Ways to Leverage RPA in Legal Industry
Robotic process automation is accelerating the digitization of business support areas by creating a virtual workforce of software robots that emulate human execution of tasks through existing software interfaces. If looking at the contribution of software robots in the legal industry, RPA is useful. Managing vast amounts of data, enhancing focus on end users for improving customer satisfaction, complex processes like drafting contracts are among the critical roles that software bots play in law firms.
When firms get started with RPA, efficiency is increased by digitization, and more desirable effects are attained with less expense and labor. The proportion between the cost and the value of administrative processes is considerably enhanced with the use of bots that mimic the human performance and carry out data-intensive, redundant, rule-based tasks. And the adoption of RPA does not require significant changes in legacy systems but can deliver a high return on investment in a short span of time. The three specific application areas of RPA in law firms include
• E-discovery: Data management is a top challenge in the industry, and e-discovery programs with software assistance can make the data management process less time-consuming.
• Client Risk Assessment: Software robots can fill in anti-money laundering (AML) and Counter-Terrorist Financing (CTF) risk assessment forms and gather into single structured document information about the client’s product and services. This avails the client profile in a matter of hours with lessened administrative costs than manual performance.
• Fee Overruns Reductions: Running inefficient fee overruns can downgrade the firm’s image, cost disputes, and satellite cases. RPA technology ensures faster task finalization and troubleshoots communication issues.
Amid the technological revolution, it will be highly beneficial for law firms to adopt robotic process automation. The implementation of RPA doesn’t come easily but designing a roadmap can help firms in their digital journey.