5 Important Legal Tech Trends
Change in the legal industry is undeniable and accelerating at a great pace. Historically, the legal industry is one of the later industries to adopt technologies but that seems to be changing. Not only is legal tech constant evolving but the amount of big data and different types of data have been on the rise too. Some say this is due to the influx of new, younger attorneys who have grown up using technology. Others say it has more to do with client expectations that their lawyers function on the same technological level as the businesses receiving their legal services. Whatever the reason, the intersection of law and technology has arrived and isn’t going anywhere but up. Here are five hand picked legal tech trends to watch out for in 2018.
1. Machine Learning
Machine learning is redefining the way lawyers conduct routine research and document review. The traditional way involves endless folders of documents (either physical or digital) and almost endless hours, as a lawyer or team of lawyers search through innumerable useless data points in search of the relevant ones. Machine learning algorithms are capable of building computer models that make sense of complex phenomena by detecting patterns and inferring rules from data. They have already proven themselves an excellent tool for speeding up processes across a number of industries, as well as discovering important details that humans may overlook.
2. The Internet of Things
Industry experts estimate that more than 8 billion “things” are now internet-connected across the planet. The Internet of Things (IoT) is the interconnection via the Internet of computing devices embedded in everyday objects, enabling them to send and receive data.
3. Mobility
Lawyers are no longer confined to their desks thanks to the evolution of technology. With smartphones, laptops, mobile billing apps, email and video conferences, legal professionals can do much of their administration work anywhere. What’s more, firms are increasingly embracing this new mobility and encouraging their people to leave the office during working hours. The downside to this is the increased risk with security.
4. Performance Tracking
Tracking and analytics are no longer just for the numbers people. Thanks to easy to use CRM’s and performance tracking software, legal professionals can have their productivity mapped whether it is during the administration work, during sales efforts, or even tracking forensic activities.
5. Cloud Computing
The way we store and utilize data has never before been so firmly in the realm of the so-called “cloud.” Although the cloud is really just a paradigm for off-site system resources, the image and notion of storing information “in the cloud” persists. As we ease into 2018, be prepared for law firms to fully embrace cloud technology.
Source: Disruptor Daily Author: Jnana Settle Read the full article here.