Technology in the legal industry is moving fast. With the increase in AI, cloud and mobile, legal professionals now have greater flexibility when, where and how they work. Here are some top technology trends in the industry.
We are continuing to see an increased focus on Software as a Service (SaaS) and other cloud options that allow for improved accessibility of files, archives and resources. While a few years ago, cloud storage applications were seen as a security risk, within the last few years they have achieved widespread recognition as the most advanced, effective and secure method of storage. This is especially true for services that offer efficiency, allowing firms to control overhead without affecting billing hours. This greater flexibility enables firms to tighten overhead and improve client service.
AI and Automation
The continuing trend is a focus on using technology for analyzing data, managing caseloads, forecasting outcomes and even deciding on whether or not to take on a new client. More than 50% of top global law firms today are using some form of business intelligence to enhance performance management. Time-consuming research can now be done in a fraction of the time with AI and other technologies, and with better accuracy. AI can sort and analyze enormous amounts of data at an unprecedented speed, leading to faster discovery. AI can also make valid predictions of actions following thorough analysis of data.
Blockchain and Security
With increasing awareness of cybersecurity, one solution gaining ground in the legal field is blockchain technology. Blockchain technology has enormous potential outside of digital money that is only beginning to be used. Each piece of data on the blockchain exists on a chain of nodes, each one verifying the other, and any hacker would have to alter all of the nodes simultaneously in order to achieve any kind of fraudulent activity. This advancement will be pivotal for lawyers in regards to creating contracts, in which legal documents can be verified and stored with authenticated, chains of ownership. Blockchain will also revolutionize process service through the use of digital tags that can track all physical and online movement of a document.
This is a year, while legal fundamentals may not change, those that embrace these technology trends will receive a competitive advantage in the marketplace.