There have been a myriad of articles of late about the rise of technologies and their intrusion into the practice of law. It is undeniable that AI has the potential to be a significant disrupter in the legal industry. However, there are numerous ways that technologies today can supplement and enhance a legal practice. At Beyond Leasing, we prefer to harness the potential of technology to enhance the client experience, improve service delivery, ensure quality output, and boost efficiency. Specifically, we have identified several areas where technology can deliver remarkable results:
01 Modernize the File Intake Process and the Giving of Instructions.
E-commerce has trained us in the use of automated portals for all types of interfaces: to order merchandise, apply for programs, request services, rent a car. Many clients now prefer this type of convenient interface. Using the right technology clients can issue instructions directly to its service provider through an online portal. The portal is designed to gather all relevant information, including detailed instructions from the client, providing a consistent and convenient method of mobilizing legal counsel. A follow-up call can then be scheduled to clarify any instructions. The result is time saved for both the client and the service provider.
02 Efficient Workflow.
Lets face it, legal work can be complex, non-linear, iterative and involve multiple stakeholders. With the right workflow tool, tasks can be assigned to various stakeholders, both internal and external - from the initial drafting of a letter of intent all the way to the registration of the lease. Our workflow tool can automatically route the document to the next participant in the workstream with accompanying correspondence. One significant benefit is that a task will never get lost in the process or sit too long with a single participant. The matter manager can quickly see where a matter is stuck and even assign standard service levels at every step of the way. This is just one of ways in which this powerful tool can act as virtual project manager, keeping every on track and on time.
03 AI.
Even before the stunning rise of Chat GPT, AI has been quietly been making inroads into the legal profession to augment the delivery of legal services. In the leasing world, AI has steadily improved and can now facilitate the review of a vast array of documents, shaving time and cost from the traditional due diligence exercise. While a lawyer's review is still required, lawyers can now focus on higher value work and leave the raw gathering and analysis to powerful analytical tools.
04 Information Management.
We continue to hear from our clients' in-house counsel that information management remains one of their biggest challenges. Yet tools exist to manage and organize information in a way that allows for the effective production, storage and retrieval of lease documentation. We have found a way, through the application of technology, to index, store and make readily available to team members key client information, including clause libraries and standing instructions. By sharing information across the platform with team members, we can deliver a more seamless experience with a higher degree of consistency than ever possible before.
05 Quality Documents Reduce Legal Risks.
Leases seems to get longer and longer and the growth in complexity can be baffling. Today's document review tools have come a long way. Gone are the days of the simple spell check. With the use of intelligent document review programs, we can identify inconsistencies in defined terms, identify ambiguities and correct section references, providing a level of editorial quality and consistency that typically would have taken an editor multiple hours to complete.
06 Data Analytics.
Leveraging data analytics tools can help the client gain valuable insight from large volumes of data. In Beyond Leasing we employ various tools with key data points to provide our clients with working trends from both their businesspeople and their service providers. By utilizing data analytics effectively, Beyond Leasing can offer data-driven insights, personalized recommendations, and improved decision-making, ultimately enhancing the clients' satisfaction and overall experience.
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