What is Legal Technology and how is it changing the legal sector?
Legal technology or “Lawtech” essentially means the use of technology and software to provide and aid legal services. The developments present an opportunity for numerous reputable firms trying to make improve overall efficiency in order to adapt to a progressively popular agile working environment.
Advantage Consulting has a number of legal technology and software platforms for lawyers that aim to support, supplement or replace traditional methods for delivering legal services, which will improve the way the justice system operates.
Our lawtech software covers a wide range of tools and processes
Advantage Consulting lawtech solutions include:
- document automation
- advanced chatbots and practice management tools
- predictive artificial intelligence
- smart legal contracts
- knowledge management and research systems
Systems are already available that can draft documents, undertake legal research, disclose documents in litigation, perform due diligence and provide legal guidance, and resolve disputes online. However, legal tech also allows smaller firms and sole practitioners to compete with the leading names in the field, giving them access to powerful research tools. High street firms struggling to acclimatise their practice are already falling behind, and so the rise of legal tech has substantially influenced the contemporary legal market.
Advantage Consulting clients using legal technology to help simplify and improve their existing processes are mainly using the following lawtech solutions:
- Electronic case management systems with intuitive interfaces that improve compliance, coordination and in-house communication. One of the best solutions is a practice management system called Actionstep.
- Online document portals, including those that improve communication within firms or with clients and others, giving progress updates, automating routine tasks and offering the ability to create, store and sign legal documents electronically.
- Online production, negotiation and signing of contracts, such as non-disclosure agreements.
- Electronic billing that improves accuracy, compliance, and reduces time spent on administration. It also increases transparency and speed of billing. Again, one of the best solutions is a practice management system called Actionstep.
How can Lawtech & Software help your law firm?
Our technology and software products can help solicitors offer services that are more efficient, productive, and accurate. But the legal market faces challenges in realising these benefits. Investment in technology is lower in the legal sector than in other professional services sectors, such as accountancy. Client engagement, feedback, and online access to documents are also lower compared to other sectors. Firms will find it difficult to compete if they cannot keep pace with the technology that clients increasingly expect them to use.
Increasing use of technology can benefit the legal market by:
- improving access to legal services
- meeting demand
- driving competition in the market
- improving standards of service
Undoubtedly, latest developments in the legal tech industry are bound to bolster not only departments within such law firms, but also their overall reputation as outlined above. Law firms recognise the greater working efficiencies and cost savings attached with legal tech. Advantage Consulting’s recent research report showed that improving the use of technology was the top priority (94%) in law firms for 2020. However, it’s arguable that these developments could replace many parts of a lawyer’s job with technology.
Legal tech trends include the likes of Artificial Intelligence, Cloud computing, Big Data, Legal Research and Automation. If you want to have a chat with us about Legal Tech & Software for your law practice, please contact us.
The benefits of our lawtech solutions include:
- increased efficiency, productivity and growth
- reduced costs
- better outcomes for clients and organisations
Together with the Law Society and other regulation agencies in the UK, we aim to tackle impediments to, and identify catalysts for, law tech growth. This lets us:
- encourage technological innovation in the legal sector
- support the growth of UK lawtech
- promote the use of English law and jurisdiction
- make sure the ethical issues surrounding lawtech are fully considered
- make sure lawyers have opportunities to learn about and use lawtech in their work
For more information on how we can help your law firm, please call us on 0121 212 6580 or request a free call-back using our Contact Form to get free initial advice.
You can also access a wealth of free business information for lawyers by visiting our digital Resource Centre and view our free Business Factsheets.
Alternatively, please email us on email@example.com.