How Innovation is Changing the Law Industry
The law industry is changing. A global pandemic has forced the hand of a traditionally old-fashioned industry, with CEOs reporting “two years’ worth of digital transformation in two months”. These changes have turned out to be vital for the industry, with emerging legal innovations revolutionising the practice of law – streamlining cases, reducing backlogs and improving services. But how, and what innovations might be the next to change the face of the law industry?
Artificial Intelligence and Automation
The introduction of AI into law industry may seem from the outset like a recipe for disaster, but the increasing sophistication of AI programs can make the administrative side of any legal practice a far smoother process. The system can, for example, track man-hours spent on a given case – from phone calls to scheduled meetings and even time spent on digital documents or relevant computer programs – and produce an accurate catalogue of time spent. AI systems can also be employed in a client-facing capacity, whether screening new clients with automated questions and correspondence, or providing regular and relevant updates on specific cases without the firm having to lift a finger.
Big Data and Workflow
The amount of data a law firm produces and processes is huge – and legal innovation enables this information to be digested and utilised in increasingly useful ways. For example, with regard to the aforementioned AI tracking of time spent on given cases: with a data-set of time spent on previous tasks, programs could generate a budget for upcoming cases based on analysis of case elements and time spent on previous, equivalent cases. This technology would free up a significant amount of time in firms day-to-day, and allow firms to better understand and prepare for their workload at any given time.
The possibilities extend past time-sheets, and into the contents of complicated cases themselves. With the right data sets, emerging AI technologies could sort, digest and comprehend vast evidence packages, presenting pertinent files to lawyers without the need for hours of research.
Blockchain and Global Synchronicity
Blockchain technology has received a lot of press for its involvement in the creation of decentralised currencies such as Bitcoin and Ethereum. However, the technology itself has far wider possibilities than currency. Distributed Ledger Technology is an emerging technology which enables for the safe and secure transfer of value – and the instant sharing of information in the process. Smart contracts can be stored utilising DLT, which can also distribute that contract to all parties on its digital signing. The effects of this emerging legal tech could be sizable, with larger legal cases involving high-profile elements around the world easier to safely and securely conduct.
This article How Innovation is Changing the Law Industry appeared first on Entrepreneurship In A Box by Dragan Sutevski