The Case of 2022: Collaborating in a Digital World

Cloud, RPA, and machine learning were popular in legal tech topics in 2021. Not wanting to be left behind, many companies have acquired many different technologies and are left planning how to consolidate in 2022.

To manage the technology budget and keep up with industry changes, examining current technologies for overlaps or gaps is critical. This allows firms to extend the original use case of point solutions, and?lawyers already struggle with the sheer number of systems they have to use. It's vital to keep up with new technology and features to consolidate solutions. To benefit clients, this encourages vendor collaboration.

Firms have seen that these technologies can add real value to their firms. As we approach 2022, here are some trends that top firms will be focusing on:

Metaverse

Since Facebook's rebranding to Meta, much has been said about the Metaverse. The question we ask today is, what will legal advice look like in the Metaverse?

While metaverse projects and the gaming industry share many similarities, the introduction of new metaverse elements such as decentralised organisational structures will almost certainly lead to new interpretations of existing case law.

Pre-Brexit EU rules (for example, data protection) and new legislative areas (such as digital regulation and AI) will be key topics in 2022. Kemp IT Law clarifies

Process Automation

It's reported that lawyers spend 48% of their time on administrative tasks and 33% on business development, leaving only 19% for billable hours. Lawyers also write off ￡18 for every ￡100 billed at an 82% realisation rate.

In 2022, more business processes will be automated. There is no need to physically search onsite storage, ask records managers for active files, or search emails, mobile devices, or databases for evidence. So existing staff can focus on higher-value tasks that directly impact the bottom line.?The golden circle's focus in 2022 is on automation.

Digitising Knowledge

Firms rely on human expertise for problem-solving and sharing knowledge.?They must create, manage, and make knowledge findable at the point of need.?Encouraging others to ‘share' their knowledge is key to achieving results. Finally, it means bringing together seemingly disparate initiatives and people, from data, processes, and knowledge management to curious lawyers and finance.

In 2022, firms with knowledge management functions and technology solution providers will actively collaborate in 2022 to build enterprise-wide knowledge portals that enable comprehensive searches across databases and resources.

Security and Risk

Data breaches broke records in 2021. As of September 30, 2021, data breaches outnumbered those in 2020 by 17%, the ITRC reported.

Need a ‘risk scorecard' to benchmark risk and compliance? This should include both basic security and systemic risk management. Are records being declared? Do all or just a few use the proper collaboration tools? It's easy to overlook this risk.

Security requires user adoption.?Where is the content if only half of your company uses an enterprise document management system? Is it on a computer? Or is it on some unauthorised file sharing service? What happens if that data is compromised??Usage patterns matter, because investments only yield benefits if used consistently. In 2022, security will be a top priority.

The Final Verdict

Firms will be collaborating more across departments this year to capitalise on opportunities to transform their business models. It will take a team effort to keep up with the new standards.?

As the sayings go, "Keep up or be left behind." and "There's no I in team, but there is one in AI."

Seek out technology partners who can contribute strategically and will help you achieve success.