Legal Technology: The Most Desired Legal Tech Products And Developments
- Benefits of Legal Technology
- What is Legal Tech in 2022?
- 5 Essential Legal Technology Products for Lawyers
- 5 Most Significant Developments in Legal Tech
- Blockchain Technology
- AI-Assisted Tasks and Services
- Data and Document Automation
- Communicating via the Cloud
- Keen Interest of Courts and Government Organizations in Digital Interfaces
- Future of Legal Tech
It’s 3 a.m., and the clock is ticking. You find yourself under a pile of notes with a million tabs open, only to draft one legal reply. Well, that’s legal research for you. It’s been essentially the same since the last decade. If you are still suffering at the hands of the old ways, then you need to take a look at the top desired tech products and developments that have taken place in the world of legal technology. Why should the legal sector not enjoy the digital revolution like other industries?
Being a lawyer and preparing cases within strict deadlines is no joke. So, it is safe to say that lawyers also need technology-driven products and legal tech solutions. These include automatic case references, opposing judgments, AI-based timesheets, and other legal technology.
To make the best argument, a lawyer must cite a strong literary authority or case. For this task, an attorney has to go through hundreds of prior cases and literary articles. Although it is typical in legal practice, it is hard and takes up most of the lawyer’s time. Studies have shown that legal research and administrative work can take up to 75% of a lawyer’s time. It increases the expense of that specific legal service and serves as an extra deterrent.
The relieving factor is that AI-powered legal technology is now available for lawyers. It will aid in streamlining their workflow.
Benefits of Legal Technology
Legal tech products and developments can assist lawyers with the following:
- Searching through hundreds of case laws;
- Identifying relevant case laws; and,
- Summarizing such cases, the attorney should pay particular attention.
Hence, it lowers the cost of legal representation. It is because the lawyers can complete their research in minutes rather than hours or days.
What is Legal Tech in 2022?
Previously, the top desired tech products only provided help in administrative matters. But, at the beginning of 2011, the term “Legal Technology” umbrellaed a broader meaning. Legal technology has expanded to include approaches that help the public access justice.
5 Essential Legal Technology Products for Lawyers
Every legal practitioner must harness the following legal technology products. It will not only streamline their workflow but also expand their clientele.
Kahana is a tool for organizing your workflow and speeding up the entire process. It is cost-effective and easy to use. Moreover, this platform facilitates smooth communication among the involved parties. Hence, it saves time and energy to the point where the transaction is profitable for the law firm.
LegaMart makes it easier and faster to discover trustworthy and knowledgeable legal representation. Now, people can access vetted legal experts with only a few quick clicks.
The prospective customer can request the price of the services from a lawyer. And the lawyers can access a pool of new, international clients in return. It’s a win-win situation.
Anyone can connect with a lawyer through LegaMart. Language and location know no bounds on this platform. With a directory of more than 999 lawyers, it is a global service and has received five-star ratings from clients.
This platform is for legal teams looking to conduct their business more efficiently. LinkSquares can help you achieve that goal. This innovative piece of legal technology is contract management software. It allows its users access to all the tools they need to create better contracts.
Smokeball is a cloud-based legal practice management system. It allows a law firm to bill hours by tracking the time spent on each issue. What makes it a part of the top desired tech products and developments are its 18,000 pre-loaded forms. Its robust Microsoft Office integration completes the job within a few clicks. Plus, its App allows you the luxury to travel light and access anything on the road.
PracticePanther is a legal software targeted towards legal professionals in civil law practice. It is ideal for a law firm specializing in personal injury, criminal litigation, etc.
PracticePanther integrates everything into a dependable, affordable package. It provides flexibility with third-party platforms and has unparalleled customer service.
Moreover, its straightforward user interface has made it a fan favorite.
5 Most Significant Developments in Legal Tech
Here are the top desired tech products and developments that every attorney must know.
Blockchain is not mandatory when it comes to legal tech products and developments. But, the use of blockchain technology is growing among the legal fraternity. Blockchain can efficiently help self-execute contracts. It is possible through real-time automated modifications by the use of digital tags. As a result, you can let go of any concerns about altered or destroyed information.
AI-Assisted Tasks and Services
AI can never replace the brain of a human, but it can assist us. Any attorney or law firm wishing to increase efficiency must use AI. These tools make it possible for them to make use of such technology.
As one of the top desired legal products and developments, Al assists in the following;
- Growing and getting more accomplished;
- Reviewing legal papers;
- Scan a large number of data and highlight the ones that are relevant to a certain case or question;
- Spot potential problems, make modifications, and even assist in negotiating better terms.
Data and Document Automation
Data automation saves time and lowers the possibility of errors and typographical mistakes. According to statistics from 2020, more than 63% of the duties performed by lawyers are mundane and repetitive. Such tasks don’t require interpretation or discretion and should be automated. Depending on specific assessments, a small law firm may save up to 30-40% of its time through automated document management. Hence, it increases the capacity and the caliber of their service.
Communicating via the Cloud
Cloud-based legal tech solutions enable the attorney and client to communicate files and data in an encrypted manner. Businesses that migrate their data to the cloud stand to gain more fluency in legal operations.
The majority of technological developments in the legal field rely on the cloud. These include hyper-automation, interactive technology like digital whiteboards, and information databases.
As a result of their broad usage, businesses will be able to connect practice management software with cloud-based legal tech solutions and please customer requests for scalability.
Keen Interest of Courts and Government Organizations in Digital Interfaces
Practicing lawyers need to keep up with their judicial hearings and appointments. It is rather important for the sake of their client’s interest. Doing so can become hectic, but a ray of hope has glimmered through the advancement of technology.
The Courts and various government organizations have gone digital. This legal tech tool can help a law firm or a legal practitioner maintain accurate schedules.
COVID-19 has tested several systems and has pushed the legal sector towards online environments. An example of this would be the submission of online job applications.
Future of Legal Tech
The legal sector has been and continues to be risk-averse. The adoption of legal tech products and developments has been gradual. There were barely any companies that catered to fulfilling the gaps that are currently prevalent in the legal field.
With COVID-19 hitting the world, access to legal services and representation got harder. It led to a much-needed revolution in legal tech products and developments. Many firms have already taken the steps necessary to join their customer service and sales operations, as well as the activities linked to finances and resource management, under a single system.
The legal industry’s future will continue to be altered by technology. They will adopt the most recent developments in bots, advanced analytics, augmented worlds (VR), big data, and numerous other fields.
AI will probably play a big part in the future as more firms use chatbots to enhance customer support. Similar to this, technologies that rely on enormous volumes of data will gain popularity, assisting studies and research and providing organizations with crystal-clear forecasts of future trends and patterns.
Reports on the rise of legal technology depict that worldwide revenue from the sector reached USD 17 billion in 2019. Moreover, by 2025, the legal tech market will develop at a 28% CAGR and generate USD 2.5 billion in sales.
The boundaries between legal technology providers and tech are getting blurred. It is due to the continuing expansion of technology in the legal world. These legal tech products and developments assist law firms and legal practitioners in simplifying their hectic work procedures. Hence, they allow the lawyers to concentrate on the case proceedings rather than clerical or administrative matters.
It also allows lawyers to provide effective legal services efficiently. The use of the most recent developments in legal technology disciplines is crucial. It revolutionizes the profession and makes legal services accessible to the general public. Moreover, these legal tech products and developments also aid in fulfilling legal compliance. Instant updates will be sent to clients through client hubs. Additionally, cloud-based systems will send out alerts on time and give the client total transparency.
The aforementioned sheds light on potential future changes in the legal technology industry. But what abilities must attorneys have to adapt to these changes?