03 Jul Top Innovation and Technological Trends in Legal For 2019
Have the stato-quo changed? Alternatively, are they still the same? Are there any major unexpected shift? Just as in other industries, the results are a mixed bag for Law as well. As observed in previous years, the legal system has been so adverse to digital transformation. There is a considerable potential in the law industry to maximize efficiency, optimizes processes, and offer new perspectives to the legal system. Scheduled below is a brief on some of the trends in law for 2019.
- Artificial Intelligence
This is considered as one of the faster surging areas of legal technology; artificial intelligence (AI). This is already evident in the adoption of computer logic, which can remove monotonicity and the brunt of administrative flaws, including the tasks which lawyers once had to utilize considerable time discharging. For instance; the difficult task of locating files, the process of reviewing of terms, and conditions are some of these tasks which AI can assist. Artificial intelligence can classify and validate vast data at an unmatched rate leading a quicker achievement. AI can also make informed projections and forecast using an in-depth data analysis. Expectations AI will continue to expand, and gains will surge considerably.
- Cloud and Mobile
Consider a situation that you are in the middle of a litigation tussle. Your lawyer brings to your notice that one of the critical files which contain a statement suitable enough to hand you the desired win was left behind in the office. What would be the course of action? How would you react? Cloud and mobile services better handle events like this. These two innovations are essential since mobility demands the availability of the cloud. Hopefully, more of the cloud-based mobile is therefore anticipated for enhanced accessibility of customer’s case files, and litigation resources. In this age, people desire everything to be readily available to them on their device; the law industry inclusive.
- Blockchain and Security
With straddling issues and consciousness of cybersecurity, blockchain technology is fairly becoming distinguished in the legal parlance. Currently, blockchain technology is increasingly playing a role in cryptocurrency prices. Information and intelligence on the blockchain are untraceable and difficult to hack. This is because all information in the blockchain is in chains of nodes each substantiating each other. To hack, all the nodes will have to be adjusted concurrently without which; no fraudulent activity can be performed. Aside from security, this progress will also be essential for lawyers in many other ways, including the design of contracts which law facts will be examined and cached with verified signatures and custody.
- Virtual Law Firms
Beyond the typical online legal services, which are the case presently, an entirely new shift is eminent; virtual law firms are ready to take center stage. The increasing demand for cloud and mobile, legal pundits, will have higher latitude as to where work is done. Virtual meetings will obliterate virtual travel time and will give higher work/life stability for the profession. Many consider this as one of the most delight transformations since it has the potential to be beneficial for the whole industry.
- Data Developments
In the coming days, how data is crunched, cached and utilized in the law industry will be so unprecedented. A few years back, security risk was wrapped around cloud storage and application. However, they are becoming popular and recognized as contemporary as well as the most secured technique of organizing and storing data faster. Just last year; in 2018, famous alliances such as British, Airways Facebook, and Google, almost got their reputation marred by scandals relating to data misuse, irresponsibility, or hacking. Accordingly, innovations such as multi-level authentication or verification, data encryption, watermarked records are going to surge.
- Contract Management
In all fronts, legal professionals handle negotiation, management, finalisation, and follow up of contracts. With the acceptance of technology, this process is soon going to change in the nearest future. Improved data storage and management processes, online designed tools for contracts will become widespread. Most practitioners are already using E-signing software, and more usage is even anticipated in the future. The whole documentation exercises ranging from a request, negotiations, approval and authorisation represent the new phase of a technological revolution. Consequently, tools such as management templates authorising contracts executions and practices are envisaged across law firms and professionals.