- “During the last year, midsize law firms have increased demand, maintained productivity, and experienced lower turnover overall than small and large firms.”
- “Risk and compliance, for example, remains a complex area that firm leaders struggle to properly address. Oftentimes, midsize firms lack the resources to properly manage compliance for the numerous matters they work on, while a general lack of knowledge around the evolving best practices for due diligence increases the risk of accepting unfavorable clients.”
- “The American Bar Association (ABA) also amended Comment 8 to Model Rule 1.1, which now requires that lawyers keep abreast with the capabilities of available technology and ensure its use will properly serve their clients; furthermore, lawyers must be competent in actually using that technology, and must ensure compliance with all other ethical responsibilities. By failing to implement or properly use suitable available technology, lawyers put their clients’ data at risk and may unintentionally run afoul of the ethics guidelines.”
- “Many midsize firms want risk and compliance tools that are equal or superior to those used by larger firms, and that will provide the same qualitative analysis and protection that large firms often enjoy.”
- “OnePlace Risk & Compliance, a cloud-based and AI-powered Intapp suite, can help your firm improve conflicts clearance, mitigate risk, and ensure compliance throughout the client lifecycle. Like all Intapp products, OnePlace Risk & Compliance was designed by experts who have a deep understanding of the unique characteristics, complexities, and challenges of midsize law firms. Clients can count on Intapp technology to meet their specific needs that other generic solutions fail to address.”
- “Throughout their lifetime, these tools can substantially reduce the need for non-knowledge work associated with admin processes, and by largely automating administrative tasks such as new business intake, your firm can onboard clients and accept new engagements more quickly. Additionally, by leveraging advanced AI-powered tools, your firm can reduce the risk of human error and better determine which clients and matters are problematic or profitable.”
- “Midsize law firms need to examine the lifecycle of all their work and ensure that all standards and requirements are continually being met. Properly equipped with the right software, your firm can successfully and efficiently manage risk and compliance throughout every stage of the client relationship lifecycle to improve the overall performance of your firm.”
For more detail, see the complete blog post.