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The Legal Technology Story for Law Practice: Where are we now?

The decade gone by marks the transformation of legal sector. It is also a milestone of sorts. Of all the news that we hear and read; legal technology is just about crawling its way through into law firms. The good news, however, is that it shows a steady, consistent integration.

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Constant innovation and laying down the best organizational practices are the cornerstones for growth revival and keeping teams motivated in the present situation. In their endeavours to innovate, astute law firms have been investing in several strategies to modernize their law firms' practice and ensure a smooth legal delivery system by primarily focusing on 1. People, 2. Processes, and 3. Functions. Technology is at the core of all the services.
Embracing specific software and tools as well as hiring non-legal support staff to ensure seamless workflow in the legal delivery system of the organization is the beginning of the process. In a report published by RSG Consulting states that "the Indian legal sector is dynamic and is beginning to fulfil its potential to become one of the important legal markets in the world." The report goes on to observe that the local law firms are modernizing themselves to keep the growth momentum by adopting technologies, software, and hiring of non-legal support staff.

Prevailing Technology Practices

1. The use of AI/ML-Use of Artificial Intelligence :

based Machine Learning capabilities complements the law practice with its intuitive, predictive, and cognitive abilities. To this end, it does not require an overhaul of the present systems or any makeover for the existing systems. What AL and ML do is detect errors, review documents for inconsistencies, provide the possible outcome for cases by skimming through large volumes of data. The two touchpoints that AL and ML aim to operate on are the accuracy of information and efficiency in legal delivery services.

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2. Virtual Legal Assistance

Virtual legal assistants provide remote assistance for legal and paralegal solutions. In all probability, they are the port-of-first call where potential clients seek legal advice or understand the protocol in matters of litigation or transactions. A Virtual office automates an operational protocol for law firms as well as enables scalability.

3. Project Management

Legal Project Management has been a natural transition for agile law firms. With larger teams and even an extensive area of law practice, several challenges come within the scope of everyday law firm practice. The technology platform aims to streamline processes and standardize systems, wherein quality assurance is maintained. The tools leverage the existing methods and add value to clients and internal teams. The end result-operational challenges met, and efficiency built within law firms.

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4. Cloud Computing

Seeking information stored elsewhere (on the cloud) is cloud computing. Law firms may rely on this platform for legal document automation, knowledge management, time and billing, or legal CRM, which stored on the cloud with virtual computing tools. Quick Turnaround-time, speed of delivery, and timely information are the key takeaways. Virtual computing tools have facilitated cost control and ensure better visibility while working remotely or in co-sharing spaces.

Emerging scenarios from the present

The current disruption has brought in a fresh slew of challenges for law firms. Bearing in mind the situation we are in, the legal sector is at an inflection point, where the fundamental working of the industry is set for change. Going ahead, we experience a dramatic acceleration in the technology trends that have already subtly reshaped our lives over the last couple of months.

What can you expect from the present consumption patterns?

Technology to be the crucial differentiator to the manner in which legal services are delivered
Partnership with tech firms are likely a fundamental part of this digital restructuring as law firms
Integration of products like time and billing, resource management and legal document automation
Wide spread use of communication and collaboration tools for effective team building

Legal Technology companies, on the other hand, have witnessed a fresh surge of demand from law firms during the past couple of months. Inquiries for plausible technology solutions for efficient transactions, queries about the existing platforms embedded in their systems, and ways and methods to harness the existing platforms into better use- are signs of law firms' embarking into a state of restructuring activity. The upbeat trend emerging from the present consumption patterns suggest an overall interest from discerning law firms and individuals who wish to adopt technology for overall performance.