BOCA RATON, FL / ACCESSWIRE / September 13, 2021 / The thought of adopting the latest technologies can be daunting to small, midsize, and large law practices. Migrating to digital solutions typically comes with a substantial learning curve. As an experienced transactional attorney, Karen Crew understands the dilemma faced by practices of varying sizes. She believes that law firms may be hesitant because they confront new risks when adopting the latest technologies.
However, Karen is also mindful of the downsides posed by doing the traditional way. Thus, she understands the need to strike a delicate balance when it comes to implementing the changes. For example, by adopting specific technologies, law practices can decrease the inefficiency associated with drafting contracts.
Karen Crew recently discussed the tools capable of transforming transactional law practice. She also assessed impediments to technology adoption and the importance of viewing tech as a benefit instead of a threat.
A recent Thomson Reuters report revealed that large firms handle an ever-increasing flow of transactional work. The report also showed that litigation now lags behind transactional practices. As a result, the latter accounts for over 30 percent of billings by established firms.
In the early 2000s, tech experts focused on developing advanced technologies for litigators. Law firms took advantage of dynamic solutions to streamline legal research services and practice management. Software developers also created advanced e-discovery solutions for litigation attorneys.
According to Karen Crew, developers' focus has since shifted towards solving the tech needs of transactional lawyers. As a result, transactional practices are increasingly leveraging a rich set of technologies to handle complex deals. These solutions enable attorneys to automate various key processes.
Transaction Management Solutions
Karen expressed confidence about the continued development of innovative solutions that simplify complex legal work. Some legal transaction optimization technologies will undoubtedly shape the future. These solutions help attorneys handle due diligence more efficiently. They also provide optimal documentation support to legal teams handling deals. With these technologies, law firms can streamline transaction management.
By investing in transaction optimization solutions, Karen believes that law firms enhance their ability to sign more new clients and deal with cost pressures. In turn, the technology allows attorneys to concentrate on higher-value components of transactions. For this reason, Karen values the role of legal transaction optimization technologies in transforming traditional practice.
She considers the technologies critical to enabling law firms to deliver creative legal advisory without compromising operational excellence. The solutions play an integral role in simplifying complex transactional practice, which typically occurs at breakneck velocity. Thankfully, attorneys can meet these operational demands, making it easier to focus on deal structuring and other legal matters.
By gaining access to dynamic digital tools, law firms can boost profitability and secure premium contracts. Karen Crew asserts that the ideal option for attorneys is to choose cost-competitive platforms.
For many years, lawyers have been looking for effective ways to modernize transactional practices. In addition, they worked tirelessly to bolster innovation and cost-efficiency. These efforts yielded mixed results. Fortunately, the future looks promising as many tech experts are positioning themselves to support transactional attorneys with the required transformation.
Disruption and Innovation
In recent years, many law firms transformed their legal processes using specially designed software. The digital solutions simplify document management and visualization. This type of software also drafts and designs contract documentation. According to Karen, these programs were disruptive because they introduced standard transactional services to a wide selection of clients. They made such services more affordable and accessible.
The best part is that these innovations bolster law firms' revenue streams.Karen Crew predicts that the scope and sophistication of transactional practice automation will improve significantly over time. As a result, law firms derive benefits, such as a considerable reduction in the cost of contract drafting, negotiation, and implementation. These advantages apply to complex transactions.
Modularity and standardization are key factors when it comes to contract documentation. Technological advancements help law firms achieve these objectives, making it easier to customize contracts in tandem with the negotiated, transaction-specific client requirements. The software allows transactional attorneys to tailor contract items using a comprehensive menu. On the other hand, automation streamlines visualization of a draft document, enabling legal professionals to compare draft modules.
About Karen Crew
As an experienced transactional attorney, Karen Crew maintains memberships with various professional bodies. She boasts a glittering record in handling complex financing transactions. Karen represents a wide selection of institutional lenders involved in local and international credit transactions. The legal professional helps clients deal with legal aspects of corporate restructuring, acquisitions, syndicated loans, and mezzanine financing.
When it comes to her private life, Karen Crew is a conservationist, an at-home chef, and a scuba diver. She is a member ofDance Now! Miami's board of directors and supports the Everglades Foundation. She has embarked on diving activities in the Caymans, Florida Keys, Great Barrier Reef, and the Sand Falls in Cabo San Lucas in her free time.
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SOURCE: Karen Crew