The legal industry isn’t exempt from the artificial intelligence revolution. While it may be a few decades before we meet a cyber-barrister, AI-enhanced ERP technology can remove the burden of comprehensive practice management, allowing firms to focus more on providing exemplary customer service.
While integrating new technology or updating legacy systems for any industry could be a herculean task, this is especially true for legal firms that face increasing pressure from global competition, numerous client demands and eternally changing regulations.
A solution built with Oracle Cloud Applications Consulting Services could provide legal firms with the means to streamline operations while also adhering to strict security requirements. Third-party support services, like Oracle-cloud specialist Accelalpha, can offer services specifically tailored to the legal industry. Accelalpha’s Extend Suite is one practice management solution, with each client having a uniquely tailored Extend Suite experience.
The most important factor when it comes to handling legal data is security. Oracle Cloud apps, when coupled with Accelalpha’s Extend Suite, can gain the benefits of advanced data protection and compliance frameworks while also enabling the path to a rapid tech implementation. A solution like Extend Suite can utilize Oracle’s Cloud apps to provide pre-configured reports, workflows and business processes that are uniquely customized for legal firms.
On the matter of workflows, it’s integral that task management is handled with care, with efforts made towards the automation of processes where possible. An effective ERP solution for legal firms can leverage AI and machine learning to automate and centralize business functions and operations in a secure and mobile-friendly environment. Extend Suite’s compatibility with mobile devices can enhance the effectiveness of overall management of a law firm.
The ability to adapt and remain agile in the face of industry-wide change is what allows a solution to rise above the rest. A robust ERP solution for law firms can adapt to the change in payment models. Many practices are moving away from hourly fee models and accommodating more flexible, subscription-based or hybrid payment methods. An Oracle Cloud-enhanced app like Extend Suite can support various billing structures within the same framework.
Speaking of streamlining financials, the cumbersome and time-consuming processes surrounding billing do not need to be a distraction. With a solution like Extend Suite, clients can access a dashboard that allows easy management of in-progress cases, including client billing and revenue recognition. From the dashboard, users can edit reports in real-time, make adjustments where necessary and approve any billable items.
Growth is typically accompanied by a few new acquisitions or an influx of talent. An effective practice management solution can allow client leadership to analyse talent pools based on several key factors that could affect employment: availability, cost and skill fit. The same analytics tools can be used to gain valuable, actionable business insights.
Ultimately, every industry, legal or not, benefits from enhancing operational efficiencies. In the case of legal firms, making the admin, like billing and human capital management, responsible for a new cloud-based ERP system can enable better customer service and support, while also potentially saving money from any process efficiencies enacted.
