Trends in legal technology
Many law departments have for some time been impervious to adopt automation, but the impact of the worst pandemic outbreak compelled them to turn over new leaf and implement the use of automation in their legal activities. The major challenge is choosing the best technology. Technology has become an obvious solution these days to face challenges. The future trends in legal departments in association with technology are:
- Escalating the payout on legal technologies by three times in the next five years: pandemic has burdened the workloads on legal teams. So many legal teams have already included technology by making a large investment in it and successfully take a competitive advantage over other legal teams. This fact drives the appetite of competing legal firms to digitize their work models thereby supporting the staff as well as meet the yield demand.
- Automating the legal work: the challenge of colossal workload can be overcome by increasing productivity. Advancement in machine learning offers a path for handling the above crisis. In a survey of legal departments, it has come out that the corporate transactions can be automated for about 55%. Identifying specific issues in the legal department and find solutions by automation.
- Investing in legal applications: many technology vendors are existing in the market. Before deciding on the investment in customizing the application there is a need to pick a vendor who has broader knowledge about process automation, machine learning, artificial intelligence, advanced analytics, and other upcoming technologies.
Apart from incorporating the technology in your legal work as these technologies offer high potential results, expansive it needs to be understood before working with it so that there is no breach or loss of data or sensitive information. Also need for perfect planning about technology inclusion becomes critical. An efficient roadmap for legal technology that advances the particular operational functionality can be used for the betterment of legal services.
Boost up law firms with virtual assistants
There are niche disciplines that legal areas are split into that needs expertise. It can be an enterprise or an individual both demands a professional who offers more legal technology that plays a crucial role in assisting them to meet various challenges. So lawyers want it to be technology-driven legal services. Some day’s lawyers will be busier due to heavier workloads and or some other distractions, in any case, hiring a virtual assistant would help to escape from time-consuming, low-value tasks which block the routine work and can concentrate on high-value cases.
Virtual assistants can reduce repetitive works, increase efficiency, and avoiding monotonous tasks, thereby able to concentrate on other important work. Virtual assistants are economical, which can be customized to do daily work. Just a responsibility can be assigned to virtual assistants like handling a firm’s social media, employees need training on how to operate these virtual assistants.
Virtual assistants can take some important responsibilities like marketing, legal research, transcription, legal drafting, interviews, surveys, accounting, bookkeeping, client onboarding, management of email inbox, management of calendar, setting and scheduling appointments, file organization, answering calls or emails, checking and raising the invoice.
The selection of virtual assistants and things that need to be considered involves what type of services a particular law firm offer, it must be user-friendly for employees to work with, and also employees must be able to handle hurdles while working with the software. This way technology can be the savior for many works in a law firm that can make it easier for lawyers to offer services efficiently and reach out to many customers.
Demystification of legal tech
Lawyers can rationalize their law practices by coalescing tools of legal research and practice management in their law operations. Even a lawyer who still has a phobia to adapt to technology cannot deny the technology role that has played a vital role in smoothening legal research. This legal tech creates more transparency in law firm’s operations, as technology helps the clients to get clarity about the types of services they can avail at affordable prices from lawyers.
Legal tech offers more accuracy as it helps in managing documents online also artificial intelligence-backed smart contracts, which diminishes the chances of having errors in the draft as well as while vetting legal documents. With this lawyers can offer error-free and accurate documentation for clients. With more law firms adopting legal tech it creates more job opportunities, which does not imply technology replaces lawyers but creates jobs for legal designers, legal technologists, information architects, etc.
Variants of legal tech:
- Legal tech for B2C: this involves the usage of technology to serve by reaching out to the consumers directly. This reduces long legal processes for fast service delivery. B2C companies use legal tech for assisting in trademark, title research, registration and tax filings, etc.
- Legal tech for B2B or enterprise: general councils are becoming strategic also assigning operations of companies to a new level. Legal tech can smoothen the operations of enterprises in the following ways: NDA automation, data protection and storage, invoice management and e-billing, contract lifecycle management (CLM), or contract management system (CMS).
Legal industries in India are set to see a crucial transformation in the future, from proceedings done online to automating legal processes. It can transform the practices and shift from using traditional ways by Law firms and lawyers and concentrating to include more client-centric ways. With augmented reality as well as virtual reality making the communication with clients, the training program for fresher in the law industry, collaboration with experts all these helps to overcome challenges in these unprecedented events happening these days.
The exigency for legal tech
The world is confronting disruptions that nobody set it up for. Notwithstanding, one thing that has stayed consistent is the advancement in technologies in all our lives. The pace at which legal industries are evolving is not as desirable as it is with industries like finance or banking, however, legal industries are witnessing an unhurried transition to have operations ways with technology-fuelled. The emergence of technology has caused lawyers and their firms to finally realize the desire to adopt technology for expanding their services.
Legal tech: an application that is specifically designed with the technology used in legal industries that enhance the services offered, distributed, or availed in society. This technology for offering legal services improves routine productivity of specific segments for lawyers, it can be tracking the status of cases, creation of legal documents, billing clients, or scheduling meetings.
Why legal tech is needed?
- Global outlook: by growing law firms in terms of size as well as geographically, the need for the hour is expanding the service’s capacity. This motto can be easily achievable with the aid of information and technology, management solutions. This enables lawyers to reach out to many customers and make them avail services digitally. With ubiquitous presence, global outreach can be enhanced with a great digital footprint in international markets.
- Quicker legal research: the language processing tool and artificial intelligence are the technologies of greater help that has eased the lawyers’ works enabling them to analyze complex issues within minutes, helping them to track the updates of a case in real-time.
- Swift resolution of a dispute: many lawyers still use traditional processes to carry out legal services that can be time-consuming as well as costly also no surety of desired results. However, the advanced technologies e-billing making the process quicker also customized software for legal services can also help solve disputes at efficient and at affordable prices.
Technology is a boon that can be used more reliably only when the right technology for various law services is picked. And solve various needs including above are resolved with greater accuracy and at affordable prices. Which helps the law firms to grow higher and have a safe competitive place in the industry.