7 Legal Tech Developments That Have Shaped the Industry
As current figures state, legal teams are now spending between $8,000 and $11,000 per lawyer on tech costs. Knowing what kind of legal tech your team needs to amplify your efforts is essential to staying on budget.
Here are five major tech developments that have completely changed the way that firms work cases.
1. Legal Startups Are Growing
While most people think of tech startups and think of Facebook and Google, where people in hoodies play ping pong, that’s not the only kind of startup. Legal startups have propagated thanks to the creativity and variety of services that can be offered with technology.
These startups drive innovation in the legal industry and participate in tech shows. Startups can gather and manage data in new ways. They’re able to handle client responses and communication remotely no matter where the lawyers they work with are located.
This opens up accessibility for clients as well. The number of clients that can be served by these kinds of startups is growing thanks to the affordability and ease that come with these tech startups. These startups offer discovery, data management, cybersecurity, and investigative services to keep offices abreast of information as it comes in.
Several great legal IT services have made it easier than ever for legal teams to stay productive.
2. Analytics That is Faster and Smarter
One of the biggest developments in the legal field that’s changing the way law is practiced comes down to analytics.
Lawyers practicing intellectual property and securities law find that analyzing data quickly and easily is vital to their practices. Antitrust companies can tap into models and insights never before accessible.
Litigation analytics are now also available to offer information about federal judges and law firms. It’s also possible to get judge analytics so that lawyers have an idea of how the entire court system operates to help predict outcomes before heading down the long path of a lawsuit.
We’re seeing a perspective that’s never been seen before. Teams can work with litigation documents, e-discovery collection, and transactional documents, analyzing large volumes of data quickly. This helps everyone to strategize more and waste less time learning.
3. The Introduction of IoT
One of the best predictors of what’s happening in law is often just looking at what’s happening in large firms. If they’re starting to pursue a new practice, it’s probably worth looking at. So many firms are now pursuing cases related to IoT.
As more people use objects that collect data, communications and technology issues come together via a legal and regulatory framework. While groups of practice that were once spread apart at a firm are now huddling together to strategize. There’s a whole vast frontier of knowledge yet to be seen.
IoT is a direct consideration of legal matters since IoT is now developing “intelligent contracts”. These contracts are enabled to perform on their own. Transactions using blockchain technology, smart contracts, and IoT have the potential for breaching all kinds of barriers while teaching firms something along the way.
These tools bring up issues around evidence and discovery in litigation. IoT devices have already ended up in litigation and we’re sure to see more examples in the coming years.
4. Case Law Digitized
While it’s been a slow and manual process, there’s now finally a majority of case laws that have been made digital. By surveying this information online, it’s easier to find court opinions and precedents. Now that appellate courts across the country now have their information online, better decisions can be made.
Although it’s been slow going, initiatives have achieved the ability to display this information for free. With tens of millions of pages of decisions from across all 40 states, Harvard now offers this for free. The Case Law Access Project has made it easier to research and build a case than ever before.
Scanning is still a challenging and manual process, but over time, whole volumes will be able to be easily searched. It’s taken several decades, but soon enough, most case law will be accessible online for free.
5. Avvo Provides Amazing Services
Avvo sent shockwaves throughout the legal profession just a few years ago. Fixed-fee and limited-scope legal services networked online was only a pipe dream. However, it’s now been launched in every state.
With the help of DIY legal forms, individuals no longer need to hire lawyers by the hour to handle many standard domestic and family issues. Business, real estate, estate planning, and family-related formes are now accessible and easy to fill out.
By leaning on their ability to provide these services via the first amendment, they offer an innovative approach that leverages technology. New models are certainly needed for delivering legal services and many feel they must deliver that. With the average client now empowered to handle parts of their legal cases, people may feel more comfortable in the world of law and justice.
This can only yield positive results. While some lawyers will stand in the way to innovation, these private sector companies are sure to put pressure on more archaic ways of doing things.
Legal Tech Should be a Benefit, Not a Cost
Utilizing legal tech for the overall benefit of your firm requires not only understanding what’s out there but also understanding your needs. Make sure to assess your needs and talk to your lawyers and teams before spending your budget on the hottest tech trends.
Be sure to bookmark our page to stay on top of what trends are available as soon as they hit the market.