3 Ways Technology Will Change the Legal Industry + How Firms Can Adapt
3 Ways Technology Will Change the Legal Industry + How Firms Can Adapt
Technology permeates all aspects of our lives, transforming the way we communicate, do business and engage with our communities and interest groups. All industries and fields are optimizing their work processes and becoming more efficient and effective than before.But, according to an Acritas report from March of 2018, a staggering 69% of U.S. corporate legal departments failed to see any of their legal service providers innovate in the previous 12-month period.While, for instance, the European Union is committed to the digitalization of all branches of government, including the judiciary, this isn’t the case for all countries.But even if the judicial system doesn’t help, firms can take measures to become more effective and establish better relationships with their clients by integrating new technologies into their everyday. Some of these new technologies are:Automation of Repetitive TasksAt JPMorgan, a program called COIN is analyzing commercial-loan agreements, a repetitive task that used to take specialists approximately 30,000 billable hours. Automation can help make law services less costly while allowing practitioners to spend more time on tasks that require the professional sensitivity, strategic thinking and creativity that we can’t count on machines for. It’s worth adding that the intellectual demands of practicing law makes it so that attorneys don’t have to fear automation. No, you won’t be replaced by a machine in the near future. SaaS, Remote Work and the Technology to Make It PossibleTwo of the main trends that will make legal firms’ lives easier across the world are the growing offering of Software as a Service (SaaS) and the rise of remote work.
iPad and Mac on desk; image by William Iven, via Unsplash.com.
About Sean Patrick Hopwood
Sean Patrick Hopwood is the President and CEO of Day Translations, Inc., a legal translation agency, helping businesses and individuals grow abroad with human translation services, certified legal translation, transcript translation, professional interpreting, and turn-key localization solutions. Day Translations works with every single language and industry, and is committed to promoting cultural awareness and international cooperation.