LAW TECH, A DECADE OF BREAKTHROUGHS AND PREDICTIONS FOR 2020

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LAW TECH, A DECADE OF BREAKTHROUGHS AND PREDICTIONS FOR 2020

In the past decade, legal technology has augmented especially in on the law department side, with the presence of both parties as there is someone to sell it to, someone to use it. As the decade ended, it is the right opportunity to have an overview of the top technologies that have revolutionised the legal industry and that will be in 2020. Let’s have a look:

TOP BREAKTHROUGHS FROM PAST DECADE

ACCEPTING ARTIFICIAL INTELLIGENCE:

Till the past few years ago, there was no way a legal fir would be leveraging artificial intelligence technology. Every research and take was designated to humans and there was no major role of technology to play in it. The early AI tools brought a new wave of technology that influenced the whole industry. The legal industry we see today would have been successfully calling the predictive coding as AI but they were initially scared of AI.

Analytics is playing a major role player today in the industry and has brought greater efficiency and effectiveness to the delivery of legal services. Today as most of the tasks are performed using the machines, the AI tools are more effective and needed than ever. These tolls have been assisting the delivery of the legal services in India.

Cyber Crime: Using The Tech to fight the Crime Online

Well, as the decade began the new trend of internet and mobile phones exploded in the market and there was the beginning of crimes that were either taking place online or had a lot of proof left behind. This less positive development in the advancement in the number of criminals and hackers in the digital realm led to a desperate need for cybercrime authorities.

The cyber threats are significantly getting smarter posing a direct danger to the connected world. The malicious act that seeks to damage data, steal data, or disrupts digital life in general, cyber threats includes viruses, data breaches and much more inconveniences and risk of losing the essential data kept with the organisations today. Data is the oil on which every organisation is working today. From hospitals to the national security organisations, data being hacked through the computer networks or paralyze systems makes it unavailable.

The Way Services Are Delivered:

Those who have witnessed the rapid changes that have come across since the beginning of the decade must have noticed the most consequential changes have happened outside the legal sphere. It is not related to the law itself but the way the traditional systems of delivering the services were delivered that was originally reputed to slow.

The significant change in the work culture from taking Uber to work to working on the updated systems have eventually led the law firms to acknowledge that the traditional services can be delivered in non-traditional ways with better outcomes. In the past decade, there has been amplification in lawyers’ willingness to change how legal services are delivered.

PREDICTIONS IN 2020

Predictions are the educated guess inclusive of reflection, intuition, experience, and aspiration in equal. As technology continues to revolutionise various industries, there are big thinkers in the legal community as well. Let’s have a look at the predictions for 2020

Increased Transparency:

Well, as the legal technology continues to develop, the law firms will be responding to the client pressures for greater transparency in the legal matters, there will be better collaboration eventually. It will be effective in the client’s growth as they will be assisted with legal budgets, matter plans and decision making. Law firms will have a better chance of getting the first-mover advantage that yields stronger client relationships if they move fast.

Law firm Innovations:

The hot topic today, law firm innovations have yet most of these efforts will be much unfocused. There are chances that the law firms will be committing more money to innovation to build a strong structure in the areas they lack. The innovation will help the brands to focus on the methodology to deliver on new client offerings that lawyers can sell, and clients are willing to buy on a sustained basis.

Investment on New Tech

The legal technology investments will be reaching new heights in 2020 as the angel investors along with the legal technology founders and executives from earlier eras, will be seen funding startups. Majorly focused on the highly specialized software products, the private equity funds will drive more acquisitions given the number of (relatively) small legal software companies. The capital investments will be fueling a new class of legal technology consultants who specialize in helping law firms assemble and integrate these products.

What’s Next?

From the surge of startups in the starting of the decade to the novel ideas that are forming related to legal technology, the key to increase efficiency and offer the clients with the better and more value-added solutions. So, the focus for the future is to develop legal technologies equipped with AI, enhanced customer satisfaction and bringing changes that will be upheaval industry.

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