Digitization is transforming legal and contractual relationships between companies, individuals, and governments. The profile of traditional legal practice is changing as technology advances.
The increasing use of Artificial Intelligence, Robotic Automation Processes, and macro data are revolutionizing the way customers evaluate and optimize their operations.
These technological implementations in legal practice allow to reduce the evaluation and diagnosis times of legal and other challenges, also allowing a more comprehensive strategic approach for clients that allows them to make better business decisions in order to achieve their objectives.
Examples of technology initiatives in legal practice
The chatbots are a solution for answers that provide customers a flexible, allowing savings in time, higher analytical skills, better delivery times, and greater information security. Digital contracts are another facility that technology has allowed for them to be managed digitally. Virtual audiences enable online dispute resolution through telepresence or other tools. Legal, due diligence management through artificial intelligence, the use of blockchain in decision making, machine learning, among others, are tools that little by little have been incorporated into the legal world to optimize processes, save costs and generate greater productivity.
According to the EY study called “the Capital Trust Barometer,” the investment in legal technology of various companies was $ 233 million, surpassing the investment made in 2016, which was $ 224 million. This shows that investment in technology for legal use continues to grow.
The way in which law firms provide services to their clients will be being transformed by technology through artificial intelligence to provide exceptional, efficient, and secure service, but also to bring efficiencies in the internal management of law firms.
Legal practice is facing pressure from different areas, allowing an environment to drive change in the digital age.