7 Forms of Legal Tech That Businesses Can Benefit From
Many attorneys, legal experts, and technology leaders expect a continued change in the legal ecosystem in 2021 and beyond. These aren’t just any change as it mainly involves the use of legal technology and how law firms and corporate legal departments fundamentally interact with their data and communications. With that said, legal technology can now be considered a form of digital transformation for this particular industry. Here are some of the ways businesses can benefit from legal technology in 2021.
Document Review Using AI/ML
Artificial intelligence (AI) and machine learning (ML) have already revolutionized several industries in the last couple of years, including the legal sector. These advanced pieces of technologies are capable of disrupting the traditional way of reviewing and analyzing documents. This is done through ML algorithms that can be trained by feeding it a lot of data. Imagine processing legal documents, including compliance cases and M&A.
For those systems operating inside law firms to automate and digitize the ways that legal professionals run their operations. By using these workflow tools, it eliminates a significant amount of paperwork due to the automation of certain processes.
Smart contracts have been used in blockchain technology as a secure but automated way of initiating contracts that are already embedded in the blockchain’s code. The combination of Distributed Ledger Technology and the Internet of Things could be leveraged as an instrument for smart contracts as well. Basically, they enable the self-execution of contracts depending on specific conditions.
Another powerful usage of Distributed Ledger Technology is to provide the highest level of security imaginable, which is essential for law firms. As more legal departments and law firms move toward digital transformation, data security is one of the first things to consider.
E-discovery tools combine solutions that automate e-discovery stages for lawyers. This is another example of good use of machine learning. ML algorithms can be used to pick specific information on the internet about certain cases or find the necessary information in enormous databases.
As with any industry, chatbots are extremely valuable and helpful even in the legal industry. From banking and retail to consulting firms, many industries have already claimed how chatbots are efficient and serviceable. This also utilizes AI and ML to improve customer experience and free up human resources into doing more meaningful and value-adding tasks. Chatbots are especially useful in answering routine questions and inquiries, which the legal industry also experiences.
Electronic billing has always been one aspect of legal services that firms and departments are hoping to achieve. Instead of manually handling hundreds and thousands of spreadsheets when billing clients, they can also use AI to automate this process. Managing and automating legal expenditure is relatively easy by leveraging advanced algorithms. This allows companies to lessen the need for human resources or reappropriate them to other roles to maximize efficiency and reduce spending. It also eliminates all the unnecessary paperwork and better monitors legal spending.
The future of legal technology is looking bright as the market is steadily growing and gaining more acceptance from legal practitioners, firms, and organizations. By looking at these new technological innovations, legal professionals and businesses will only benefit more and become more efficient at what they do.
Legal Technology Finder helps law firms, corporate legal departments, and private attorneys run their practices and departments through the use of new technological innovations. Through contact management and timekeeping management software, you can become more productive while keeping costs down. Contact Legal Technology Finder today to get started!