There is no uncertainty that technology has a vast impact across every industry. However, in the legal industry, its impact is relatively slow as legal firms are sluggish to embrace tech advancements. But it is no longer be ignored as it brings huge benefits. Innovations in new-age technology, in some ways, are transforming the way lawyers argue cases and offering new paths for a case to deliver real impact, making lawyers’ lives slightly easier with innovative processes such as e-court filing.
Akin to other businesses of any nature, legal firms also have had to adapt themselves in order to survive in this new, changing environment. Technology in legal has the ability to make the everyday jobs of a lawyer easier, make his/her practices more efficient, and make results more rapid.
Here are the top legal tech trends impacting the legal industry in 2020 and beyond.
Paperless documentation in today’s environment has a huge impact on industries as well as the ecosystem. In this regard, most legal bodies are moving toward paperless documentation, enabling people to submit documents through online electronic submission, e-filing. It is the automated transmission of legal documents from an attorney, party or self-represented litigant to a court; from a court to an attorney; and from an attorney or other users to another attorney or other user of legal documents.
Each and every process in the legal industry relies on a vast generation of documents. Though the adoption of computer programs is able to take away many of the monotonous, administrative tasks that lawyers once had to spend their valuable time to perform. However, thanks to technological advancements, AI now takes center stage in sorting and analyzing troves of data with pace, leading to faster discovery. The technology is able to make valid predictions of actions following a thorough analysis of data. This year will see a huge amount of AI technologies implemented throughout larger firms.
The evolution of blockchain technology has become an eventual element that could disrupt every industry worldwide. Widely acknowledged for its ability to store information in a transparent and immutable ledger, the technology offers a higher level of precision to businesses. In the legal sector, blockchain has a vast impact as it enables law firms to store and validate records of a transaction as well as maintain accurate chain of custody and other legal activities on the blockchain. It can record events for a long duration, which may assist with intellectual property claims or criminal charges related to specific cases.
Virtual Law Practice
Virtual law practice is a legal practice where lawyers work remotely, and operates from the homes or satellite offices of its lawyers, typically delivering services to clients at a distance using technological means of communication. The virtual work environment is an enormous advantage to business continuity and emergency activities. Counsel can easily manage workload while remote, staying up-to-date of litigation matters, and signing documents, all through technology. A virtual law firm presence also enables law practitioners to extend the reach of their practice either through the state where they are licensed to practice.
Data competency is becoming imperative for today’s law professionals as lawyers cannot rely solely on their instincts when facing a lawsuit or considering legal action. Most general councils (GCs) these days are demanding data-based insights that can authenticate strategic direction on pending legal matters. They are even in search of data in pitch decks and RFPs, as they know data-driven lawyering will provide them a clearer and more substantive understanding of their options as they follow the details of specific matters.