Many of the most crucial tasks for law firms happen inside courtrooms, but administrative tasks for running the business are often just as critical. It’s common for tasks in the legal industry to be time consuming, prompting more law firms to look at technology for efficiency.
From case management and collecting signatures to sending debt collection notices, manual tasks can be a major drain on resources. The good news is that there’s AI software designed to help streamline many of the essential tasks law firms carry out every day. From making it easier to train new employees to collections optimization, we’re going to share five of the best software solutions for law firms.
1. MyCase – Legal Case Management Software
When you’re in the legal industry, you know that it can be challenging to keep case information and documents organized. Since many law firms take a more traditional approach to day-to-day case management, software companies like MyCase saw an opportunity to help. One area where MyCase can really help law firms save time is with the client intake process.
The software lets law firms easily set up intake templates that can be customized to specific areas of law. With digital templates, law firms won’t have to worry about time-consuming manual data entry or duplicating efforts in capturing a prospective client’s details. It also helps reduce the time it takes for law firms to onboard new clients, giving attorneys more time back to work on other important tasks.
2. Retain by TrueML Products – Debt Collection Software
If your law firm sends out debt collection notifications through traditional or digital channels, Retain can reduce your OpEx while improving performance. Retain is white-label debt collection software that uses machine learning to optimize the collections communication process. For example, your law firm can easily send branded and compliant Electronic Validation Notices (EVNs) to customers without adding more employees.
For example, Retain debt collection software gives your law firm the ability to deliver tailored messages to your customers’ preferred channel for better engagement. By leveraging machine learning, Retain helps law firms who specialize in debt collection the ability to engage more accounts than what’s possible manually. This lets your business strategically focus employees’ time where it matters most.
Retain is debt collection software that seamlessly integrates with your existing debt collection CRM. You won’t have to overhaul your current system to see results. Retain works alongside them to power digital communications with smarter, data-driven efficiency.
3. Loom – Screen Recording Software
Loom is screen recording software that can make training more efficient for law firms. Instead of long in-person meetings, lengthy emails or long training documents, Loom gives law firms the ability to create a library of training videos for new employees. Instead of meetings filling up the calendar, new employees can watch the training videos at their own pace whenever they have time. This gives managers more time back in their day by cutting down on the need for one-on-one training sessions.
This software is also great for providing detailed feedback on new employee work. For example, a supervising attorney can record themself reviewing a contract, motion or other document prepared by new attorneys. Oftentimes a quick video explanation can replace a lengthy email summary or 30-minute meeting. Plus, part of Loom’s AI capability includes removing filler words from recordings so you can record training videos in less takes.
4. DocuSign & Ironclad – Electronic Signatures
Your law firm is likely already using DocuSign which makes it easier to get the signatures you need digitally. Ironclad is an AI software for contract lifecycle management that easily integrates with DocuSign to offer a comprehensive solution. This partnership gives your law firm access to useful AI tools like contract analysis and risk assessments across the agreement lifecycle. Ironclad will scan documents to help make sure they align with your firm’s standards and policies.
Many law firms use DocuSign for some documents, but it is much more viable now that the software company has launched remote online notarization in some states. DocuSign wants to limit the challenges of paper-based notarization by digitizing the experience. This extension of the software lets law firms, their clients and customers connect to an encrypted video session to notarize documents. With this feature, paper-based notarization won’t slow your pace of business again.
5. CoCounsel Legal – Legal Specialized LLM
CoCounsel is a large language model (LLM) that’s based on OpenAI technology. This AI legal assistant is specifically trained for the legal industry. It can help your law firm conduct research, analyze documents and help you create deliverables more efficiently. This tool gives lawyers the ability to spend less time on the research phase so that they get to drafting and high level strategy faster.
Another key feature of this AI software is that it uses dedicated servers on GPT-4. Which means all the data you go through isn’t used to train the model that is public facing. This helps ensure that you’re honoring confidentiality while still tapping into the power of an LLM.
*Disclaimer: The solutions highlighted in this post are provided as representative examples of AI applications in the legal sector. TrueML Products does not endorse or recommend any specific vendor and encourages firms to perform their own due diligence before selecting a tool.
Collections Optimization is Easy with Retain
Is your law firm ready to scale up accounts while scaling down OpEx? Retain debt collection software automates digital communications to more effectively engage consumers and facilitate repayment.
Our team of experts is ready to help your law firm with collections optimization so that you can collect more at any scale. Schedule your free consultation today!
