Innovation trends will continue paving the way for new legal business models

Developments in the legal tech industry will undoubtedly benefit not only departments within law firms, but also their overall reputation, as previously discussed. Legal firms recognise the increased productivity and cost savings that come with legal technology.

Without a doubt, technology has had a significant impact on work life in a variety of industries and practice areas. The practice of law is no different. Alternative methods of practising law have proven especially useful during the COVID-19 pandemic.

Despite reservations, these alternatives are not only functional, but also thriving. As we consider post-pandemic realities, we can’t help but wonder if these shifts will continue. We now understand what a different world looks like and how it operates. The momentum gained over the last two decades does not appear to be relinquishing anytime soon.

According to a 2015 PwC report, improving the use of technology is the top priority (94 percent) in law firms for the coming year.[1] However, it is debatable whether these advancements will allow technology to replace many aspects of a lawyer’s job. Artificial intelligence, cloud computing, Big Data, legal research, and automation are examples of legal technology trends.

Technology investments will drive competitiveness

With the arrival of technology in the legal world, the profession is being transformed from a traditional, stagnant field into something entirely different.

Lawyers are no longer required to perform the majority of manual tasks. They can now rely on automation to make the most of their resources. New software has replaced the repetitive tasks of a lawyer’s work. This can increase lawyer efficiency and save money for both clients and firms

Legal services have become more flexible as a result of technological advancements, and lawyers now have access to effective automation. Practices are shrinking as new delivery models and methods emerge, while clientele is growing.

As a result, efficiency, risk prediction, increased value, and cost reduction are promoted. Because of this expansion, everybody will be able to access legal services.

The rise of automation has some lawyers concerned that it will only be a matter of time before technology disrupts the delivery of legal services. Despite this concern, legal technology has not yet replaced legal professionals. Instead, it has made work easier for those who are willing to accept it.

Furthermore, the use of legal technology and software has the potential to automate many aspects of a lawyer’s job. Many legal technology tools now include artificial intelligence, cloud computing, legal research, and automation.

The prevalence of legal tech incubators

A general tech incubator is a larger company that provides support and mentoring to small start-up tech companies. Legal tech incubators include well-established law firms that provide space for the rapidly growing number of legal tech start-ups. These incubators assist member businesses in growing and succeeding. [2]

Focusing on the issues regarding assistance with technology and start up related queries is frequently accomplished through the provision of human resources and mentorship offered via legal tech incubators. In these programmes, the host company regularly teaches smaller businesses how to deal with problems. Teaching, training, and mentoring are carried out with meticulous planning, organisational skills, a technical focus, and consideration of consumer opinions.

However, success necessitates more than just space and good intentions. In order to be successful, incubators must focus on resolving issues that law firms frequently face.

The adoption of technology will accelerate

Firms can now operate globally, collaborate with other lawyers, and provide better service. They are no longer confined to the limited geographic markets established by major law firms a long time ago. Lawyers can now provide more global services to clients, which benefits clients who do business on a global scale. The expansion of law firms into global markets has also resulted in a degree of uniformity in legal services. Furthermore, clients can now review their lawyers online, putting pressure on legal professionals to consistently perform at a high level.

As the rules of hybrid work are defined, firms will rewrite expectations

It is clear that virtual proceedings have no negative impact on jurors’ ability to understand evidence and make appropriate decisions.

Such proceedings have also aided courts in reducing their massive backlog of cases caused by the pandemic. Courts have never been known for their speed, but long wait times have become unattainable for many firms in the last year. As a result, switching to virtual platforms has been a significant help in overcoming these scheduling delays.

Virtual hearings, of course, are not without challenges. Judges, juries, legal professionals, and other court personnel have been working hard to iron out the kinks as they go. They’ve seen how things that work well in person may not work as well online. For example, jurors may have a more difficult time detecting nonverbal cues from witnesses, making credibility determinations more difficult.[3]

Data will drive even more productivity and efficiency gains

Many legal professionals unknowingly spend more time and effort than necessary conducting background checks on their retained expert witnesses. Even with all of the research that solicitors and paralegals do on experts, it is possible for them to overlook details about the expert that could affect their case. Over the course of a case, an expert’s credibility, credentials, or even history can change. Important testimony could be lost if the legal professional misses one important update. Keeping up with this information is a detailed, time-consuming task that many businesses simply cannot handle.

Fortunately, technology has advanced to the point where this upkeep can now be done automatically. Counsel can obtain additional information about any expert’s professional standing, legal involvement, and media presence. Throughout the case, real-time updates on new developments that may have an impact on credibility are provided. Data information is available to legal professionals. Constant updates and ease of information replace a time-consuming task with this type of technology.

Conclusion

The growing popularity of legal technology has aided the globalisation of legal practise. The adoption of legal technology has also resulted in the development of new delivery models that prioritise efficiency and the customer.

While some businesses are concerned about this new technology, others are enthusiastic about it. Legal tech incubators are now assisting startups in bringing new legal technology to the profession.

Legal technology made these services available to a broader client base and facilitated the adoption of automation.