Getting to facts fast without breaking the bank – reducing hard and soft search costs
ARTICLE BY MIKE KEARNEY, PRODUCT MARKETING PROFESSIONAL AT ENCOMPASS
Reducing hard and soft search costs
Many legal practices see the search and discovery as a tedious, costly necessity. Today, with manual procedures still holding sway, it is often complex and time-consuming but its importance in establishing the facts of the matter mean that it is critical to the success of any legal case – and as such, like a lingering back pain has become something firms have learnt to put up with. Its importance is further underlined by the fact that it is seldom a one-off activity but iterative, and discovery of new information often leads to further searches to verify facts material to a case.
Sometimes, the same search needs to be repeated at a later date to see if any facts have changed which incurs further hard costs – buying the actual reports, and soft costs – the human time to analyse the information that has been retrieved.
Given how search, review and management of legal information underpins advice and therefore the revenue-earning capabilities of a firm, it is no surprise that in an industry suffering from information overload, forward thinking firms are looking for ways to improve the accuracy of their search process while reducing costs at the same time.
This is where automation combined with visualisation delivers unprecedented value. Imagine being able to simultaneously perform five company searches, ten director searches and four land registry searches all at once. What if you could have the results automatically presented to you in an interactive visual chart, in a third of the time it takes today? Encompass Verify for Law has already saved law firms in Australia thousands and thousands of dollars by reducing the amount of time they have to write off on unbillable, clerical tasks associated with search and review. Now it has been launched in the UK and the company believes it can deliver the same benefits and more to UK firms.