Legal Industry has been always hailed as one of the pillar stones of a society, which constantly influences generations to maintain the social hierarchy of any system. Being the main attraction of any communities, both the industry and the profession has been observed keenly by number of experts from various territorials of market. It’s always curious to watch how the legal sector is intertwined with the daily dynamics of a society without affecting the gradual civilization of those people. No matter of who/what/ where you are, being in contact with this system is a must choice in order to guard the existence of yours lives. Let’s go deep into history of legal profession.
What is Legal Technology ?
The whole principle of legal tech lies within the term called ‘technology’ , which is capable of anything in the work domain of a lawyer. Technically speaking, Legal Technology is a practice of using technology and it’s applications to provide better service and solutions in legal industry. By easing the process of generation shift in between the traditional practices existed in law customs and the modern technical spaces, legal tech successfully lifted the basic idea of Legal systems into new highs of advancement and possibilities. It’s relevant question that how come the new version of technology created a sudden breakthrough to an establishment system aged decades within a short span of time, confronting epitome of challenges from every nuke and corners of society. A satisfying reply to this question will lead us to the chronicles of legal technology since the time it was introduced. The work principle of this technical branch was quite easy to digest that is to ensure the topmost role of attorney’s in the social pyramid with a plan of evolution to the whole network of the profession. In these initial days of 21st century, the scope of legal technology is a brilliant illustration of a two tier system includes the upcoming modified legal offices and a pioneering concept for the budding startup dreams.
Looking back to the growth phase of legal tech, there have been countless number inventions recorded for the sake of supporting legal systems across the globe with an aim of stepping up in any parameters of growth. From a period where lawyers are not even used with the usage of emails and all, the legal sector began to get familiar with the terms like software, management systems, machine learning, Artificial intelligence and many more. When the traditional systems of client management and documentation were replaced by smart softwares better than them, the execution of AI (artificial intelligence) was an absolute game-changer for lawyers and their upcoming projects. Along with the big names of the Industry, both the solo practitioners and struggling firms have an opportunity to be in the big race of market with multiple facilities to offer. By granting a complete access to the latest models of working spaces, technology plays a revolutionary role in the upliftment of all the sprouting lawyers in today’s market.
Discussing about the scope of Legal sector in the market, the term ‘market’ itself should be mentioned alongside of legal technology. If we are making a comparative study between pre and post era of legal tech, the appealing difference will be dominating role of legal industry in the market talks. An automated system with a brilliant crew was merely enough to register the presence of legal industry in the market and by the arrival of legal tech , the new age legal fraternities already met with these conditions and began to perform well. Speaking with statistics, recent startups of legal technology has already generated 570 million U.S. dollars in 2019 from world market and also aiming for a revenue of 2.49 billion U.S dollars by the year of 2025. Exciting commentaries directly from the market experts and the upcoming market updates , point towards the utmost supremacy of legal industry in shoulders of technology and its advancement.
The idea of ‘Legal Technology’ is pretty relative in genre, which has different interpretations and comprehensions from person to person. When one version of legal tech has an amusing collection of software with almost endless list of functions, there has been an unexplored part of innovative tools capable of masterly assisting any legal desk. In short, the abstract understanding of legal technology stands with a wide cluster of technical platforms and programs of boundless potential and unlimited accessibility. In case of listing out services of a legal tech application, starting from the effective resource management, organizational data transparency, easier access to the office and accurate results without human errors, there has been enough number of features for a whole thesis. The ultimate aim of all these improvisations was not just to make the whole process two times faster but also introducing an ‘automated technical culture’ to attorney societies for a better world of options and opportunities. The proper eradication of time-consuming operations and remaining obstructions offers a new world of law firms, which is open to new practices of legal research and contemporary resources of information for the new generation of lawyers.