The legal sector has always been slow to adopt any technology. Whether it is digitalization or artificial intelligence, the law firms’ acceptance pace has been slower in comparison to other sectors. But once adopted, it takes no time to give outstanding results. There’s no doubt that the outcome of technology adaptation has been great even if legal consulting firms are late and it clearly shows the heights the legal industry is going to reach with the use of technology in the future.

Technology persists in flourishing the legal community in several ways. Being tech-savvy is in trend and legal consulting firms have just started to pace up as online marketplaces emerge. With the passing of time and the modernization of firms, technology is also modernizing. Digitalization is stirring crucial interest in the future of law. However, just like always legal industry is indecisive to accept these newly emerging digital marketplaces.

What are marketplaces? Marketplaces for law firms are exactly like any other firm. the clients are the customer and the legal services is the product that law firms are producing for their customers. The clients select the best-suited law firm for their needs and demands. However, the main problem with this traditional marketplace is that there is no transparency and it is rather difficult to compare the firms. However, if there is a wish for comparison, one has to research different firms and select the best. This could be time-consuming and might result in the wrong choice, since, as mentioned, there is no transparency.

One thing that is frustrating about any industry is not knowing the charges, the professionalism of a firm, the experience a firm has, and above all the qualification or certification of the firm.

What Is Digital Marketplace?

The answer to this is simple, as the name suggests ‘a market that is digitalized.’ With unique and time-saving characteristics, the technology has come up with an invention that provides complete transparency to the legal consulting platform.

For better understanding, think of digital marketplaces for the law firm as an online shopping website where different brands present their best product with the best prices and just the right details you want to know. Some may provide different offers to their customers and some may provide lesser prices. Customers select the products that are best suited for them.

An online legal market openly presents not only the costs but also the professionalism or the experience level of a firm through rating. These characteristics of a digital marketplace help in saving time and easy comparisons.

Anyone and everyone can take advantage of this platform, including legal firms by selecting professional services from the online market.

Benefits Of Digital Marketplaces

The main reason for the invention of digital marketplaces is to provide a wider platform for legal consulting firms and their clients so as to make the best use of technology. This platform is not only a great invention but it also provides well-tested benefits.

1. Time-saver: One thing common in all lawyers is that there is never enough time. Above that handling, the market also seems a bit too much. With an online marketplace, legal consulting firms need not worry about handling clients and giving them briefs or even selecting professional services for their firms. All the information one needs to hire a firm is available here.
2. Wider reach: With digitalization, anyone can hire any firm from any corner of the world just from the comfort of their home. Firms no longer need to worry about increasing their scope, as clients from all over the world are able to reach out to them through this digital platform.
3. Increased transparency: Since each and every firm’s professionalism and experience level are rated by their clients, there is complete transparency about the effectiveness of each firm.
4. Brand awareness: A digital market offers a better platform for a strong brand. There is a major difference between a strong brand and a weaker brand. However, traditional markets are not able to highlight those factors, as well as a digital market, does. One of the main reasons for this is, that whenever a client reaches out to a firm, the firm will never undermine itself in case they are a weak brand. But through digital marketplaces, since there is maintained transparency, strong brands and weak brands are easily distinguished.
5. Accessibility: The best thing that technology has given is easy accessibility. Customers can easily access and provide their feedback on a digitalized market for any legal consulting firm.

There are other benefits like personalization, openness, and trust-building through content. However, all these factors together make the digital market an amazing platform.

Disadvantages Of Digital Marketplaces

Even after offering wide-ranging benefits that are well-tested and have shown amazing results, the legal industry is still hesitant to adapt to this not-so-newly-found invention of technology. Why?

1. High competition: There are already so many firms competing and providing their best through this platform and since the legal industry is late to adopt this technology, there is going to be a tough fight. Hence, legal consulting firms have to lay out campaigns that will make them stand out.
2. Technology dependability: The digital market is completely based on technology, so if the technology is on the spike, the market flow will be high but if the technology is failing, so will the market. Moreover, sometimes links may not work pages may not load and buttons may not work which might be frustrating and lead to late work.
3. Security issues: Keeping its data safe is the topmost priority of any firm, especially legal consulting firms. In case, the firms use websites that do not provide complete protection, it may lead to information getting stolen and held for ransom or used by opponents or something much worse. Legal consulting firms have secrets that need not be revealed and therefore a threat to their data is a threat to their attorney-client privilege rights.
4. Difficult to adapt: All the newbies out there can relate to how difficult it has been to adapt to technology and rapid modernization. Learning how to use online platforms can simply be difficult for some people. However, this may lead to negative or unfavorable results.
5. Cost-consuming: Since everything is digitalized, there will be an increased cost of training and skill development of employees and equipment costs on the other hand.

However, the limitations of the digital marketplace are not the only factor stopping legal consulting firms from adopting it. It’s just that for a profession like a lawyer, this technology thing is a very different aspect and one main question that every lawyer asks is “Why should a law firm adopt technology?” Here’s why:

• Technology increases effectiveness. One can easily track their progress and work in real time. It increases productivity as it reduces barriers between clients and firms.
• Technology provides a widespread platform for legal consulting firms. This simply means a bigger clientele and therefore a bigger platform to showcase their work talent.
• Technology helps learn skills that an individual may not know they could have.
• Technology increases accessibility.

Conclusion

A lawyer is never off duty. There is always this or that. They are always serving their clients. The digital marketplace has just made it easier. While lawyers continue to work on court cases and paperwork, the marketing region has already been taken care of.

This is not it, there is a whole list of why law firms should adopt the technology. But to sum it up, technology provides everything any firm asks for profitability and productivity.

We all know that technology is not going anywhere. It is only a matter of time before law firms start to embrace the importance of the digital market, just like Artificial Intelligence. So, for a lawyer, this small guide can help make a decision. Sooner or later, law firms will have to pace up because effectiveness does not come in handy, they’ll have to work for it. Why not start with digitalized marketplaces?