While no industry has been left untouched by the wave of digitalization, no sector can claim to be as unmoved by technological advancement as the legal industry. However, recently, technological innovation has proven to be a catalyst for more standardized solutions in the delivery of legal processes and related services. Here’s a look at the ways how technology will continue to shape the revamp of the legal industry in the year to come.
The breakneck speed at which information technology went from establishing its foundations a few decades ago to be the principal force behind how humans react and behave in the 21st century is astonishing.
While no industry has been left untouched by the wave of digitalization, no sector can claim to be as unmoved by technological advancement as the legal industry.
For an entire sector founded on tradition and proud of its devotion to institutional mores, it comes as no surprise that the legal industry, and justice system as a whole, has taken its time to keep with the pace at which the world is changing.However, recently, technological innovation has proven to be a catalyst for more standardized solutions in the delivery of legal processes and related services. Here’s a look at the ways how technology will continue to shape the revamp of the legal industry in the year to come.
Artificial Intelligence Will Continue to Be a Game-Changer
Extensive research has already taken place to explore the extent to which A.I. can replicate the intellectual domain of a lawyer. Advanced systems have long been used to make algorithmic decision making, but a complete interpretation of cases is yet to be made possible.
However, there are winds of change blowing in the legal industry. IBM’s “Ross” has proven to be a great example of what we can expect A.I. to do in the future, particularly in research, which is one of the most tedious aspects of the law.
LexisNexis Discovery estimates that the use of smart analytics and increased A.I. integration will save up to 70% of expenditure involved in legal reviews while decreasing the number of documents to be reviewed by 85%.
If you analyze the time-saving aspect and the authenticity of information—coupled with the elimination of human error—A.I. is anticipated to be a major game-changer for the legal industry.
The past few years have only been a teaser of how the so-called disruptive technologies are to change the legal landscape as we know it. Legal, technological startups managed to raise $739 million from 2011-16.The pressure to deliver personalized expertise has increased significantly on legal experts. This leaves ample opportunities for innovative managed service providers (MSPs) to streamline the manual and paper-based processes which suck up precious time.
Outsourcing research and administrative work to companies that specialize in them is not only rational but highly profitable. The result is law firms specializing in fine-tuning their services and catering more to clients than before. Going forward, the legal industry will increasingly collaborate with such companies to overcome workforce challenges.
The World Is Mobile – and Law Firms Should Follow Suit
According to the American Bar Association (ABA), 98% of lawyers use smartphones. However, most are oblivious to the vast sea of opportunities digitalization has afforded the legal industry. They are not still using their devices’ true potential to benefit their practice, but rather limiting the use to manage calls and send out text messages or emails.From scheduling everything on the go to increased communication and information outlets and managing complex legal procedures, such as enhanced trial preparation and taking depositions – smartphones offer a comprehensive solution.
The increased productivity translates to a better track record, satisfied clients, and broadening of horizons for the firm. Across every other industry, employees have experienced considerable (34%) increase in their efficiency by integrating smartphones with their routine tasks.
Such statistical evidence begs the question, how much can the legal industry, with its over-reliance on documented data and research intensity, benefit from smartphones? The answer can range from considerable to significant.From immediate access to agreements and contracts as well as instant retrieval of case files, smartphones can work as a gateway to enhanced collaboration and high-quality service. As the world goes digital, this year will see the legal industry taking the leap as well.
Blockchain technology has been around for some time, and despite the drastic fluctuations blockchain-backed cryptocurrencies faces, the technology itself is here to stay—and possibly affect the way legal dealings proceed.
Even though it’s a bold claim, blockchain technology has provided a sneak peek at what the future may hold. It can effectively overcome and provide contractual solutions for the legal industry, in addition to streamlining the criminal justice system.
The legal system as a whole, and criminal justice, in particular, are infested with heavy documentation which doesn’t gel with the on-the-go records systems other industries are accustomed to. Implementation of blockchain will mean easy and instant access to records and real-time change implementation across all stakeholders.
Be it law firms, law enforcement agencies, or other stakeholders, blockchain presents a comprehensive solution to documentation issues. Any changes in a person’s legal status will be made available instantly across all platforms, further aiding in providing instant information to the concerned parties.
That’s not all, as blockchain can help in several other areas, such as dispute resolution and corporate filings. This might well prove to be the year that technology makes its breakthrough in the legal sector.
Discovering Greener Pastures
The legal industry is not a hallmark of rapid change, and that is only logical, considering that many facets of law are immune to change. However, to keep up with the ever-evolving economic and digital landscape, it is imperative for law practices to take a smart and measured approach, one that saves time and money.
The internet has provided medium-sized law practices the means to expand their practices for clients outside their vicinity. Even in these initial stages of industry-wide digitization, multiple legal startups already provide legal services online.
From patent and copyright management to estate planning, these online services ensure you have a complete and affordable legal service at your fingertips at all times.For clients, the usefulness of being able to find reliable and quality legal counsel from the comfort of the couch is paramount. As far as law practices are concerned, they can attract more clients—regardless of geographical limitations.
Keeping in mind the efficiency and effectiveness technology can potentially bring to the legal sector, it is not a matter of “if” but “when” law practices as a whole are ready to take this leap of faith.
Be it artificial intelligence or setting up a strong and stable online presence, this year will prove to be another step forward for the legal industry. It is crucial that law practices remain devoted to the cause and seek help from professionals when implementing such widespread changes. As far as we are concerned, the verdict is clear—integration of technology is the only way forward.
If you’re looking to better your law practice through the use of leading technology, contact JMARK now to learn more! Call 844-44-JMARK or email [email protected] to speak to our business strategy planning team. With offices in Springfield and Tulsa, and clients nationwide, we have the experience and reach to help you make this year the year you conquer your market for good!