We cannot deny the fact that the past year has been challenging for all of us. Nonetheless, the previous years also proved that technology plays a role in moving things around. This includes the legal process we have to undergo.
In law, technology covers almost every aspect of the legal processes that lawyers go through. This allows the contract drafting to be more accessible and bearable. It also makes time management easy and measures work hours efficiently.
Moreover, the forecast of new technology offers pretty impressive changes. That said, we will discuss the six top technology trends that will shape the legal industry this 2022:
1. Artificial Intelligence
Artificial Intelligence (AI) is also predicted to have a massive impact on all areas of industry. An increasing number of law firms realize the value of using AI to manage particular tasks.
As the volume of data expands, it has been increasingly important for firms to use technology to supplement human resources. It also helps streamline data management, filing, and storage.
2. Cloud Migration
While a hosted cloud server has been introduced for over a decade, the legal industry is slow to migrate its data because of security concerns. That’s why it is vital to think carefully and analyze the software’s reputation before deciding.
Cloud-based legal apps are hosted on internal corporate servers. It is also accessible via legacy applications on managed desktops.
A cloud-based file storage system integration will allow legal departments to operate entirely on the cloud. It eliminates your need to worry about local server storage, virtual private network access, and upgrading memory. It also helps you provide untethered or mobile access to legal data.
Moreover, legal departments found out that cloud computing offers seamless remote access. This provides significant time savings, collaboration opportunities, and more cost savings.
Cloud computing has always made it possible for lawyers to work from anywhere. This allows legal departments to adapt and grow their team much more effectively quickly.
With cybercrimes on the rise, especially in the legal sector, more sensitive information is at risk for hacks and data breaches. Plus, an increasing number of law firms are shifting to remote or hybrid working environments.
In fact, according to a report, over 60 percent of law firms have reported an information breach. By mobbing to remote systems and cloud-based storage, many sensitive business and clients data are compromised. That’s why it is essential to protect that data with rigorous cybersecurity measures.
4. Workflow Automation
In a nutshell, legal workflows are clear, predetermined, and structured processes. This is where lawyers tend to receive, review, and do tasks. An automated legal workflow is a process where technology is used to build, facilitate, and streamline a job.
Like with contract review software, one of the main benefits of legal workflow automation is saving the lawyer’s time. It also helps decrease human error and improves client service delivery efficiency.
5. Client and Law Firm Collaboration
Seamless communication is essential for lawyer-client confidentiality. More so in today’s digital landscape.
Sure, client collaboration tools are not something new. Nonetheless, these tools have proven to advance how the legal industry functions.
Known as client portals, this has evolved well beyond file sharing and one-way communication flows. These days, you can also use collaboration tools for project management and more.
6. Blockchain Technology
Over the last couple of years, blockchain technology made headlines mainly with its relation to bitcoin. It gives a digital ledger that can be distributed, documented, and duplicated but not edited legally.
An integrated blockchain will store information via a transparent and precise fixed ledger instead of a centralized database. This is ideal for legal departments that struggle with excess paperwork and historical records.
Furthermore, blockchain technology allows legal teams to:
- Sign documents digitally
- Automate ownership transactions
- Complete payments via cryptocurrency
- Utilize digital wallets rather than escrow accounts for transactions
- Ensuring adherence to contract terms and agreements between numerous parties
Blockchain technology and smart contracts can potentially make legal frameworks more robust. It also allows you to build a hacker-proof network in exchanging information. Hence, it is pretty hard to ignore the benefits that blockchain can bring to the table.
Besides network security, blockchain intelligent contracts speed up legal processes through automation. This reduces human intervention when executing legal processes.
Over to You
This year, many legal departments plan to push for digital transformation. This includes adopting the following legal technologies:
- Artificial intelligence
- Cloud migration
- Workflow automation
- Client and law firm collaboration
- Blockchain technology
That’s because these tech solutions can help you develop a streamlined and robust process.
The increased adoption of technology in the legal industry will also fuel innovation. This includes lawyer-client confidentiality, lawful processing, and more.
So, prepare yourself for an exciting year ahead. Legal technology can remove barriers and positively change the legal industry if done correctly.