Financial technology, or what we now know by the name FinTech, has had an enormous and profound impact on clients of the economic industry. Where there was once a large degree of scepticism regarding whether FinTech was simply a way to cut the financial cost of human interactions, there is an acceptance – on both sides of the fence; client and financial adviser – that FinTech has made things easier and more efficient. In fact it has been largely beneficial to consumers, ensuring that the market has been opened up to innovators, who, through the intelligent use of technology, have been able, to some degree, to level the playing field with the established operators, really helping clients find the products and services that work for them.
So, what of Legaltech, as we will call it, does it too have an important part to play in revolutionising the way that clients and consumers access the legal expertise that matters to them?
In short, yes it does. There can be little doubt that legal technologies are already revolutionising a traditionally conservative and by consequence technologically-resistant industry; the fact that you are here, on Oratto's website is one significant piece of evidence that serves as testament to this fact, even if we are still some way ahead of the curve.
Cutting through the cobwebs
Before now, and for too long, clients of legal services have been faced with a fusty, opaque and difficult to navigate industry. Whether consumers have been looking for commercial law services such as property litigation or private services such as family law and probate, historically these clients have found looking for the the right specialist to be a tiresome and unsatisfactory process.
Being able to access an intelligently designed and powerful online tool such as Oratto has completely changed the legal landscape for the clients of legal services. So, gone are the days of detachment and disempowerment, when finding a lawyer was too often trial and error.
By providing a platform for consumers and businesses to find the information they need alongside the ability to recruit a lawyer with a particular skill set and expertise, Oratto has placed control firmly in the hands of the clients, while also reducing the time, cost and frustration of finding a lawyer.
In fact, it's free, which, given that it is almost impossible to place a value on finding the right lawyer, is just about the perfect recipe.
But the great thing about a platform like Oratto is that it doesn't merely improve control, choice and confidence for the client, it also improves the level of service by ensuring that all member lawyers are signed up to Oratto's working principles and ethics.
And then there are the more technical benefits of Oratto's Legaltech model. We have a unique algorithm which we use to analyse and rank the information contained within each member lawyer's profile. This rating can be improved by keeping the profile updated and including as much information as possible, for example case studies, testimonials and published cases. The highest Oratto rating will be awarded to member lawyers considered by our algorithm to have the most comprehensive profiles and those deemed to be true specialists in their particular legal field.
We rate each member lawyer using an unbiased, standardised method and we do not publish exact details of how the higher ratings are achieved. The Oratto rating rises from the basic Member Lawyer rating of 5.5 through to an Oratto rating of 10 for our Superstar member lawyers.
Like all the best Legaltech offerings, it is the client who ultimately benefits. For far too long the legal industry has been free of the kinds of positive disruption that improve services for clients and Oratto is proud to be leading the sea change.