“There is a Persian tale about the inventor of chess presenting his invention to the king, and the king was so pleased he allowed the inventor to name his award for the invention. The man asked the king that on the first square of the chessboard he would receive one grain of wheat, two on the second, four on the third, and so on, doubling the amount each time. The king quickly accepted the offer, thinking it was a low price to pay. However, when the amount was calculated (264 – 1 or almost 78 million tons of wheat), the king discovered it would take more than all his wealth to provide the award.”

The story can be wisely co-related with the service industry, in particular to legal practitioners. More specifically the lawyers working on hourly rate often leak significant revenue in absence of an efficient system. Fractional time spent on calls and other activities largely go un-accounted, which when compounded together can increase a firm’s revenue by at least one third as per studies.

For instance, a firm of 50 practitioners fails to record half hour each of an associate every day. The monthly hours lost cumulates to 500 hours, which could have been billed otherwise. An average practitioner charges INR 5000 per hour. Hence the loss amounts to INR 25,00,000.

LegalXgen helps seal such leakage can be tapped at negligible cost. With our system, Legal Practitioners not only bill more hours, but also receive the revenue quicker.

Streamlining practice is important more than ever in the 21st century. With global law firms setting foot on Indian soil and advancement of technology like artificial intelligence, the survival can only be possible with a system in place. Those who resist this change might eventually go out of practice.

To substantiate, leveraging technology to its best use can work wonders in growth and be resisting the same can be catastrophic!