Spotlight on Tech-celerate for Law: How Law Firms Can Save more with Legal Technology Adoption
Legal Technology in Singapore
Technology is changing the way legal services are delivered and will help power the growth and development of Singapore legal services. Through incorporating technology into legal work, there can be improvements in work processes, resulting in higher efficiency as well as time savings which in turn translates into cost savings. Lawyers can then focus on the work that provides true value to their clients.
With a high concentration of multinational companies and international law firms, the legal technology market in Singapore has growth potential, fueled by mushrooming startups, small to mid and large sized firms as well as a supportive regulator.
Tech-celerate for Law
Launched on 2 May 2019, Tech-celerate for Law, a support scheme for the adoption of technology solutions by Singapore Law Practices (SLPs) is an initiative by the Law Society of Singapore, the Ministry of Law, Enterprise Singapore and the Info-communications Media Development Authority (IMDA). Under the scheme, qualified SLPs are able to choose and adopt legal technology solutions from seven pre-scoped solution categories with up to 80%* funding support in the first year of implementation.
Lexis Advance® and Lexis® Practical Guidance are pre-approved baseline solutions under Tech-celerate for Law.
Let’s Hear from Tech-celerate for Law Adopters
“C.Fu LLC provides tailored solutions to businesses mainly in the marine and transport industry – logistics and freight forwarding, shipping, oil and gas companies. This is the strength and core focus of C.Fu LLC as a boutique law firm.
As a new start-up firm, the main challenge that we faced was managing our mindset. One should not be fearful of the unknown and think that achieving a certain milestone is impossible for a start-up firm. Both Lexis Advance and Lexis Practical Guidance were great starting platforms which played an important part in providing us the confidence to achieve our goals. They act as quick reference points for us to review a sample contract clause swiftly, or have a quick primer on the current legal position. One plus point is that the practice notes are always updated and this has been really useful in allowing me to search for the necessary key points!
In the past, it was a hassle to visit the library physically to do legal research or arrange for books to be borrowed. Now, with an online research system such as Lexis Advance and Lexis Practical Guidance, we can offer clients more legal services and explore other practice areas. More importantly, I am able to access information, practice notes and standard template clauses quicker, saving research time by almost 50%. I see value in using both Lexis Advance and Lexis Practical Guidance in my day-to-day work as it has led to improved efficiency through providing quick and accurate search results. These are very useful starting points and goes a long way for new start-up firms like C.Fu LLC.
In future where legal technology might replace some of the work that lawyers do, it is imperative that lawyers move up the value chain to stay competitive and keep ourselves up-to-date with the current legal evolution and trends. Lawyers will also need to consider working remotely and being able to access our case files, practice management systems, research database etc. online.”
– Charmaine Fu, Managing Director, C.Fu LLC
“Foxwood LLC was established in 2017 to handle traditional complex legal work with many moving parts, such as Initial Public Offering (IPOs) and Merger & Acquisitions (M&As). We have stripped out many cost factors found in a traditional law firm model and increased our technological and process capability to better serve our clients.
Apart from handling legal issues, we also help our clients solve their business problems. Our focus is in the delivery of bespoke legal services in a digital age. This is distinct from the traditional ‘practice model’ which relies on differentiated legal expertise and skills. We are forward-looking and aim to connect with our clients, enhancing the client experience.
We find Lexis Advance and Lexis Practical Guidance solutions very beneficial to our firm as it has greatly helped in our research work which then translates to improved work efficiencies. When it comes to selecting a legal technology solution, there are a few criteria that need to be met such as ease of use and cost. Fortunately for us, through utilizing the Tech-celerate for Law grant, we are able to enjoy the benefits of both solutions without facing any cash flow issues.
The use of legal technology has become increasingly prevalent in the recent years. With cost and competitive pressures rising each year, law firms need to rise up and stay ahead of the game by adapting to changes and adopting new technology that will help change the way lawyers work and bring about greater value to their clients and firm.”
– Goh Keng Haw, Managing Director, Foxwood LLC
*As announced during the Supplementary Budget 2020, the Productivity Solutions Grant (PSG) has been enhanced to encourage enterprises to continue their digitalisation and productivity upgrading efforts. The maximum funding support level has been increased from 70% to 80% from 1 April 2020 to 31 December 2020. This increase in funding support is applicable to all Baseline Category Solutions under Tech-celerate for Law.
For details please visit: https://www.lpi.lawsociety.org.sg/tech-celerate-for-law/
Lexis Advance is an innovative online research platform that allows today’s legal professionals to access trusted research from LexisNexis® quickly and easily. Refreshingly intuitive and flexible, Lexis Advance is designed with your efficiency in mind. It provides you with access to the bigger picture – your way. With leading technology, data, analytics and expert content, it enables legal professionals to remain competitive and achieve better outcomes.
Designed to transform the way you conduct legal research, Lexis Advance gets you the answers you need, powered by the premium research and practical content you can rely on, faster than ever before.
Lexis® Practical Guidance
Lexis Practical Guidance is an online workflow-based solution that provides lawyers with the know-how and step-by-step guidance to their daily legal matters, significantly reducing the time spent researching and preparing a matter.
Written by trusted local experts in Malaysia and Singapore, all Lexis Practical Guidance materials are continuously updated to reflect the latest developments in law, enabling lawyers to efficiently complete transactional matters with speed and confidence. All modules include a range of topics and give access to a broad collection of practice notes, commentary, checklists, forms and precedents, drafting notes, cases and legislation.