Nowadays lawyers are living in an information noise-filled world in which technology is a frequently recurring term. Increasing regulatory pressures mean that legal departments must adapt at the speed of light to the rapidly changing regulatory and legal environment while dealing with shrinking budgets and resources. In reality, only a tiny number of entities have separate budgets for technological investments, and more and more of them are choosing to optimize work and costs by outsourcing technology projects to external partners.
All technological solutions used by lawyers in their daily activities, which help them provide legal services and work with regulations, are called Legal Tech. They are intended for clients, lawyers, law firms, and legal departments, and their main purpose is to improve the quality of broadly understood legal services and implementation of new regulations.
What areas could be supported by Legal Tech?
Three directions are going to remain priorities for legal departments. These are digitalization and introduction of new technologies, personal data protection (GDPR), and compliance.
Although digitalization and the introduction of new technologies are proving to be essential, they are not at all simple. As Wolters Kluwer’s research indicates, many factors limit the use of IT tools in lawyers’ work every day. These are primarily:
As the legal industry struggles each year to work with ever-increasing amounts of data, the pressure to improve efficiency and productivity, and the pressure to meet changing client expectations, it is becoming increasingly aware that it simply must invest in new technologies to remain competitive.
There are really a lot of innovative solutions in the field of Legal Tech and their number is still growing. Which of them should the legal industry pay particular attention to and what can they guarantee?
According to the “Future Ready Lawyer” report prepared by Wolters Kluwer, more than half of lawyers are expecting a significant impact of artificial intelligence, big data, predictive analytics, and machine learning on the legal market. This shows that the whole aspect of legal tech has not only firmly established itself in the practice of law but is slowly becoming an integral part of it. However, since the specific nature of the industry means that one size fits all solutions rarely serve their purpose here, it becomes necessary to implement dedicated tools.
By using our Legal Tech support, you get an opportunity to discuss your innovative ideas, implement them effectively, and, if necessary, get technological support for the outdated systems you are using. Discover how, through modern technology, we can shape the future of the legal industry by supporting you in responding to the challenges you face every day.
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