According to many business forecasters and market statistics, Legal tech has been receiving a massive amount of investment worldwide. This makes us wonder what does it really mean for the Legal professional and how is that money being spent?
Legaltech is the technology that is digitally transforming the way the legal profession is being practiced. And not only does it help the legal professionals themselves, but also helps the customers and users of the legal services to receive optimum results. Its objective is to facilitate the legal field generating greater comfort while minimizing waiting and transfer times.
So now that we know what it is briefly, let us look at how it evolving for the upcoming year and where all this investment money is being spent.
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Legal technology trends to keep an eye on:
1. Artificial Intelligence
Artificial intelligence, or AI, is the advanced way in which computers nowadays are able to process massive amounts of data automatically yet in a very similar manner to how a human would do it.
Given how effective it is becoming in different sectors, AI is also playing an important role in the development of legal tech.
And it is vital that the legal professionals are able to adapt mentally and culturally to these changes as to make the best out of the technology in their practice. As it is one of the main technology that requires a mental adaptation.
Thanks to artificial intelligence we can see a stronger appearance of the Legal tech, which is resulting in Artificial Intelligence solving problems for the legal professionals. The objective of artificial intelligence in the legal field is to complement the activity of the lawyers in the area. Therefore, the goal is not to replace the professionals themselves but to equip them with tools needed to facilitate their daily repetitive tasks and focusing thus on more specialized tasks that require their own creativity.
2. Document automation
The competitiveness towards achieving efficiency when handling documents gave birth to the tool of document automation, and it has quickly become a necessity for law firms and the legal department of companies in different sectors. There are firms that are reluctant to leave their traditional document generation systems and this has resulted in them falling behind when the time came.
The implementation of this software will serve to automate those daily and repetitive tasks that are revolved around documentation. The hourly loads, reports, reviews, formatting, and so on. Adapting document automation would be of great help to all legal professionals, as it will make their work and their documents much more efficient.
3. Electronic and digital signatures
One of the many legal tech tools out there, electronic signatures is definitely among the top on the list. According to the regulations established by IDAS, there are three types of signatures: simple, qualified, and advanced electronic signatures and all with compliance to the European regulations.
On the other hand, these types of signatures offer email certifications, which is used to verify the identity of the people and the authenticity and the origin of the documents signed.
Given its obvious efficient capacity in legal investigations and trials, both the qualified and advanced signature can be legally used in many countries around the world. While it is true, digital signatures can be presented either handwritten or biometric (which captures biometric information such as iris, voice, or fingerprint). The objective of this tool is to work online with greater security, efficiency, and agility.
4. Cloud computing
Cloud computing is a model slightly different because it more about the technological infrastructure of the services provided. The software or the platforms of that service is provided in a manner centralized through the internet on a Cloud
When we speak of Cloud Computing, we refer to that model of technological service provision that allows the user access through the internet from whichever device they choose.
A set of tools such as email, storage, document sorting, accounting applications, document sharing, databases, and so on. All this without the need to have your own installed server or the installation of on-premise software, but rather just a service provided through the internet.
Check out: The on-premise setup bites the dust
Without a doubt the contributions that can provide this technology to the legal professionals are unmatched. With these types of tools, the need to invest in expensive technological infrastructures can be significantly reduced given how expensive it is. Just by having internet access you can get all the necessary services.
5. Virtual Law
Virtual law firms became very popular two years ago in the United States. The practice of virtual law firms became a totally legal practice that operates from the homes or offices of the lawyers. It is a way of providing services to customers remotely using technological means. These virtual law firms operate and are regulated in the same way as traditional law firms, with the difference that the attorneys can be an independent consultants rather than employees or partners.
Thanks to this, most professionals in the legal field consider the practice of virtual law and for that, it was considered as a major trend in legal technology in 2020 and rising towards 2021.
Blockchain technology refers to any transaction between two users in a secure manner, done through the web, and without an acting intermediary, having the community work as the intermediary. This transaction is carried out over the internet, and it provides users with identity and data protection.
The information transmitted on the network through the encryption keys must follow certain rigorous guidelines to avoid the vulnerability of the users' rights.
Smart contracts are a byproduct of blockchain and have emerged strongly in this field, eliminating the need for human intervention in checking and reviewing any operation.
This procedure requires total trust between both parties, and it is settled by the execution of any contractual obligation, without requiring jurisdictional participation. This boils down to the fact that blockchain technology and “smarts contracts” allow savings in bureaucratic procedures and the automation of operations.
We are in the middle of a fourth industrial revolution, in our case the digital transformation, that is why companies in the sector have to adapt to the new trends of the market if they want to maintain their competitive advantage… unless they prefer to stay behind.
At Bigle Legal, we are here to provide you with the legal technology you need to get started on your digital transformation journey. Our company provides a state of the art document automation software with an authorized electronic signature that is very intuitive and easy to use.