Summary: There are a few technology trends that law firms and in-house departments should be paying attention to.
Technology has advanced enormously in the last ten years, the thought of where it may be in another ten years may leave some freaking out, especially those in the legal industry. As a whole, the legal industry has been slower to pick up and adapt to changes in technology but there are some changes that they should be paying close attention to. Big Law Business discusses four topics that law firms and in-house departments need to keep on top of.
With so much sensitive information stored on computer files and online, securing that data should be the top priority for law firms. With cybersecurity comes the new General Data Protection Regulation (GDPR) guidelines in the EU. Data security is being viewed differently as organizations are required to provide users with information on how their personal data is collected. If the users request, organizations must be prepared to delete that information. Not complying with these requirements can cost an organization up to 4 percent of their global annual revenue.
- Artificial Intelligence
The use of artificial intelligence in the legal sector is gaining traction as it is providing to be a beneficial technology for law firms and in-house departments. While some attorneys may fear that “robots” will take over their job, at this time, artificial intelligence simply helps attorneys spend their time on more valuable tasks. Having programs complete mundane work such as research and contract review saves not only time but money too.
This technology may be a little less known than the other technology trends but it is becoming more popular as cryptocurrency keeps growing. Blockchain technology is beginning to be used by the legal industry for “smart contracts.” The technology is also part of the document security and control aspect that in-house teams need to control where documents exist and who can access them.
Technology allows users to access information and data wherever. The ease of this ability lets attorneys continue to be accessible and get more work done when away from the office. This helps improve efficiency and client satisfaction and engagement.
Do you think there is a trend that is more important for the legal industry to pay attention to? Share your thoughts with us in the comments below.
To learn more about technology’s influence on the legal industry, read these articles: