technology is too costly, the inCase mobile app is an example of one piece of lawtech that has led to higher levels of revenue and profitability for many conveyancing and personal injury firms. This achievement may be even greater when the data is leveraged, to support an application for a business award, which also has the potential to lead to higher client retention and growth.
The data and statistics which can be collated when using the app provide an excellent way to demonstrate specific and measurable results, as follows:
- Increased productivity. Allowing fee earners and support staff to handle more files. Whilst the facility to send automatically generated reminders keep the case on track, with key dates;
- An improvement in the service provided, by remotely processing documents more efficiently. Forms and questionnaires can be completed by mobile phone, using electronic signatures, before being returned to the fee earner via the app. Resulting in quicker document signing.
- Reduced stress and frustration experienced by clients. Even when the fee earner is working remotely, once a file has been opened clients know exactly what the legal procedure involves, and the stage reached in the case. Reducing the volume of inbound calls and emails which can disrupt productivity;
- Immediate access to relevant documents which have either been signed or need to be;
- Reliable identification of new clients, and a smooth onboarding process. Identity checks can be time-consuming if done in a meeting and add a significant cost to the matter. The automatic feature on the app uses document scanning, and facial recognition technology, which can read the cryptographically signed data on a passport. To confirm that the identity photograph and live recording of the client’s face are accurately matched. This has been designed to protect clients and lawyers from identity theft or fraud;
- A more attractive client service than others offered by business competitors. Clients are encouraged to provide feedback on the app. Providing an excellent way to manage expectations, and regularly identify any areas for improvement.
There are numerous legal technology providers who have the potential to create improvements in performance and service, also to give the necessary data to support an award submission.
Common themes running through most modern lawtech on offer are accessibility; quality, and potential for increased revenue. Ultimately, however, what takes all of this to the next level in making your business an award winner, is the unique spin you can add to the application process.
Going back to the award-winning example of Norton Rose Fulbright, they were able to articulate really well how the technology they put in place, including AI and machine learning, supported the financial sector during its transition from using interbank offered rates (IBOR).
So, once you have identified your performance improvement, how do you best approach an award application to give your firm the best chance of winning? Click the link below to find out: