A law firm must digitize its management through integrated technology platforms that make life easier for partners and lawyers. In this sense, traditional solutions are obsolete.
GoomLaw is a disruptive platform based on Microsoft technology that will enable law firms to be much more efficient in their day-to-day operations, as well as to meet and ensure compliance with the challenges facing the industry in this era.
The information of clients, parties, counterparties, documentation, communications, etc., must be securely hosted and ensure compliance with data protection laws such as GDPR. In this sense, the Microsoft cloud where the firm's management information is hosted complies with current European regulations.
It consists of having an integrated and unique information system, where you know that all the information of a file or case is updated and can be consulted by colleagues at any time. With a 360º view of the players in the case, the background, profitability, invoicing, etc., it is easier to make decisions and act accordingly.
In addition, the Microsoft Teams tool allows in times of teleworking to act in coordination with the rest of the team and with people outside the law firm.
Law firms have not always taken care of this aspect, but in these times it is vital to attract and retain good clients, and for this it is very important to have a system that allows:
It is very important to know the profitability of the firm, understood as the sum of the profitability of the different legal areas, and these, as the sum of the files or matters that compose it. Knowing in real time the results of the actions is vital to make decisions on the mark-ups to be set, the actions to be taken, etc.
In order to monitor the firm's profitability, a system such as GoomLaw is necessary, which allows theallocation of expenses and hours of lawyers by file, as well as automatic billing based on different criteria such as the re-invoicing of hours and expenses, or by milestones achieved. In the same way, it will be possible to measure in real time the fulfillment or deviation of the budget.
It is very important in a law firm, as in any professional services company, to have a good system that allows good cash flow forecasts, as well as a complete collection management system where incidents, unpaid debts, etc. can be indicated. In this way, in case of risks of non-payment, the partner or lawyer will be able to decide whether to follow the course of the file or not.
When acquiring a volume of small matters, automated collection tracking is vital.
In certain firms where part of the files are done jointly with other firms, it is very important to control subcontracting and their payments, whether domestic or foreign.
The monitoring of the file in its entirety at a technical level and at a single point is something that not all law firms have. Most of them have dispersed information, documentation, communications, contacts, parties/counterparties, etc. For this reason, it is impossible to have a global follow-up of the files and associated work.
In addition, once the information has been organized, it is easier for lawyers to learn about similar cases that have occurred in the firm and to apply the same techniques.