January 27, 2022
The new year brings a fresh start for everyone and it also marks the second year of the pandemic. Businesses are done with band-aid solutions to cope with the rapid change it brought but are now starting to look for long-term investments to adapt to the new normal. Keeping up with the rapid changes in technology and security regulations can be proven as challenging for law departments and law firms.
According to Gartner's legal and technology predictions, the legal department will automate 50% of the legal work associated with key business transactions. Corporate law departments and law firms acknowledge how staying ahead on the legal technology trends are crucial to address client demand and continue with growth.
Digital transformation has been a great catalyst for businesses to invest in technology and the legal industry is no exception but what's motivating this is consumer behavior. An increasing number of clients are focused on the use of technology to enhance collaboration and efficiency.
To maintain the trust of clients, law departments and law firms should innovate on ways on how they do their business through the wave of success for digital transformation.
2) Legal Automation
Small tasks are what make up a well-oiled organization. But as time goes on and these add up and before anyone knows it takes away significant time for legal professionals to do crucial work.
To solve this the boost of popularity for contract and document automation is sky high and will continue to do so. Automation will save time, reduce risk and drive efficiency within a legal department.
3) Artificial Intelligence
Artificial Intelligence has been evolving businesses across all industries. In the case of corporate law departments and law firms using AI to manage day-to-day tasks.
With the legal market spearheading toward a more client-led industry, AI helps law professionals to put their clients first by using it through E-discovery, legal research, and litigation analysis to name a few. Increased efficiency means more time for getting to know clients and delivering their wants and needs.
Organizations have to follow this trend. One mistake can lead to serious repercussions that can financially damage businesses and also lose clients' trust.
The legal industry safeguards sensitive information and with remote working being a part of the new normal, this has made them vulnerable to attacks. In February 2021, a prominent law firm with clients that are fortune 500 companies has been a victim of a ransomware attack. Now more than ever, robust cybersecurity measures need to be implemented to protect their clients and reputation.
5) Cloud-based Data Storage
Everything that is happening right now is done online. Cloud-based adoption might have received a slow reception at first but the need for scalability due to the pandemic and the improvements on security have made organizations realize the value for it.
A survey made by the American Bar Association showed that 71% of legal departments and 75% of law firms plan to grow their use of data clouds in the coming years.
In 2022, it is expected that there will be more focus on using technology to not only capture the data but convert the easy-to-read data to profits.
There was a significant rise in legal tech adoption in the past few years that fueled innovation in the industry. The legal industry will continue to go through a digital transformation. With clients preferring a more on-demand service, legal technology will play a big role to solve a diverse range of problems.
InfiniGlobe, a full-service consulting and software company, specializes in systems integration and performance optimization of top corporate legal departments and law firms. For more information, reach out to us at info@InfiniGlobe.com or at (833) LGL-TECH.