In today’s competitive legal market, running a law business is no easy affair. Regardless of their practice areas, most organisations encounter comparable obstacles. To solve three of the most prevalent difficulties that any legal firm faces, firms frequently experiment with alternative strategies and tools.

1. Increasing revenues and controlling cost
2. Speed
3. Accuracy

So, how do you deal with these problems? The trick is to work smarter, not harder, and DOCUMENT ASSEMBLY is a vital tool for doing so.

Why? Because…

Paperwork is the lifeblood of most businesses. Everything appears to have its own set of protocols, forms, and templates, and many people spend an inordinate amount of time filling them out.

And, if you look at the professions – and, arguably, law organizations in particular – the problem is considerably worse, with the production of very comprehensive documents taking up a large number of premium fee earner hours.

Law companies can reap a slew of financial benefits by implementing document assembly.

You must be wondering what actually is Document Assembly?

In layman’s terms, the document automation process is as simple as it is effective. It generates automatic templates from your firm’s existing legal papers – such as contracts, purchase agreements, estate planning documents, leases, licenses, and so on – that you can use to create new legal documents.

Document assembly (or document automation) software automates the compilation of documents via using intelligent templates to assemble them. This technique allows even the most complex documents to be prepared in a fraction of the time it would take using traditional methods.  It has the potential to help with the elimination of drafting errors.

Additionally, Document assembly software has a lot of features that aren’t available in word processing tools. A few of those are listed below:

• Users are prompted for information and choices necessary to assemble the final product while creating a document.
• Document assembly programmed feature conditional branching, which allows users to include or exclude language based on their preferences.
• Templates often include advanced functionality and mathematical calculations, with the results represented in the final document.

These are only a smidgeon of what’s possible. Follow the article to learn more about the most important aspects of document assembly.

1. Increasing revenues and controlling cost
   The first thing that comes to mind is probably, “How can I use document assembling to boost revenue?”
   
   Firms must identify ways to streamline processes, minimise redundancies, and enhance efficiencies in order to compete effectively and remain profitable. Implementing a document automation process is one simple way to achieve these objectives.
   
   HOW?
   • With document automation, you could generate a wide range of legal documents in a fraction of the time it used to take.
   • Because document automation reduces the time it takes to create files, lawyers have more time to work on other issues. More customers equal more revenue for the company as a whole.
   • By developing accurate and consistent document templates, document automation removes the possibility of human error.

   HOW ABOUT CONTROLLING COST?

   • When providing a fixed-fee service, the only way to increase profits is to reduce the amount of time spent on repeated operations.
   • Document assembly enables law firms to significantly reduce the time and cost of generating legal documents for their clients.
   • The time and effort required to produce high-quality legal documents are considerably reduced by document assembly firms, and the benefits are tremendous.
2. Speed
   Let’s find out, “How document management and speed are related?”
   • Regardless of which practice areas you specialise in, your firm definitely produces legal documents on a daily basis. Your company can benefit from document assembling whether you produce long and intricate contracts or short and basic ones. The time it takes to prepare, examine, and finalise legal documents is substantially reduced because of this technology.
   • Clients nowadays are increasingly expecting and demanding faster delivery, for better or for worse. Having the ability to swiftly create customised legal papers increases the customer experience and retention.
   • Document automation, on the other hand, helps solve the problem of employee retention by acting as a continual repository of company knowledge, as well as speeding up the onboarding of new lawyers.
3. Accuracy
   Software tools have the power to revolutionize the way law firms and corporate legal departments function and innovate, improving both efficiency and innovation.
   
   NEED EVIDENCES?
   • According to Above the Law, Legal technology garnered $200 million in brand new investment in May and June of 2018.
   • According to the McKinsey Global Institute, 23% of a lawyer’s employment can be automated, freeing up time to focus on billable hours or other less time-consuming responsibilities.
   • It’s not uncommon to hear of lawyers slashing their document production time from days or hours to minutes or seconds. Despite the fact that the time is shortened, the quality is not compromised. In reality, using document assembly improves the overall quality of the document.

Document assembly technology is a valuable tool that helps law firms handle difficulties including generating revenue, enhancing productivity, and keeping costs under control. Schedule a personalized FREE DEMO with LegalxGen to see a highly practical implementation of document assembling within any legal office.

BEFORE YOU LEAVE

The harsh reality is that organizations that hesitate to adopt new technologies and stick to outdated business methods risk being overtaken by competitors and shedding clients and profits. Adopting document automation is a cost-effective strategy to obtain a competitive advantage, as well as attract and keep clients while enhancing profit margins.