Mylawyer - Efficiency benefits
Our research suggests that firms joining the MyLawyer network are set to benefit from substantially reduced drafting costs and increase firm-wide margins just from servicing their existing client base.
MyLawyer firms will be able to provide online drafting services to clients from their own website, will receive pre-drafted referrals from MyLawyer.co.uk, and will have access to Rapidocs V4 technology for in-house drafting use, making cost savings across all three channels.
“Our detailed and law-firm supported research suggests that MyLawyer members will be able to save money in 4 key ways”, explains Business Development Director, Dave Jones:
a) Firstly, the cost of drafting a document virtually disappears if the client chooses to create the draft themselves online.
b) Secondly, clients can engage with the firm by telephone, with less qualified (and hence cheaper to employ) specifically-trained operators using Rapidocs technology to draft the document in house.
c) Thirdly, in-house face-to-face interviews can be performed by less qualified staff that have a lower hourly rate.
d) Finally, even when a face-to-face interview is conducted by the fee-earner themselves, time and money are still saved as at the end of the interview the document has been automatically drafted, whereas traditionally they would need a separate ‘write up period’.
On top of these savings, admin overheads can be reduced: a proportion of the clients who engage with any firm invariably do not complete their engagement – but if these clients can be directed online for the first draft, these lost transactions do not take up valuable staff time. Additionally, electronic billing means that the need for staff to chase invoices is reduced.
The latest Rapidocs technology means firms are able to service their existing client-base much more efficiently: in fact through both online and in-house drafting we believe some firms will be able to cut their direct cost of fulfilment by as much as 50%. Even if only 30% of their existing customers engage online we still forecast a 10% rise in the overall margins of the firm. This is a staggering statistic when you consider that this model doesn’t take into account any new business generated as a result of the new online capabilities MyLawyer firms will enjoy.
Making accurate predictions of resulting new business is not easy, but by being among the first firms to truly embrace the web and hence give the modern legal consumer what they want, the sky’s the limit.
There is limited space for top-tier firms to join the MyLawyer network.