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The company’s CEO spoke to TechRepublic about the new platform and the challenges facing the space.
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Software company Clio has announced a series of new features and updates to its centralized platform with the goal of more action in the legal tech sector.
Founded in Vancouver, Canada, Clio employs over 500 staff across five global offices. Its name comes from Kleio, one of his nine muses in Greek mythology and the patron saint of history. This technology company has a solid history, having been founded in 2008. There are also some notable stats to share. According to Clio, it is endorsed by more than 65 bar and legal associations worldwide and has a global client base of 150,000.
Clio is about to make history with its extended platform. Recent additions include the Clio Grow website, a centralized payment system, text messaging communication tools, self-service customer support, and an expanded embedded app ecosystem.
What is the new Clio platform?
To elaborate on what some of these capabilities bring to the legal tech industry, the challenges the industry is facing, and what the future holds, Jack Newton, CEO of Clio, sat down with TechRepublic for an exclusive interview.
“Lawyers leave school without the ability to deal with the business side of legal practice. All law firms are businesses,” Newton said. “As a law firm in a box, we provide attorneys with an all-in-one solution that enables them to effectively run the business side of their legal practice.”
Reference: Adoption Kit: Cloud Engineer (TechRepublic Premium)
Newton describes the Clio Grow website feature as follows: This is something any lawyer can do in less than 10 minutes, and what’s even more impressive about the Clio Grow website is the one-click integration of cutting-edge apps. ” He further explained that this feature will allow small businesses to compete with larger organizations.
Clio also added a text messaging feature, allowing users to communicate via text message without giving out their phone number.
“As we see consumer expectations changing in terms of how they interact and work with their attorneys, text messaging is a huge key to this, helping Clio customers to become more I believe it will help set us up to react quickly,” Newton said.
All communications are protected by security protocols and clients are not required to disclose their phone number or store their client.
Another new feature Newton touched on during the session was Clio’s expanded built-in app ecosystem.
“This gives clients the opportunity to leverage their 200 existing integrations and enhance their integrations to get an experience embedded directly in Clio instead of two separate experiences,” he said. rice field.
Through this development, the company plans to connect more product suites to the platform, aiming to become the industry’s first legal operating system.
Future trends and challenges faced by the legal tech market
According to a Statista report, the legal technology market will generate $27.6 billion in revenue worldwide in 2021, and the market is projected to reach $35.6 billion by 2027, at a CAGR of over 4%.
Following these stats, Newton discussed future trends and challenges that may shape the legal tech industry.
“We’re seeing some macro-level trends over the next decade,” Newton said. “Law firms are undergoing a major shift from fundamentally firm-centric to client-centric in the way they design and deliver legal services. is changing the way lawyers work: about two years ago, the average law firm was very face-to-face, but now law firms are using technology to help lawyers work from home This continues to change as it becomes possible.”
Technology companies have achieved unicorn status in 2021, but still face the challenge of selling technology to legal professionals. While more lawyers trust the process of entrusting documents to third parties, Newton said it would be difficult to convince many people about the security of cloud-based technology.
New changes in the legal market may lead to further adoption of cloud-based technology in the industry, further expanding this technology market.
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