LegalTech Matters In The Future Of Law

Last week I introduced to you to my view on the future of law for lawyers. This week I am here to tell you how much LegalTech matters in the future of law.

Well, we can see already changes to legal practice. These are increasingly being impacted using legal technology products and services (LegalTech).

They are increasingly becoming part of the modern lawyer’s day to day toolkit.

Lawyers and those new to the profession can often feel threatened by LegalTech and technology in general.

LegalTech Matters In The Future Of Law

Lawyers, a lot of them think they will be replaced by AI.

They also think they will not be able to compete with the efficiencies in LegalTech platform delivered services.

Much of this thinking is misplaced (and exaggerated) in my opinion.

It is true however that the world of innovation and entrepreneurship has resulted over the past decade in a plethora of emerging technologies.

These have been increasingly entering, and “disrupting” the legal marketplace.

What has started to happen in the legal profession is a movement like in the rest of society, from the industrial to the digital age.

LegalTech Matters In The Future Of Law

LegalTech Matters In The Future Of Law

LegalTech has developed through injections of massive venture capital that focuses on process improvement and automation.

It is unstoppable and now a natural part of the legal eco-system.

Tech entrepreneurs have targeted a legal market in need of reform.

They have seen the huge latent market for legal providers in a marketplace where almost 80% of consumers do not have access to it.

This has provided them with ample scope for creating opportunities, services and products and resulting efficiencies that in turn affect price, quality, value, and access to consumers.

In the legal profession, the main changes have been achieved through the growth of AI-driven LegalTech products and services.

E-discovery is a good example of the advances in LegalTech. Any junior litigation lawyer (or for that matter more senior one) can tell you how useful this LegalTech is in helping lawyers as part of their day-to-day litigation practices.

The advent of COVID19 has also accelerated the use of emerging technologies throughout the legal profession over the past two years.

Words like Zoom and MS Teams have became common speak in our legal vocabularies.

Their communication platforms now form an essential part of lawyers’ daily lives. It is LegalTech / BigTech now that we take for granted.

LegalTech Matters In The Future Of Law

The use of LegalTech and technology will continue to become accelerated because of COVID19 as online has become the norm.

This shift from paper to electronic has impacted the future of law more than anything in the past decade, in my opinion.

Quite simply there will be little turning back to paper once the pandemic is over.

At the same time, AI-powered LegalTech has turbocharged productivity.

It has also demonstrated what dominant emerging technologies can do for the modern lawyer.

Solutions focused on big data analytics, artificial intelligence and cloud computing have improved the experience of legal services.

Specific products and services such as technology-assisted review, document review and creation, chatbots, judicial analysis, legal research and online dispute resolution have increasingly become introduced into the profession.

They have become more and more accepted into day-to-day legal practice.

The obvious benefits these technologies and services have done to customer efficiencies on scale have reaped benefits for the consumer. This has been in terms of superior quality work, in terms of time and cost.

As I said before they have also made the lives of lawyers easier. It has allowed them to become more focused on the higher valuer aspects of their roles.

LegalTech Matters In The Future Of Law

None of these emerging technologies have however completely replaced the role of a lawyer yet. Nor are they likely to ever do so.

The good part however is that young lawyers new to our profession are now doing less menial and routine work. They in turn can take some of the more routine but higher value work off more senior lawyers.

Instead and increasingly because of technology all lawyers are and will be doing more high-value work because of these LegalTech products and services.

Things like applying their minds to the complexity of contractual deal making and brokering dispute resolution to matters that technology in itself is creating in society.

I would think lawyers would be much happier, more satisfied and developing better skills doing these latter things than the grunt work that technology can eliminate.

LegalTech Matters In The Future Of Law

So I believe that the future of law is now more than ever being grounded by smarter, higher-value lawyers.

These also invariably will be lawyers who understand the intersection between law, business, and technology, and the primacy of their client.

Come back next week for part 3 of this series when I will explain how important this smarter higher value lawyering is.

Paul Ippolito is an experienced coach and mentor. He has the credentials at every level to guide you towards personal and financial success. He has decades of relevant experience gained through and as a counsellor, senior manager, commercial lawyer, setting up and operating a law practice for over a decade, pivoting it to include business advisory services, being a lecturer in law, teaching management and as a mentor & coach for those starting and growing their business.

Our coaching and mentoring services are also offered on a fee for service basis. We offer services on an upfront fixed fee and no lock in contracts required basis.

Call or email us now to make a time for an obligation free discussion regarding obtaining some coaching and mentoring. We offer flexible ways to see us from telephone conferences and conferences through Skype, FaceTime etc. We also offer face to face meetings at our Crows Nest office on the lower North Shore of Sydney.

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