How technology will continue to automate the legal industry
With the rising pace of business and work-life integration, the world around us is becoming more complex every day. And there is a constant demand on us to be increasingly productive and efficient. Over the last decade, technology has transformed how legal professionals create value by enabling them to be more creative while automating repeatable tasks better done by machines. And while we can gain incremental improvements from manual process optimizations, the technology helps us achieve exponential efficiency. Impact of Technology in Legal Services The legal industry has been impacted by technology in every aspect, from corporate practice to courtroom proceedings to document management. Attorneys make critical legal decisions but with access to powerful insights driven by data analytics and machine learning. New tools, platforms, and communication innovations have redefined age-old practices. They have reformed high-volume repetitive tasks enabling legal professionals to perform their jobs more efficiently, making services more accessible while simultaneously reducing costs. As a result, legal professionals have become more proficient and more innovative in their work. Some of the shifts brought in by technology are: Faster and comprehensive research: Legal professionals now don’t need to scour millions of pages of books and search engines for their case research. They can choose from various legal databases to carry on their research, check the law, and stay up to date on recent developments and amendments. Simplified case management: Lawyers typically manage multiple cases simultaneously, and there are many complex components in each case. Case management software enables legal professionals to manage their case schedules efficiently by keeping deadlines, managing client information, and organizing documents in a centralized repository. With electronic storage of information, legal professionals can monitor, edit, and access them whenever required. Leveraging data & analytics for risk assessment: There are a lot of data points to analyze for the prediction of a case outcome. With the help of analytics, the data can be compared against historical patterns to assess the risk, predict results and costs. It helps in forming an optimized case strategy. Better contract management: Obtaining the maximum benefit from contracts requires effective management throughout their lifecycle. Contract workflow platforms empower professionals with benefits like contract templates, centralized repositories, e-signatures, AI- reviews, automated alerts, and notifications. These tools provide transparency, efficiency, and streamlined contract management. Efficient collaboration irrespective of geographical barriers: Technology has reduced the necessity to be physically present in the same room to draft contracts, negotiate with stakeholders, discuss the case, and file documents. Legal professionals use cloud storage, e-signatures, e-discovery tools, etc., and it enables them to collaborate effectively with their team and clients across the globe. Improved client satisfaction: Legal technology provides a better user experience for clients, making them more satisfied. All the information is easily accessible to the client, ensuring total transparency. Also, legal professionals and clients now have streamlined interaction through communication and collaboration solutions, saving both time and money. Organizations recognize that adopting legal-tech platforms helps them uncover information that otherwise would have been the sphere of hypothesis. Whether legal professionals are trying to improve their case performance, draft a better contract, gain valuable insights, or maintain better professional relationships. The enhanced efficiency and the automation of routine tasks brought about are positive developments augmenting legal professionals. Future of technology in the legal domain We are observing the next wave of legal technology features more automation, artificial intelligence, remote work, and Web3.0 (blockchain-driven decentralized technologies). AI-based software and analytical tools will help legal teams provide more accurate and targeted advice to their clients. Attorneys are performing due diligence with AI-powered tools. AI tools are helping patent attorneys analyze large patent portfolios. AI is also being used for deciding case strategy and predicting case outcomes. Remote collaborations over multi-stakeholder documents like contracts will become a breeze. We will have intelligent e-contracts that will understand the corporate contract playbook and keep every contract updated. We will have an AI that summarizes the contract risks overall agreements that keeps informing the global team about new alerts, becoming the best 24/7 assistant to the team. Execution and authentication of legal paperwork will become more secure via the tools built on Web 3.0 that will authenticate signatures and legal paperwork for worldwide stakeholders. Some of these technologies are already in use today by small and giant corporations. All these technologies (and more) will become more accessible and inexpensive for anyone to use in the future. Legal services will undergo a permanent shift with technology, improving efficiency and enhancing risk management, allowing legal teams to put their energies into higher-value activities. Embrace the technological advancements Tech-savvy lawyers are embracing the technological shift and harnessing it to their benefit. The legal field has a culture of the client first; therefore, client satisfaction is the prime objective. Technology helps with this objective by providing the ability to offer better and cost-effective solutions. A client feels more comfortable if legal professionals are up to speed on digital developments. The law firms are taking advantage of opportunities brought in by technological enhancements, taking risks, adopting proven technologies, and evolving themselves. They are reinventing their business operating models to meet challenges. Legal professionals are upskilling themselves with tools that are increasing their productivity. It takes time for any industry to catch up with the changing technological landscape, but ultimately, we choose better tools to simplify our lives. Legal Technology has provided enormous value to early adopters and given them unfair competitive advantages. Everyone else is taking notice of this and is eager to follow suit.