Legal Technology Trends in 2022 that Shape Law Firms
Regardless the traditional way that law firms manage themselves, Imagine how legal technology can affect the way that law firms can be managed;
Will they still hold the meetings in person, will they need to use in person meetings to consult them? How about the ways that contracts will be drafted? How can a lawyer present himself in the new era and be a successful lawyer in 2022?
So THE million dollar question can be:
What will be the most important legal technology trend for lawyers and legal professionals to follow in 2022?
To answer the question above, we should forecast by facts that what are the legal trends and how they are going to revolutionize the legal industry, but let us first see what is Legal Technology or LegalTech?
Also, if you are interested in new legaltech issues, have the articles below, in your read-list!
Legal Technology, LegalTech: Definition
In the past, legal technology was used to refer to law firm technology for practice management, billing, document storage, or accounting. By being a traditional industry, law firms weren’t quick enough to adopt these solutions and preferred the tried-and-true methods.
Legal technology has come a long way in a short time. Now, legal technology can be used to adapt a law firm to the modern challenges of practicing in a post-pandemic world and delivering better, more speedy, and more comprehensive services to clients.
Also, with developing legal technology, some new legal issues are being bolder and more important to be considered. Let’s take a look on some of them:
- Digital Transformation: Digital transformation is sweeping industries like everywhere! and it is going to found its way to law too; consumers are moving toward digital, and law firms need to get onboard to reach clients where they want to be.
- Artificial Intelligence: AI is a lucrative technology in virtually all industries, and law firms are realizing the value of AI for managing day-to-day tasks with the expansion of data volume.
- Cybersecurity: According to NSC’ report, cybercrime is on the rise, especially in the legal sector. As law firms shift from in-person to a remote or hybrid work environment, more and more sensitive information is at risk from a hack or breach from bad actors.
That’s right! Not only in the future, but also in the ongoing era, are using LegalBots to facilitate their relationship with the clients, exhibit A!
Legal chatbots are a legal technology trend which uses AI to function. Chatbots can be used as a customer service element for law firms. They are pre-programmed with data that enables them to read and respond to clients via a live chat on a website, or an application.
They can respond to your questions based on what you ask. They are also able to gather and store information about the client, which a lawyer can collect and then use to assess the needs of the client or potential client, and get back to them. Chatbots are handy because they improve customer experience by attending to clients or potential clients immediately, instead of them having to wait hours or days to receive a response to their question.
Documentation Automation Technology
Document automation technology enables legal professions to boost efficiencies by automating process driven tasks and documents.
There are several platforms that help lawyers to cut down precious time spent on proof reading and generating standard legal documents.
Document Automation Technology enhances the value that each legal professional is able to offer their client, as their time is spent on the specifics of their client’s legal matter, rather than generating standard documentation which offers little benefit to support their client.
Online Dispute Resolution
Judicial proceeding, arbitration and mediation all are going to be taken online!
Part of the appeal of dispute resolution no matter which type, compared to the litigation, is that it is much faster. Participating in online dispute resolution only makes that process faster. Online dispute resolution can be the use of web-based technology to conduct dispute resolution. The process may include a third party who acts as a facilitator of the dispute resolution. Or, the online dispute resolution software may take the role of the facilitator, through the use of artificial intelligence. This removes the necessity for human resources in the process.
This addresses the issue of distance and eliminates all the drawbacks associated with travel, such as cost, scheduling and delays.