Maximizing Efficiency and Revenue Through Legal Technology

Insights from the ILTA 2024 Technology Survey

The legal industry continues to evolve, as does the technology supporting it. The recently published ILTA 2024 Technology Survey highlights that law firms are gradually adopting advanced technology solutions to address the growing demands for operational efficiency, document automation, and compliance management. The survey sheds light on areas where firms can improve and which technologies firms are investing in.

Today, we will look at how technology, such as Kim Document automation and data capture solutions, can address some of the gaps highlighted in the survey.

Turning Knowledge into Revenue

Law firms are sitting on a goldmine of intellectual property and expertise that can be turned into revenue-generating opportunities. Many firms are underutilizing the knowledge trapped in their documents, with only a few actively exploring ways to package their knowledge for external use. This is where the idea of converting legal documents, templates, and knowledge into pre-configured applications comes into play.

By adopting solutions such as Kim, law firms can create and distribute client-facing applications that offer packaged legal expertise. This can be an effective way to attract new clients or offer subscription-based legal services, turning their existing resources into a consistent revenue stream. Whether it's providing templates for contracts, checklists, or other legal forms, the potential for turning knowledge into revenue is vast and can help law firms diversify their income sources and provide more value to clients.

Document Generation & Automation

Document automation is essential for law firms that want to scale efficiently. However, as the ILTA survey highlights, many firms, particularly small and mid-sized ones, face barriers when it comes to scaling document generation processes. Solutions that currently exist are often seen as overly complex, requiring significant IT resources to manage.

Kim offers a more scalable and user-friendly solution for document generation, which can significantly reduce the need for specialized teams. By streamlining the document creation process, firms can reduce the time spent on repetitive tasks, enabling their staff to focus on higher-value work. Moreover, Kim's integration with existing systems ensures that automation can be implemented without disrupting and, in most cases, enhancing a firm's workflow.

Beyond Survey Functionality for Data Capture

Law firms often gather information from clients, vendors, or other third parties for operational and compliance purposes. Traditional methods for collecting this data, such as manual follow-ups and emails, are often inefficient and lead to fragmented workflows. As firms grow and handle more significant amounts of data, these inefficiencies become even more pronounced.

Kim's Campaign functionality offers an innovative solution. With the ability to distribute questionnaires, compliance forms, and other documents to multiple recipients, Kim helps firms collect data in a streamlined, automated fashion. The platform ensures that all necessary data is captured accurately and on time, with built-in reminders and status tracking to reduce the risk of missed deadlines.

Internal & External Data Capture

As law firms increasingly rely on digital tools, data security and accuracy in data collection have become top priorities. Many firms still use fragmented systems to capture data internally and externally, often leading to inefficiencies and security risks.

Kim's platform consolidates data capture by offering secure internal and external collection features. Whether gathering client information for case preparation or conducting internal audits, the platform allows firms to collect and manage data within a single, secure system. Additionally, Kim's integration with various systems ensures that data flows seamlessly between different parts of the firm, reducing manual data entry and the associated risks of errors.

Compliance & Training

Compliance is critical for law firms, especially as data protection and security regulations tighten. Many firms manually manage compliance and training tracking, leading to inefficiencies and missed deadlines. This is particularly challenging when dealing with mandatory training programs, security certifications, or regulatory attestations that require mass communication and follow-ups.

Kim's Beyond Surveys/Campaign functionality is designed to address these challenges. By automating the process of sending out training confirmations or collecting attestations, Kim ensures that law firms can manage compliance efforts more effectively. The platform automatically tracks responses, and you can set reminders and generate reports, allowing firms to keep on top of their compliance obligations without the usual manual effort.

Emerging Technology Adoption

The ILTA survey indicates that while some law firms are beginning to adopt emerging technologies like AI and cloud-based solutions, many still need more resources, skill gaps, and leadership buy-in. AI, in particular, is seen as a promising technology, but firms are cautious about its full-scale implementation, preferring to adopt simpler automation technologies first.

Kim provides a practical starting point for firms looking to introduce automation without the complexity of AI-based solutions. By offering easy-to-adopt tools for document generation, data capture, and compliance management, Kim allows firms to gradually integrate automation into their workflows. This approach minimizes the need for extensive retraining or significant capital investment, making it easier for firms to modernize without the risk of disruption.

As firms become more comfortable with automation, they can expand their use of advanced technologies like AI, ultimately enhancing their operational capabilities while staying competitive in a rapidly evolving legal landscape.

How can Kim help you?

Solutions like Kim offer a scalable, user-friendly path forward for law firms looking to improve efficiency, enhance compliance, and turn knowledge into revenue. By addressing key pain points such as document generation, data capture, and compliance tracking, Kim empowers law firms to focus on what they do best—delivering exceptional legal services to their clients.

As the legal industry evolves, embracing technology will be critical to staying competitive. With platforms like Kim, law firms can streamline their operations and unlock new opportunities for growth and revenue generation.