How Legal Tech Can Benefit Your Business in 2021
In this article, we will focus on technological innovation for lawyers, law firms, and businesses. Find out what advantages Legal Technology can offer to your organization and discover the practical experience of other companies!
Introduction to Legal Technology
Here, at the SPD Group blog, we have covered a lot of technological innovations built to help businesses optimize their operations and ultimately increase revenue. This time we will cover an area we have never touched before — the realm of technology in the legal industry. You will find out exactly how technology is impacting the law firms and help them survive the market challenges.
The Great Recession of 2008 changed the perception of technology for law firms. While the technology has been there for quite some time, this economic crisis served as a paradigm shift for law firms. The problem was that commercial clients significantly reduced their spending on legal services of remote law firms after this recession. The commercial clients focused on building in-house law teams as much as they could, as it was much wiser in terms of cost-efficiency.
Nevertheless, there is still plenty of demand for outsourcing law services, hence there is a chance to take over this market, however, the rule of the game changed dramatically. In 2021, it is standard to charge fixed fees for legal services, rather than hourly rates as was popular a decade ago. Ultimately, law firms are forced to be more flexible, efficient, and cheaper than in-house teams, that’s where technology comes into play. So, what is Legal Technology?
Legal Tech, or Legal Technology, is a single or set of technological solutions for law firms, lawyers, businesses, and organizations built to simplify, optimize, and automate their operations.
“As computational technology and artificial intelligence matures, more people will be able to have better access to justice.”
– Monica Bay, Fellow, Stanford Law School CodeX
If we take the usage of Artificial Intelligence as an example, the offerings of AI services for businesses have increased by approximately two-thirds in 2020, compared to 2019, according to IndustryARC. It is no wonder because the word is spreading rapidly that AI-powered solutions can speed up the contract review process by 90% without sacrificing any accuracy, compared to manual review. These advantages, as well as others we will focus on in great detail later in the article, led to an astonishing $1.23 billion invested in Legal Tech by the end of 2019’s third quarter, according to Bloomberg Law.
As you can see, legal technology services are on the rise and expected to be in even higher demand in 2021. If you are an owner of a law firm that provides services for your customers remotely, or a CEO of an organization that can use some improvements for an in-house law team, read on as we will cover all the benefits of Legal Tech for both of these cases. The article will also include the top 10 precise ways in which the technology can help your business and the most prominent implementations by the top global companies. We will also share some practical experience on how SPD Group innovates legal processes with a custom software solution and share some of the most realistic predictions for the future of the market. Are you ready to dive deep into this reality for innovative law firms in 2020? Let’s go!
Read the full article here: https://spd.group/tech-for-businesses/legal-tech-in-2021/
