Technology has changed the way we work. Email, marketing automation, and AI have made our work more efficient. As technology continues to advance, it will impact our daily routines even further.
Legal technology is becoming increasingly popular among law firms and legal departments. It helps to make their operations more efficient and provide better client service. In 2024, the legal industry is expected to see some exciting technological advancements to revolutionize how things are done.
According to the Future Ready Lawyer 2021 report, legal departments plan to spend more on technology. Specifically, 84% of them will increase their technology spending this year to overcome the challenges of increased workflows and productivity demands. Despite smaller budgets, law firms are looking to invest in technology to improve their productivity.
In this blog post, we will discuss the latest trends in legal technology and why we believe law firms will adopt them by 2024.
1. The Rise of Artificial Intelligence (AI)
AI technology is proving to be very useful for law firms. It helps them review large amounts of data, detect patterns, and make predictions. AI-powered tools can help lawyers with many tasks, such as writing contracts, answering legal questions, and summarizing legal issues. In the coming years, we expect to see even more adoption of AI-powered tools in the legal field, with 2024 being a year that will see significant growth.
Thanks to advancements in AI technology, lawyers no longer have to spend hours going through stacks of legal documents and cases. These tools help legal professionals conduct faster and more thorough research. Moreover, AI can help lawyers quickly and efficiently draft legal documents by analyzing contracts for missing terms and generating content. However, lawyers and legal professionals should still review and edit the computer-generated content to ensure accuracy and tone.
Adam Zayed, Founder and Managing Attorney of Zayed Law Offices, reports, “AI helps us easily examine legal cases and anticipate their outcomes. That helps us recognize patterns, determine the possibility of winning a case, and offer optimal pricing models for legal services.”
AI can be a helpful tool for law firms when investigating cases and identifying potential issues. It can detect irregularities and provide valuable insights. However, these technologies should not replace lawyers' expertise and judgment. Lawyers possess unique knowledge and experience that is invaluable for making informed decisions.
2. Cloud-Based Solutions
Cloud solutions are becoming the standard for legal technology as remote and hybrid work rises. Law firms can access data and documents from anywhere, anytime, which allows them to remain flexible and agile during crucial moments.
Lawyers and clients often work on different platforms, making sharing files and data difficult. Cloud-based solutions can help with this issue by allowing them to share information easily. That will enable lawyers and clients to access duplicate files without worrying about compatibility issues.
Moreover, law firms can update their office phone systems by investing in advanced features of VoIP phone systems. At the same time, softphones allow remote workers to handle legal proceedings and communicate with clients and colleagues from anywhere.
Adopting flexible, cloud-native solutions can help law firms meet their clients' needs for scalability by enabling crucial integrations between different tools. That includes connecting practice management systems with unified communications platforms. By doing so, organizations can streamline operations and provide better client services.
3. Automation of Manual Tasks
Lawyers spend a lot of time reviewing large amounts of documents. Luckily, many everyday tasks can be automated, saving time for important business planning and operations. A well-rounded legal tech solution should include features like linked data in documents, digital reviews, edits, approvals, and comments. Tracking updates should also be a standard feature.
Legal teams can save time by automating manual and repetitive tasks. Automation is already used in legal research, E-discovery, and document review. For instance, automating the drafting of low-complexity contracts can save lawyers time. Additionally, clients can sign these contracts digitally, further simplifying the process. This way, legal teams can focus on more critical issues.
Using case management software is essential for any law office to manage its cases effectively. It consolidates all case management aspects into one platform, making it easier to manage cases. Filevine is a highly customizable attorney case management system that helps you keep track of notes, documents, client communication, and calendars all in one place. It's rated as one of the best systems available and is easy to use.
Automation is more efficient than manual processes in terms of simple and repetitive tasks. By implementing reliable technology, routine tasks can be standardized and optimized for maximum efficiency gains.
4. Data Analytics
Law firms need data to improve their performance. By examining past experiences, they can learn from mistakes and achieve success. Critical data and billing structure are essential data types that can be used.
Businesses typically use a process to analyze data for quality management purposes. As they expand, they require more detailed information and often use technology and algorithms to meet these needs.
According to a recent report, around 66% of law firms have implemented a data analytics system to improve their productivity. With advanced analytics tools, law firms can analyze large amounts of legal information, make better decisions, and gain an advantage over their competition. At the same time, predictive analytics can help lawyers assess case outcomes, identify trends, and provide better client advice.
Data and insights can help law firms and lawyers solve problems more effectively. A practical approach can be taken to achieve this.
5. Data Privacy and Cybersecurity
Legal organizations face many cybersecurity challenges in the digital age. Hackers and cybercriminals constantly devise new ways to exploit weaknesses in software and networks, which poses a significant risk to legal organizations.
According to the American Bar Association, in 2021, almost a third of lawyers dealt with security breaches at their firms. As more law firms and legal departments rely on advanced technological tools, AI-driven cybersecurity solutions will become increasingly important in 2024.
Legal departments are now using more and more AI-powered lawyers and cloud-based platforms for document management and collaboration. To protect their client's sensitive information and recover from a cyberattack, they must choose cloud service providers that prioritize security and compliance carefully.
Law firms can share sensitive legal information with clients, witnesses, and courts while ensuring compliance and data security. They can achieve this by implementing secure file transfer protocols, regular data backups, and stringent access controls. These measures enable law firms to share encrypted data within their organization safely and externally.
Legal organizations must prioritize cybersecurity to safely and efficiently use legal tech while protecting their client's data privacy. By doing so, they can confidently benefit from the advantages of legal tech.
Conclusion
To succeed, it's essential to focus on how technology can help you and your clients rather than getting caught up in hype. It's crucial to recognize that your people and processes are just as important as your tools. One way to start is by taking on the less exciting tasks so your team can focus on more important things.