5 August 2019

Technology in the Legal Industry

Lawyers in successful law firms understand their systems and workflows and they leverage technology to improve efficiency and quality in addition to offering great client experience. Law firms have adopted legal technology not only because it is good but also because it makes their work easier and better too. The technology has been growing rapidly and it is affecting the work of practising lawyers in various ways. Here is how technology is changing the legal sector.

Legal AI is assisting lawyers in their practice

Artificial Intelligence is helping lawyers in their practice. Some legal technologies like predictive coding and machine learning have already taken root, especially in digesting information and contract reviews for disclosure. Artificial intelligence software has had a significant effect on the daily operations of most legal firms. Commercial firms are setting up teams to exploit the many opportunities the legal technology presents. In addition to document review, clients can access the processes and know the progress of their cases or transactions.

Legal technology has made will writing easier

Law firms see will writing as low-hanging fruit. Traditionally, solicitors and other law professionals have enjoyed it. However, today, the field is susceptible to automation. Technologist lawyers have been working hard to come up with a good algorithm for the last 20 years. Farewill is among the digital companies offering online wills and allowing solicitor-led teams to examine them for accuracy. The company claims that it has already established itself as the industry leader.

Blockchain is cutting out the middlemen in the legal industry

Most lawyers believe that blockchain will eat into their traditional income sources but that is not the case. Large law firms are working to establish standards for smart contracts based on blockchain. Such contracts will self-activate after several verifiable steps are reached. Blockchain is more like a distributed ledger technology consisting of identical ledger copies stored in many computers. They are therefore more secure, versatile and they are likely to cut out middlemen from the legal industry – the lawyer in many legal scenarios. Blockchain is already being used to safeguard digital trail bundles and to prevent alteration of data entered in systems.

Legal chatbots and robot lawyers

For a law firm website to compete for the online interest, it had to develop an attractive website some years ago. Today, technologist lawyers are developing robot lawyers and legal chatbots. You can now interact with a lawyer 24/7 and get the services you need immediately. Chatbots deliver answers to enquiries instantly and organize for face-to-face meetings if necessary. They are bridging the gap between online clients and law firms.

Legal software improves operational efficiency

Software developers are now focused on providing legal software programs that can facilitate the smooth operation of law firms. They are releasing a wide range of applications to help improve management of cases, marketing and other internal operations of law firms in addition to services. With a good software program, law firms can collect data about their clients or legal matters and process it to comply with all the data protection laws. Law firm managers can also collect data to check the function of their firms. That way, they can serve their clients in a better way and remain ahead of their competitors.

The legal industry has gone through many changes within the last two decades. The workforce has become more mobile and tech-savvy but seemingly, the changes are coming faster. As a result, legal firms and corporate law departments have changed. For them, choosing the right software is important. Mobile applications and data safety are important too.

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