Legal technology is, in essence, the application of new technological instruments to the legal profession. Once a niche corner of the industry, legal tech is now promising to sweep the field with a new drive in the demand for technology lawyers– and not too soon, either. As law races to catch up to the implications of fast-paced technological innovation, so too must law practices, with the Lord Chief Justice’s technology adviser calling for a new institute for legal innovation. Important as the field may be, it remains inscrutable to many businesses who do not see the benefits adoption of technologies might grant them. The following represent some of the key benefits legal tech can offer businesses.
Minimising Risk
Legal tech solutions exist in a variety of forms and processes. Perhaps the chief utilitarian benefit of these processes is the minimisation of risk. AI-led automation processes can take repetitive administrative tasks out of human hands, including the handling and input of sensitive or crucial personal information. Whether information, addresses or bank account details, the automation process eliminates the possibility for mistakes in replication, keeping vital data intact and limiting the likelihood of clerical errors stalling progress.
Optimising the Workforce
Automation processes also free up valuable man-hours for more valuable work. With experts and juniors alike often swept up in the paperwork, there is a soft cap to the amount of work a legal business or department can take on. But with much of this administration handled by an algorithm that requires little oversight or intervention, workforce efforts can be better allocated – allowing you to better structure the average working day, perform outreach to existing clients and even increase your client intake. Similarly, digitised and AI-led processes can perform research and diligence on behalf of a case handler, pulling up relevant documents and information to a given case. This can shave hours off the research period for cases, allowing staff to spend more time building stronger cases or frameworks.
Improving Quality of Work
Speaking of which, legal technology can lead to a direct improvement in the quality of work performed by your business. The aforementioned research algorithms can bolster a case by finding more pertinent information than a human researcher may have done, casting a wider net in a fraction of the time. Implementation of blockchain technology to encrypt and share information immutably, utilising smart contracts to modify or release information automatically in line with movements in a case. This technology can combine efficiency and risk-minimisation to provide a faultless, high-quality service to clients.
First in Line
Being an early adopter of legal tech can cement your business’ place in the industry, giving you a competitive edge over rival businesses in the same field. One of the key reasons businesses tend to reject change is the time and resources required to implement new systems – but with the numerous benefits to time and resource management, quality of work and even client satisfaction, this upheaval is offset quickly. Getting that initial implementation period out of the way early stands you in good stead to reap the rewards far before your competitors even begin the process.
