AI Responsibly with ndMAX
For decades law firms have been observing the disturbing trend of high associate turnover. Recent studies show that lawyer attrition averages at 16% annually. This statistic is sobering considering that base pay, bonuses, and billable hours have all increased, while at the same time many firms have made great strides in improving work-life balance. In a recent study, the top reason associates listed for leaving a firm was lack of meaningful work and training.
Although provided with increased data and understanding of trends, law firms have been unable to significantly impact the rate of turnover in young associates. The solution to attract and retain talent is a commitment to fundamentally change the way that law firms (large or small) are run.
La racionalización de los hábitos financieros y temporales de los bufetes de abogados es un claro comienzo para el tipo de cambio radical y comprometido que se necesita para revertir la tendencia de alta rotación de asociados. La creciente generación de abogados se crió y educó durante la era digital. Al adoptar total y completamente la tecnología, los bufetes de abogados no solo aumentarán su probable retención, sino que también aumentarán sus resultados finales.
La flexibilidad que la tecnología ofrece a cualquier despacho de abogados se puede resumir en la frase “trabajar en cualquier lugar”. Si bien la idea de trabajar desde cualquier lugar con conexión a Internet se suma al equilibrio entre el trabajo y la vida personal de los jóvenes asociados, las implicaciones son mucho más profundas.
¿Recuerda que la principal razón por la que los asociados enumerados para dejar un bufete de abogados fue la falta de capacitación? El almacenamiento de todos los archivos de asuntos oficiales en línea permite realizar ediciones en tiempo real y la accesibilidad a esas ediciones.
Esta accesibilidad significa que los abogados senior podrían capacitar fácilmente a los asociados junior permitiéndoles supervisar los casos digitalmente. En este escenario, se requeriría poco tiempo extra y comunicación por parte de abogados experimentados mientras se capacita a los asociados en ciernes.
El costo de imprimir una hoja de papel promedia entre dos y tres centavos, incluida la tinta y el desgaste de la impresora. Sin embargo, cuando se toma en cuenta el tiempo para imprimir, leer, almacenar y transmitir o volver a digitalizar la información a las partes interesadas, el verdadero costo del papel se hace evidente.
Law firms run on billable hours. In the zero-sum game of time, no office can afford to pay anyone to duplicate and triplicate work by insisting on keeping a paper storage system. Attorney efficiency is critical. Young associates will gain the additional benefit of reduced “grunt work”, leaving their time open for valuable training opportunities.
75% of companies in an ALM study listed hacking, employee mistakes, or third-party mistakes as their top fear for data security. These threats are real, and are a barrier to many law firms who would otherwise commit to digital file storage.
Cybersecurity is an ever-evolving topic that can seem intimidating. Law firms do not have to choose flexibility, efficiency, and fiscal responsibility at the expense of security. A partnership with a certified, experienced security provider can afford you the change your law firm needs with peace of mind.
Resistance to technology is another surprising trend in law firms. Seasoned lawyers and partners know their business well, and that business has always revolved around paper. While a survey found that 100% of law firms would prefer to have digital filing be their official method, only 16% report that their official matter file is stored in a document management system. 55% of attorneys reported that they prefer to work with paper, which leads to attorneys having everything printed-- at times including their email inbox.
Legal document management software is a simple, yet powerful, way your law firm can embrace technology and quickly reap the benefits described above. An office converted to cloud storage streamlines office procedures, maintains security, increases flexibility, and creates additional opportunities for training in one move. A digital firm is one designed to attract and retain new talent.
If you are interested in the efficiency and security benefits that NetDocuments customers enjoy all over the world, schedule a demo today.
