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‘Projections show the technology industry is set to exceed $5.3 trillion in 2022.’- Comptia
Do you know what’s common among the lives in a cosmopolitan society settled up in 2022? Well, you should have a plenty of answers for the question that I have raised , but this time let me be the respondent too. The most common thing about the life in this new century is nothing but the domination and presence of technology in each place. In a hostile condition favouring any kind of experiments, technology has already succeeded in its attempt to develop a connection with each entity of a regular society. From the personal access to the web, mobile applications and digital routine, technology has always with us in different forms with a clear agenda. It’s better to have a look on the legal industry to understand how technology can change the destiny of a whole sector and people associated with a single click. The latest updates of legal technology aren’t just an indicator of technical advancement, but the best possible souvenir of a biggest revolution.
It’s clear as a day that legal sector is enjoying its golden period in these days. Due to the unconditional contributions and hardships in the past, the professional life of a lawyer in 21st century is pretty much an embodiment of technology. The presence of the might AI program and the highly nuanced coordination with technology has broadened the range of this industry along with other automation systems and software. What we are planning to do is a comprehensive study on the dynamics of the legal technology in this year in different conditions and challenges. But for a change, let’s skip the long paragraphs and focus to some vital points regarding legal tech.
1) Finally, ‘Digital transformation’ is happening
The term ‘Digital transformation’ is much familiar to the audience from anywhere and it’s been a while we have been listening to this. Digital transformation a.k.a digitalization is an aged dream for our generation, which has been in the air for a long time. It’s unfortunate to realize that the dream remains as dream in most of the territories and legal Industry is a true exception for this old story. Being an establishment Industry from the very first time, Legal Industry has an open handed approach to any kind of experiments, which eventually became the starting point of the on-going digital transformation in law fields. What exactly happening in law fields is the proper adaption of two communities into a digital space for more benefits. When the consumers are transforming into e-customers, law firms are also choosing the same thing for them, which is a digital transformation. Moreover, it’s a safe step to make sure their presence and participation in the coming periods of technology, automation and machineries.
2) More importance to Cyber security
Usually, technical age means more number of opportunities to all the growing firms irrespective of their field and business. But as we all know, a coin has two sides which says technology has some threats to offer for this new world. In a space of growing technology, cybercrime is a name we should be aware of, especially if you are in legal industry. According to a report from the National Cyber Security Centre, over 60 percent of law firms reported an information breach, which will be the biggest challenge ahead of lawyer communities. It’s hopeful to see that, the coming updates from legal tech have given equal priority to the cyber security matters as well. By practising a digital culture involving the most safe practises ever existed, legal firms are already ahead in this competition with latest threats. Like a saying, “Modern problem requires modern solution”, technology itself can cure this technical issues.
3) Welcoming Automation
Now a days, the word ‘Automation’ itself is celebrated as one of the chieftain features of legal technology, followed by heavy appreciation from every corner. ‘Workflow automation’ is always considered as a fantasy of lawyers, because there was no chance of happening it in the work desks. But like all other impossible tasks, technology made it happen in the millions of firms, which later became the mandatory feature of a dream legal desk. Apart from the productive role of automation in a lawyer’s schedule, the process made a direct impact on law firm management and leadership are tasked with non-legal work, such as marketing, client communications, and accounting and billing, which takes away from billable time working on client cases. Even in the year of 2022, ‘Automation’ is considered as the trump card of legal tech with plans of improving the efficiency of legal fields with minimum effort. Starting from management, billing, invoicing and a lot, automation is that secret ingredient includes in each recipe of legal technology.