LegalTech Insights: Embracing Innovations and Disruptive Technologies in the Legal Industry

The legal industry has not escaped the digital transformation that is reshaping the world. Innovative technologies such as 5G and the Internet of Things have the potential to drastically change the way we live, work and play.? Some technologies are more applicable to the legal industry than others, and in this newsletter, we will briefly explore some that offer the greatest potential for disrupting and enhancing the status quo.?

Blockchain in legal transactions

Blockchain technology is an innovative mechanism by which information can be shared transparently within a business network. This secure technology offers the potential to revolutionise legal transactions. It may be possible to create self-executing contracts, automate legal processes and support dispute resolution. Whilst this technology, when carefully executed, offers the potential for greater transparency and efficiency, regulatory concerns may restrict its use for the foreseeable future.

AI-driven legal research

Legal research is an arduous but necessary process which may be accelerated through the use of AI technology. There is the potential for AI to quickly sift and cross reference legal documents and case law to find the information that is needed to resolve a particular legal issue. By investing in natural language processing, it is possible for a powerful application to understand complex queries and provide suitable responses, saving law firms time and allowing them to focus on billable hours and value-added activities. Although AI can accelerate the research process, its results must always be verified prior to submission to a court of law to ensure that they are accurate, relevant and aligned with ethical and legal standards.

Legal analytics

The only way to improve is to learn from experience, but in practice, it is hard to find the time to reflect on past outcomes when faced with a full caseload. This is where data-driven analytics come in.

2nd Watch: Sample Legal Data Mining Architecture

By data mining and analysing past cases, it is possible to identify areas for improvement, allow legal practitioners to better anticipate outcomes based upon the implementation of different strategies, and form stronger arguments to support their clients' needs.

Potential disruption of traditional legal models The technologies described above have the potential to radically change the current law firm structure, with fewer junior and administrative personnel required to conduct any research and admin tasks that can be automated. This would have an impact on billing structures and would reshape the market for entry-level legal professionals, which could have undesirable consequences as junior staff may not have the opportunity to develop the skills and experience required to progress their careers. Law firms will need to carefully consider the way in which technology will be used and develop a long-term staffing plan to ensure continuity, now and in the future.

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Image by techMarketView in the report LawTech Adoption Research (Law Society 2019 p.16)

Skills required to function in a digital world Lawyers wishing to remain relevant in the face of technological innovations must embrace every opportunity for professional development, honing their legal skills, and developing a broad range of experience whilst remaining abreast of technological developments. Tech literacy will become essential, and lawyers who do not understand the application and implication of these technologies should prioritise developing their knowledge. They must be adaptable and open to change, recognising the benefits that automation and AI will bring, in addition to the potential disadvantages.? Critical thinking skills and ethical awareness must never be taken for granted, and lawyers will need to collaborate and communicate within their firms and wider networks to ensure that any technology that is integrated into legal practice is handled in an effective and appropriate manner. In conclusion, innovative new technologies offer a wide range of benefits to the legal industry, but it is necessary to learn to work alongside these technologies, exploiting them in order to enhance your output rather than devalue your experience.

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