In the bygone days, if a lawyer would mistakenly forget to carry with themselves important documentary evidence, they would immediately send someone to bring the documents and, in the meanwhile, would have asked for another hearing from the judge. However, today if a similar situation of crisis occurs, lawyers simply resort to accessing the same document on the cloud storage via their mobile phones!
This shift is possible due to the evolution of legal technology over the past decades.
Legal Tech, the part of the legal industry that operates with the infusion of advanced technologies, has completely transformed the way in which attorneys and law professionals work. With the passage of time, legal tech has made it possible to digitally transform the legal industry and coordinate the proceedings with tech-savvy clients. Due to the efficiency in operations that it brings to the table, legal tech has been adopted by not just the top legal firms but also smaller firms and start-ups who have invested in legal tech.
Digital Transformation in the Legal Tech Industry Over the Years
With the advent of technological upgrades and advanced software solutions, today, there is a presence of numerous Legal tech software and highly efficient tools that Legal tech companies use. The transformation of the legal tech can be seen in the following aspects:
- Research
Earlier, the process of legal research was manual. It was time-consuming, tiresome, and also error-prone. With these drawbacks of the traditional process of research, it became difficult for the companies and advocates to meet the needs of their clients and deal with complex issues in a timely manner. The advent of research tools like FindLaw, Casetext, and Casemaker has made the process of legal research much easier.
- Predictive Coding and eDiscovery
The use of Legal tech AI in predictive coding technology has become helpful to determine responsive Electronically Stored Information (ESI) documents. This is also known as Technology-Assisted Review (TAR). Many companies and Legal tech start-ups use these tools to save time and money and make better decisions that are error-free.
- Legal Document Management
This software helps in legal document creation and management. Legal firms can now organize and access the documents in a much more efficient way which assists them in making the right business decisions.
Key trends to Observe in the Future of the Legal Tech Domain
- Focusing on client collaboration to ensure greater transparency and a wider acceptance of legal tech tools.
- The increased use of Legal Tech AI will result in a rise in Predictive Legal Analytics. The innovative solutions and data-driven information would help the new legal tech start-ups and existing firms.
- There would be a change in the hiring process, and non-lawyers would be hired to contribute to increasing business efficiency using their expertise in sales, process management, and C-suit administration.
The Final Say
With all the revolutionary changes in the legal tech domain and its promising future, it would be a good opportunity for legal firms to explore the legal tech software and tools that would make their work easier. To find the right legal tech solution provider, it is recommended to research various factors such as the team size, teach stack, portfolio, experience, and many more.
For assistance and guidance regarding the appropriate legal tech tools, please connect with our experts at Konsultera and explore the growth opportunities in your business through our machine learning and AI development solutions.