As the world becomes increasingly digital, the legal sector is also not left out. Every day, the landscape of the legal profession is constantly changed by technological innovation. Technologies like AI, сloud computing, blockchain, machine learning, and other new tech have had a profound impact on the legal sector, especially aspects such as US case law, litigation, and others. A good example of the impact of technology on the legal sector is how AI makes better legal case valuations.
In this article, we’ll take a look at some of the technology trends that are changing the legal sector in 2021 and beyond.
Data Development and Encryption
As the handling, processing, storage of data becomes more important, the technology used for data development and encryption is changing the legal sector. After the GDPR was introduced, legislation concerning data protection became a very important aspect of the industry. In addition, data encryption helps play a vital role in the day-to-day activities of legal firms. Activities like disabled editing, authentication, and watermarked documents make legal work easier and more secure.
Cybersecurity is becoming more prominent in the legal sector, and blockchain technology is making great strides in improving digital security. Blockchain technology can potentially streamline, re-engineer, secure, and automate many legal processes without loss of judicial authority.
For example, it has great potential for treating and preventing hacks, because the blockchain is built on a chain of nodes, with each node verifying other nodes.
Recently many law firms and legal organizations have adopted powerful Business Intelligence (BI) software because it helps with data analysis and improving reporting structures. A BI dashboard consolidates key information into a logical format and visualizes it in a way that is useful for problem identification and solving. It also helps to forecast reliable outcomes based on available data.
Increased Focus on Client Experience
While this is not a technology trend in itself, client experience has become extremely important for law firms. Any technology that makes the client experience more convenient, transparent, and seamless increases the quantity and quality of cases that the law firm gets. This has led to the increased adoption of technologies that help law firms manage and improve the client experience.
Virtual Law Practices
With the effect of the pandemic on physical workspaces and the subsequent shift to remote work, Virtual law practices are becoming more common. A Virtual Law Practice is a legal practice that operates from home offices and provides services to their clients. They are formed, regulated, and operate the same as traditional law firms operate. The only major difference is that all lawyers and staff members work from home, and most meetings are virtual.
Virtual law practices are a growing trend because reports show that younger generations are more open to flexible working hours, and want control over where and how they work.
Another technology trend that is changing the legal sector is the adoption of cloud-based tools and applications. From project management tools to data analysis, and storage, cloud-based software provides numerous advantages for legal firms.
With cloud-based tools, collaboration is faster, as different people can work on the same task or project simultaneously. It also enhances data management and visualization, because most tools have analytics built into them.
Artificial Intelligence (AI) is a technology trend that is changing the legal sector by providing new features and tools that improve legal work. It is extremely powerful because it can effortlessly handle the mundane administrative tasks that lawyers face. Artificial intelligence can process huge amounts of data at incredible speed and provide detailed results leading to faster discoveries. PWC showed in their annual AI prediction report for 2020 that legal tech solutions providers will adapt to using existing AI tools and transform those tools into growth engines for legal organizations.
A good example of this technology is how AI makes better legal case valuation. It can provide insight into similar cases under US Case laws, for instance. Lawyers also utilize AI to provide accurate answers to their clients’ questions. Artificial intelligence capitalizes on the data generated by large-scale operations in order to make expert legal representation more accessible.
In conclusion, these 7 technology trends are changing the legal sector today, bringing improvement and more flexibility into how lawyers work and how law firms are run.