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Digitization In The Law Industry: Its Impact & What’s To Come In The Future

Rapid digitization has been felt across all major sectors of the economy. Top legal conferences have provided insight into how the law industry is no exception, with the pandemic forcing law firms to change their old ways & adopt more efficient tech advancements. This led to the birth of LegalTech, compiled of all services & technology used by lawyers in their daily work. Management-related tasks, such as document & compliance and legal spend analytics, all fall under legal tech.

A major headache for lawyers since the beginning of time has been going through tons of large contracts, carefully analyzing & extracting special clauses from them. Embracing technology has allowed lawyers to cut down their time going through these contracts using AI, Machine learning methods, and big data analytics, amongst other efficient technological advances.

Here are a few ways digitization can be seen bringing about change in the law industry -

Analyzing A Contract Will Never Be The Same

Experts at legal conferences have been raving about the introduction of legal tech to the industry. Performing due diligence procedures, especially for large-scale clients, has proven to be hectic in the past. Lawyers had to sort through thousands of different agreements & contracts before proceeding ahead with the case in question.

Using digitized forms of these contracts, such as PDFs, lawyers have a much easier time highlighting the necessary details in contracts instead of spending an eternity going through them with a highlighter. Assisting these legal tech services are machine learning methods & analyzers. These methods are utilized for sorting through & classifying contracts according to specific topics. Once classified, lawyers can use analyzers to extract important clauses & save a chunk of time.

Remote Working

How can we forget Zoom calls taking over the professional world once the pandemic hit? COVID-19 saw a change in the typical workday across every sector. Although in question for a few years, the concept of remote working saw an instant adaptation once the pandemic hit. Companies with initial reluctance were forced to operate remotely with the use of video & audio conferencing.

With a previous history of being the last in line to adopt, the law industry also embraced remote working. Law firms quickly realized that remote working too could be efficient. A simple integration of globally used video conferencing tools allowed proceedings to continue for these firms well after the pandemic saw a decline. Law 2.0 Conference, notably Law 2.0 Conference, put into perspective the longevity of remote working is supported by the following benefits for employees :

  • One of the main selling points has been the greater work flexibility for lawyers. Work hours more suited to their own lifestyles allows employees to work more proficiently & with reduced stress levels.
  • A Stanford University research surrounding productivity levels when working remotely saw a global increase of 9% across all sectors. Increased productivity has been found to be in direct correlation with increased profits, making a stronger case for remote working.
  • Adapting remote working allows law firms to scout for talent without any geographical restrictions. It also leads to employees feeling more valued & sticking around for longer durations, making it beneficial for the firm in the long run.
Law 2.0 Conference Provides Insight Into The Ongoing Integration Of AI

Using one of the biggest conference platforms provided, legal experts ecstatically introduced the world to how AI is planting its roots in the legal sector. Although still in the early stages, the current state of Artificial Intelligence in law can lend a helping hand to practitioners in simplifying the legalese, getting through contracts quickly, finding out any loopholes in agreements, etc.

Automation has by far been the most significant benefit of using AI for legal purposes, spreading across multiple tasks such as -

  1. Automatic Reminders - As discussed at legal conferences, awyers have significantly benefited from the use of automatic reminders. Weekly events & calls are a huge part of a lawyer’s everyday routine, making them much easier to forget with how chaotic it can get. With the use of automated reminders, remembering to take that call at 3:00 pm or send out that email by Wednesday is made easier.
  2. Simplifying Legalese - Quite frequently, lawyers spend a good chunk of their time going over the various legal terms included in their client’s contract. AI-based simplification of legalese not only saves time for lawyers but also allows clients, in a simple manner, to learn more about these terms along with the automation of how lawyers can help them.
  3. Acting as a personal legal assistant - Good lawyers need an assistant to carry out their practice efficiently. With the use of Natural Language Processing, lawyers can outsource duties such as gaining insights from meetings & pulling up records & data to an AI-powered personal legal assistant.
Securely Automating Documents

We could all use a bit more organization when it comes to having all critical documents in one place, especially lawyers. According to experts who attend law conferences on a regular basis, helping with the drafting process and automating documents appears helpful in consolidating all legal papers into a single, dedicated system. A dedicated system allows you to dabble with multiple versions & produce customized documents. With the use of custom document templates, you can avoid going through lengthy agreements & increase productivity from beginning to end.

Big Data Enters The Legal World

Big Data has been a critical part of major businesses in the last decade. The process of analyzing complex & large-scale data was in dire need of a revamp before the concept of Big Data came around. Characteristically, the law industry is usually last in line when adopting new technological developments. However, since their merger, big data has impacted the law industry in numerous ways stated below -

  • Big Data allows law firms to handle multiple cases efficiently. Using data from previous cases, firms can now analyze future cases using similar predictions from past cases. As reviewed at legal conferences in the past year, this allows firms to decide which cases from similar categories would be worth their time & the costs involved in it. Client expectations are also kept in check as these predictions allow them to know beforehand the costs of filing a particular lawsuit.
  • Law firms tend to deal with a vast amount of clients regularly. Naturally, consistently providing unhindered customer support to a massive amount of people can be straining for any firm. With AI & machine learning, firms can now automate most client queries based on complex data analysis. By analyzing patterns, they can learn more about a client’s history with the firm for more effective marketing strategies.
  • The efficient storage, analysis & organization of data enabled by the use of Big Data allows courtrooms to access relevant information & cut down costs for proceedings. Efficient storage also leads to more accurate data being provided during hearings.
  • Like any other commodity or service, consumers tend to turn to the internet to evaluate the best option based on a number of factors surrounding the service. Being the same with the law industry, a shift in trend has been noticed where consumers now evaluate their legal needs online. Cost for consultation, previous reviews, transportation, etc. are all factors being taken into consideration when choosing a law firm.

However, being in the early stages, Big Data poses challenges in the law industry. It is always essential to keep these challenges in mind & the solutions being developed to overcome them. One of the most effective ways of staying in the loop is to be aware of the top legal conferences taking place this year. Attending legal conferences, such as Law 2.0 Conference, can help you catch up with the latest in the legal world & network to solidify your firm’s social standing further.

Client Servicing Just Got Better

Online portals allowing communication between clients & firms have been just one of the factors shifting the scale in favor of client priority. Tech advancements have allowed firms to treat customer service with incredible speed & efficiency. A vast market shift has resulted in consumers now seeking providers providing direct solutions to their legal issues.

This move towards customer priority & service commodification stems from the increased shift to an online presence of law firms & reviews of the services they provide. Being the “ right “ law afirm is no longer enough when it comes to attracting potential clients. Instead, the focus is now on providing results swiftly & efficiently. Accountability for law firms is also more prevalent now as consumer reviews hold a higher significance in their online standing. Being transparent allows firms to build consumer trust & loyalty, furthering their business in the long run.

Still pretty rough around the edges, digitization of the law industry will take time to come into its own. Being a latecomer to all technological trends, law firms will take time to accept & implement these changes globally. The emergence of COVID - 19 enlightened law firms on letting go of their rigid ways & the urgent need for the industry to adopt new trends to prolong its sustainability.

As a lawyer, staying on top of such trends can not only keep you caught up with the latest but also provide fresh & innovative perspectives. Attending legal conferences should make it on the priority list for those reasons. Not only keeping you up to date, but these conferences also allow you to network & bring your practice & perspectives into the spotlight in front of colleagues as well as industry leaders. Law 2.0 Conference, our three-day event, held in the USA & Dubai this year, will provide access to the benefits listed above and many more specialized rewards for innovators & problem solvers.

To learn more about our conference, please visit the link - Law2conf.com

Sai Narula

A part of the Law 2.0 Conference team, Sai is responsible for the smooth registration of the attendees. The upcoming edition of the Law 2.0 Conference will address some serious issues, including the fraud and scam practices perpetrated by spammers. The lineup of experienced legal professionals will flash the spotlight on the ever-evolving legal landscape.