For years, legal practices remained the monopoly of lawyers. The industry remained the most static and traditional one (might be because of the institutional barriers, or some other reason). However, the world of law is changing now. The technologies are continuing to take hold within the sector, setting up the foundation of a new revolution – of LawTech.
If you are looking forward to making your career in the legal sector, it’s high time to learn what and how the technology is disrupting the world of law practices.
Top Technology Trends for Legal Industry
Blockchain – The Technology of Smart Contracts
Known as the Technology for Trust, the Blockchain technology refers to a digital, decentralized, secure and publicly accessible ledger that records, validates, tracks, and implements transactions called Smart Contracts. These contracts are automatically operated and can’t be exploited without the consent of the other individuals involved. This has lower the risk of fraud and improves the process of transactions.
Since the technology is built to eliminate the need for a third party like lawyers, it is necessary for the people in the legal industry to keep an eye on this technology. The law practitioners have to adopt this technology and discover ways to incorporate it into their processes for better services, such as contract execution.
AR/VR – Bringing Real and Virtual World together
AR/VR technology has revolutionized the legal industry in multifold ways. Because of this technology, a lawyer or witness need not imagine the courtroom to figure out how to react. He/She can wear the headset and experience being surrounded by the judges, lawyers, witnesses, jurors and other people inside the courtroom. He can practice well and prepare for giving an extraordinary performance. The dual twin technologies have made it possible to interact with each other as if in the courtroom, even when sitting miles away from each other.
Besides, the technologies are helping in streamlining the processes and accelerate the speed of solving a case with features like viewing 360-degree videos of the accident/crime location, investigate from different angles, and much more.
Mobile Apps – Making Legal Help accessible anytime
The mobile technology is proving to be the best aid for the lawyers and other people engaged in law practices. The technologies encourage the idea of virtual offices, work-life balance and reduce overhead cost. By interacting with mobile apps, web-based technology and SaaS products, they are able to practice law even outside their office. The apps have made it easier for them to connect with people in need of legal help easily and effortlessly. They can communicate with them and perform almost all the tasks – from understanding cases to sharing proofs, negotiating cost and sharing case dates.
Not only this, the applications are also encouraging people to learn laws and regulations in a simplified manner. Plus, the mobile apps are making it easier to file a patent or trademark.
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Cloud Computing – Store Everything on Cloud
From case files to certificates, invoices and proofs, everything is stored on the cloud now. This has reduced the paperwork dramatically along with making the data accessible from anywhere and anytime. The legal firms are able to create, view, edit, share, delete, and archive the documents from any corner of the world from an access to the Internet. And the best part is that these documents remained stored for endless hours – you can access them whenever you want to.
Machine Learning – Get Easy Access to Information
Earlier, the lawyers were supposed to go through multiple cases and law books to screen out a valid point for their next hearing. But in the present world, the machines perform the research and double-checking process in the blink of an eye. The mobile apps and software based on the machine learning technology help the lawyers to quickly find the information they want. This has resulted in faster, cheap and accurate research work, which ultimately helps in solving cases in the best possible manner.
Chatbot Development – For 24×7 Support
The AI-powered chatbots are helping the lawyers to cater the needs of multiple clients simultaneously. The bots addresses people reaching on your mobile app and other platforms, listen to their queries and solves them by understanding their behavior and its own knowledge. It passes chat to you only when the situation is new and can’t be cracked by his learning, which means your efforts are saved. And the most interesting fact is the chatbots work for 24 hours a day continuously, which means you will never lose an opportunity to get a case and earn reputation and money.
As the tech world is flourishing and bringing more technologies making significant changes in the legal industry, it is for sure that in the next five years, we might be practicing law on the tap of our phones. Lawyering technologies like document automation, legal research tools, e-discovery tools, and decisions engines will become mainstream in the world, ensuring faster and high-end output. The legal firms will adopt these technology trends into their daily process, rather than throwing these terms only.