Technology can be a great way to save time and improve productivity at your firm. Sometimes it takes more than just new software, it take proper set up and training. We recently came across a blog post from MetaJure that shows you different ways your firm might be wasting time and productivity. If you are concerned your firm isn’t as productive as it should be, Solfecta and MetaJure can help. MetaJure Read the post below and set up a free technology consultation.
First, expecting lawyers to tag and file documents into a centralized system of predetermined taxonomies can be impractical in today’s fast-paced world. Lawyers find plenty of ways to get around required filing steps and that leads to a centralized file that’s incomplete. In fact, we’ve found that typical firms are missing almost 50% of their information. Second, while 80% of the intellectual property inside firms is communicated or stored in email (Gartner, 2014), the leading DMS solutions used by law firms today were designed in the 1980s – before the Internet and mobile computing – and do not automatically include emails as part of their document collection process or require even more manual steps to get them into a central system.
How bad is it?
Wasted time and lost productivity are significant: A robust Internet search uncovered some surprising (and depressing) data from a September 2012 IDC white paper. The report found that information workers (including lawyers and other professionals who are connected to the Internet and create, edit, review and/or approve electronic documents) spend 11.2 hours a week dealing with challenges related to document creation and management. At least six hours of this is wasted time. While the data is a few years old, the statistics remain relevant because so many law firms still deploy the more traditional DMS solutions outlined above, and half of smaller law firms in the US have yet to implement any formal DMS solution at all.
Lawyers and paralegals lose as much as 2.3 hours a week searching, but not finding, the right documents and another 2 hours recreating documents that can’t found. All told, time wasted in document creation and management activities cost firms $9,071 per lawyer a year or a 9.8% loss in the firm’s total productivity according to the study. For a firm with 100 lawyers, that’s more than $900,000 every year.
Time wasted in document creation and management activities cost firms $9,071 per lawyer a year or a 9.8% loss in the firm’s total productivity.
Non-compliance is widespread: In a more recent report, a 2015 impact study on electronic content management conducted by the Association of International Information Management Professionals (AIIM), indicates that one in four workers fail to conform with document management and retention rules. And that study doesn’t even account for lawyers who tend to be more independent than most professionals.
Mobile information isn’t accessible: Additionally, AIIM says that 81 percent of organizations report difficulty accessing information across multiple platforms, including mobile devices. Given how rapidly lawyers are going mobile according to this statistic is particularly disturbing.
So what’s a law firm to do?
Traditional DMS is just not working, and given these numbers, it’s clear that it never has. It’s time to stop trying to apply 20th Century technologies to 21st Century problems.
Indeed, MetaJure’s next gen solution was developed by lawyers frustrated by the traditional document and email management options available to law firms and legal departments.
Are you interested in learning more about MetaJure? View our online MetaJure demo today and schedule a technology consultation with experts at Solfecta.document management, Metajure