In my latest talk at the annual conference at the ELTA (European Legal Tech Association) that took place in Madrid last 20, 21 & 22 of November 2019, I talked about how technology can help us as lawyers to expand our profession and to enhance our creativity. Us lawyers are inevitably bound to perform repetitive tasks that consume our time and drains our energy, and for that, Bigle Legal was born to take over those repetitive tasks and give us more space to focus on what is more important.
In fact, investment in LegalTech skyrocketed to $1 billion in 2018 - and much of this funding was injected into AI and machine learning platforms.
Every legal team knows embracing innovation can be a game-changer. But to what end? How can legal technology tools actually help you save time, provide better service, and make an impact on their bottom-line?
Well, sit back and relax - that’s exactly what this article will explore. We’ve curated a handful of case studies to demonstrate how global companies and firms have used legal innovation to propel themselves forward!
The legal industry isn’t what it used to be - and yes, that’s a good thing! The market has been revolutionized by the advent of legal technology and innovative tools. These new products have empowered law professionals to increase efficiency, save money, and work faster all around - whether they’re deep in e-discovery, conducting legal research, or managing contracts, etc.
But how is legal technology being received by firms and companies around the world? And how big of a splash is the industry really making?
Meet Jessica. She leads the legal team at a popular real estate firm. Her team is hardworking and dedicated - but she’s noted their performance has been faltering as of late. With heavier workloads, the team clearly wasn’t working as efficiently as they could be.
Each day they’d spend hours drafting complex contracts by hand, tediously copying and pasting clauses and explaining contracts to different parties. There were communication breakdowns due to poor collaboration between colleagues - and even some contract errors. For Jessica, it was evident: the legal team was placing all their energy into drafting legal documents, instead of supporting the real estate firm to really thrive.
The new world of legal analytics now offers compelling and exciting ways to assist law firms achieve huge operational efficiency and improved outcomes for their clients, often just by making use of existing data sources.
According to research by Gartner in 2018, 70% of law firms state they intend to invest in legal data analytics, but in practice, only 20% are using it to drive efficiency and enable data-driven decisions.
On the Bigle Legal blog, we often delve into how innovation is disrupting the legal industry. We’ve spoken about how cutting-edge tools incorporating AI, machine learning and document automation have helped law teams to increase efficiency and better represent their clients.
Today, we’re going to explore another technology that’s revolutionizing the legal sector.
That is: blockchain.
Potayto, potahto, right? Well, not quite. The terms electronic signature and digital signature are often used interchangeably. However believe it or not, there’s actually quite a big difference between the two.
So what characteristics distinguish a digital signature from an electronic one, anyway? And which one might be better for your business to embrace?
Lawyers have traditionally been reluctant to adopt new and innovative technology. However, the latter is rapidly changing. This is now driven by the growing ecosystem of legal technology (lawtech) vendors seeking to disrupt and reinvent the industry.
The pace of tech innovation around the world is blistering - and it’s no different in the legal industry. With demand for new business models, a greater need for cybersecurity, and new technologies on the market, it’s more important than ever for legal professionals to stay on the cutting-edge. And what better way to do this than attend a legal tech event?