As credit markets evolve, we regularly leverage long-standing client relationships through our private equity practice to help our technology clients find the best possible financial partners. Our Technology Group also includes members of our Intellectual Property Group who advise companies on business, intellectual property and due diligence matters. We also advise on business start-ups, taxes and mergers and acquisitions. The seamless coordination of each of these specialties within an organization allows our technology clients to effectively execute their business strategies while reducing cost and risk. Legal technology is a type of technology that provides legal services and supports the legal industry. These are usually software instead of traditional hardware such as computers, printers, and scanners, as these are not specific to the legal industry. AI has the potential to become the biggest tech disruptor the legal space has ever seen – and the companies that use it are sure to stand out from the crowd. Nicole Clark | A quick look at contract management technology that is disrupting the legal industry. Nearly 50% of respondents reported an overall increase in their company`s technology spending over the past year.
However, as we saw above, only 23% saw an increase in training on this technology. This begs the question: Where does the money go? Or rather, where do you want to go? Fortunately, leveraging legal technology means businesses can deliver a personalized and positive experience to customers. Once you`ve attracted talent to your company, technical solutions can encourage them to stay. Take, for example, burnout, which is unfortunately a common topic in the legal industry. One factor that contributes to lawyer burnout is too much time spent on administrative tasks. According to reports, lawyers spend nearly 40% of their day on tasks other than the practice of law. However, advances in legal technology with automation and AI can play an important role in reducing lawyers` administrative workload and hopefully reducing stress to create a more positive work environment. All these advantages overlap. Lawyers who practice more efficiently benefit clients, while virtual litigation benefits all parties involved. Client lawyers` directories also help lawyers market their law firms. Legal technology professionals help in a number of areas, from implementing a practice management system like Clio, to setting up your website, providing online accounting and bookkeeping services, and more.
A legal technology professional or legal technologist is someone who allows companies to use technology to provide legal services. These people don`t have to be lawyers or have legal training, but they are knowledgeable enough to help companies identify problems and solve them with technology. In fact, Clio`s 2021 Legal Trends Report found that 79% of clients want to be able to work remotely, compared to only 23% of those who were open to working remotely with a lawyer in 2018. Over the past decade, customer expectations have changed dramatically with technological advancements. Clients increasingly expect their lawyer to provide a higher level of service, faster and at a competitive price. In a new survey by Bloomberg Law, nearly 9 in 10 lawyers said legal technology improves client services and is essential to meeting client needs. However, the survey also identified several barriers to unlocking the full potential of legal technology, likely due to a lack of technical knowledge among the lawyers themselves. One important offering that can help your business stand out and attract the attention of talented people is to invest in legal technology. Tech-savvy lawyers now expect companies to provide tools to help them work more efficiently. In addition, the use of legal technology solutions often contributes to more interesting and fulfilling work. Allison Johs, president of Legal Ease Consulting, Inc., which provides practice management and productivity advice to lawyers, agrees.
“Lack of knowledge about technology not only leads to inefficiencies, but can also lead to ethical complaints and loss of customers,” she says. “You can find many examples in messages from law firms — even large, well-supported law firms — that have not properly redacted briefs or inadvertently disclosed previously confidential information.” There is an age-old fear that technology is replacing humans. But researchers have been studying the automation of legal processes since at least the 1960s. Simplified case management, electronic payment options, and online document storage are just some of the benefits that legal technology brings to businesses. Read on to learn more about the different types of legal technology, possible future advances, and how your firm can reap the full range of benefits. “Learning how to use technology probably won`t change the content of your briefing or the quality of your evidence, but by incorporating it into your practice, you`ll have more time to work on substantive legal issues or engage in business development. This reduces the likelihood of errors and eliminates redundancies,” says Tsiforas. Do you have questions about legal error insurance or other guidance your law firm may need? Do not hesitate to contact an experienced broker from our dedicated law firm. At the beginning of the pandemic, Hofstra Law recognized the need to provide law students with additional training in legal technology. The Faculty of Law partnered with leading legal advisors and content providers, DOAR and Hotshot, to create the Summer Skills Institute, a series of online training modules in legal technology, transactional law and litigation. The institute was guided by programs offered by leading law firms to train their summer and junior employees.
Many respondents stated that they lacked technical expertise and familiarity with the technological tools used in their organization. If this skills gap is not addressed, it will only worsen as legal technology advances, ultimately hampering lawyers` ability to keep pace with innovation in the legal profession.