In 2019, many trends changed the way how legal industry works, such as data governance, automation, mobility, etc. In 2020, one will see the emergence of new trends that will significantly transform the legal profession.
It will make the industry more streamlined and secure. As the information which is shared with the lawyers is confidential, these legal tech trends are going to make the information highly secured and safe from any fraudulent activities.
Some of the biggest legal trends in 2020 are:
The legal industry hugely depends on a large number of documents. This gives rise to a complex scenario, as several documents are difficult to handle.
With the help of AI-driven document management software, it helps to keep a document of all types. Artificial intelligence and machine learning can find patterns with repeated exposure to the documents. For example, it can identify the invoices by recognizing the keywords, dates, invoice numbers, and field labels. The file then automatically goes to the respective folders and trigger the alerts to the relevant person for carrying out the next processing.
There are many contract management software available in the market, which can read the scanned documents then determining the purpose.
Other than the automation, AI helps the lawyers in:
- Providing additional insights via the analytics
- Helping the lawyers to perform research and due diligence
Blockchain and Security
With the increasing awareness of cybersecurity, the legal industry has also implemented specific measures so that the information is kept secure from hackers. They want to safeguard their information with the highest level of security, and in this case, the blockchain technology makes every piece of information secure. Data on blockchain technology is entirely traceable, making it impossible to hack the information. Beyond providing security, this advance technology is helpful for the lawyers for creating smart contracts where the documents can be stored after verification and authentication.
Cloud storage in the legal profession is getting widely accepted. When the technology was first introduced, there were some apprehensions, whether it is going to work for the legal industry. These applications were thought of as a security risk, but the advanced cloud applications have got widespread recognition for its secure storage in the industry.
Most of the law firms are now realizing that the traditional IT security is not enough to sustain in the industry, the cloud technology is gradually proving to provide the level of security enough for averting any data theft or breach.
As per the sources, about 51% of the law firms have confirmed that they have started using cloud computing.
In the future, we will see an increasing number of law firms that will implement cloud computing for better results.
Social media has found popularity in almost all industries. The legal podcasts are proof. Many lawyers have started popping up on social media, which only implies that digital transformation is also revamping the process followed in the legal profession.
Vendor Management Tech
There are many vendor management techs which include processing of the request for proposal (RFPs), reviewing risk management, updating the renewal dates, managing individual contractors, among others. In 2020, you have to watch for this legal tech trend.
The legal profession is on the brink of great evolution with the implementation of new trends. The new trends are going to make the task easier for legal practitioners. As the technology makes the working structure flexible for the younger attorneys so that they can perform their best at the professional front, it will result in providing better service to clients and make the process seamless.