As we all know, technology contributes to the advancement of many things in a variety of different industries including the legal sector. In fact, technology has influenced almost every aspect of legal procedures in today’s legal world. Legal tasks like contract drafting are simplified and managed more efficiently. In addition, it is time-saving and accurately counts working hours. The technological landscape is constantly evolving in legal technology trends for law Firms.
However, due to the traditional nature of the legal industry and their reliance on tried and tested techniques, law firms were slow to adopt such technological solutions. With the considerable advancement in legal technology trends, law firms can now use legal technology to adapt to the contemporary challenges of practising in a post-pandemic world and providing clients with better, faster, and more thorough services.
The sophistication of legal operations departments has increased exponentially, adding new efficiencies to the production model. In addition to improving customer satisfaction, new tools have opened up new business opportunities. As per the Gartner report, firms will have automated 50% of their tasks by 2024. According to experts, the increased budget businesses and legal departments will devote to investing in legal technology tools is expected to be one of the most significant trends in 2022.
Automation
Automation is one of the biggest technological trends in the legal sector and it's an area which law firms need to adapt if they are going to keep in touch with their competitors.
As a result of the traditional nature of the legal industry, law firms have long relied on paper documents. However, law firms now want the entire legal process to be automated and digitised with up-and-coming legal technology trends. Importantly, as long as remote work exists, digitising these services will become even more necessary. Furthermore, according to the aforementioned Gartner report, automation will cut costs associated with IT and operations by a huge 30%!
The automation of legal workflows which is best described as a series of organised, planned, and distinct procedures lawyers typically use to receive, review, and complete legal tasks is another sought-after legal technology trend for law firms. According to a McKinsey & Company study, 25% of this time could be automated with the right legal tech solutions. This has led to many firms to incorporate software that enables users to automate documents, the management of contracts, and legal searches. Importantly, automating repetitive tasks will allow for greater efficiency in the sector.
Law firms can leverage this technology to strengthen business operations with their clients, ensuring easy-to-use workflows for privacy, regulatory reporting, or requests for access to information.
Artificial Intelligence (AI)
Law firms are only now understanding the true value of AI as they begin to use it for managing day-to-day tasks with the expansion of data volume. AI tools enable law firms and legal departments to achieve greater efficiency through the use of algorithms that establish patterns in the management of their data. In fact, the use of AI software is expected to increase in the coming years.
In addition to the completion of mundane, repetitive tasks, AI also significantly reduces the margin of error, speeds up client service and allows individuals to complete more challenging tasks which require attention and expertise.
Technology is maturing and people are still figuring out how best to apply machine learning to the legal sector. AI is transforming B2B marketing, allowing companies to optimise their customer experiences which is of high priority.
Virtual Legal Assistants
Virtual legal assistants (VLAs) are another important technological advancement in the legal sector. These are robots who support lawyers in the undertaking of daily tasks through the automation of certain processes. There is an expectation that VLAs will see more widespread adoption in law firms given that Gartner estimates that VLAs will address 25% of internal claims made to the legal departments of large corporations by this year, increasing the operational capacity of internal corporate teams.
This technology allows teams to increase their operative capacity, reducing lawyers’ average response time and producing distinct service delivery efficiencies. Similarly to automation, this technology will be used primarily to respond to uncomplicated and repetitive operations.
Grenke can provide all the latest software to relevant firms through leasing and remove any worry that firms may have when investing their capital in new and expensive equipment. It’s important to jump on this technology while it’s still in its infancy in the legal sector as it will help boost efficiency and get ahead of the competition.
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