Running a legal company like it's 2019: how technology helps law professionals stay top of the game
Automation and digitalization are coming to verticals across the board. But there is one industry where adoption of the latest technologies has been notoriously slow: the legal vertical. Let us see which legal software solutions are out there and how law firms can employ the latest technology to become more efficient.
Legal practice automation facets The legal industry is made up of different types of companies and professionals. With respect to their software needs, we can roughly single out two kinds of users: legal firms and in-house legal departments. Legal firms each have their specialization, but also share certain characteristics: they all have clients and some kind of workflow. At the same time, in-house legal departments are mostly concerned with contract management, governance and compliance, employee rights, IP management, and similar practices. Law departments’ spend on third-party software Needless to say, tech companies strive to automate anything that could be automated in the legal vertical. If we look at the technologies used, we’ll see a fair share of ORC (optical character recognition)-based, NLP (natural language processing)based, search-based, predictive analytics-based, and even AI-based solutions.
Industry trends influencing software choices To keep up with the technologically-advanced competition, many legal companies are looking to reinforce their software base. And investments in software are often driven by industry tendencies.
Trend
Software requirement
The rise of tools that automate mundane tasks like contract review, among others.
Various automation solutions (like LawGeex) that reduce the time and effort for repetitive, low-risk tasks.
Corporations looking to save by bringing outside counsel inhouse.
New/stricter regulations like GDPR, HIPAA, etc. to comply with.
Compliance management software that lets one navigation applicable legislation and stay compliant (like Compliance.ai).
Digital data is now easier to create, so its amounts are growing exponentially. But attorneys still have the same time frames for preparing their cases as decades ago.*
Software that helps with e-discovery and legal research. AI-backed software (like Casetext) that picks out relevant information.
.Hence, it’s no surprise that the highest-growth segments of legal software are:
Knowledge management Legal analytics Legal project management Contract management* Governance & compliance*
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