Modern technology is changing the way lawyers conduct business across every practice area. This digital transformation enables law firms and in-house lawyers to automate workflows and increase productivity.
Aside from improving workflows, the latest legal technology for lawyers helps provide additional benefits to enterprises that are also adapting to a digital-first landscape. However, as with any technology shift, there is resistance to fully embracing new strategies and operational procedures. Adoption must be strategic and customized to how teams currently operate to advance legal strategies and offer measurable benefits.
To resist change is to resist growth. As more lawyers embrace digital practices, five technologies stand out as having the greatest impact on legal practices.
5 Types of Technology for Lawyers
Using AI to Streamline eDiscovery
Discovery is one of the most time-consuming and costly phases of any legal case. Lawyers spend most of their time sifting through documents to find relevant evidence. Often, law firms can reduce this expense by assigning paralegals to discovery tasks. However, most corporate lawyers don’t have the same resources for this. That makes it critical for in-house legal teams to rely on having eDiscovery software technology that balances efficiency and effectiveness.
Using an AI-driven eDiscovery platform can assist lawyers by streamlining early case assessment and searching for key phrases within digital documents. Obtaining evidence and predictive insights sooner can accelerate the team’s legal strategy. More importantly, modern eDiscovery technology reduces the time it takes to gather evidence, reduces human error, and reduces costs.
Automated Contract Assembly and Workflows
Companies rely on lawyers to protect them against risk across all operations - from advising HR departments to drafting new sales contracts. Time is critical. Currently, the status quo is for lawyers to manually draft and review contracts, leading to extended sales cycles and potential revenue/margin leakage.
By reimagining the contract workflow to include modern legal technology, lawyers can create a customized end-to-end process that allows automation.
Legal automation includes using:
Centralized intake portals for support requests
Augmented contract ingestion and review
Smart-contract repositories to automate contract assembly
Digitizing contract workflows can accelerate processing times between 10 percent to 40 percent and increase department workload capacity up to 35 percent.
Streamlined Communication with Self-Service Portals (H3)
In an era of 24/7 communication and instant messages, legal communication is undergoing a digital transformation. Lawyers must be able to communicate with clients and employees across multiple time zones.
Modern technology enables lawyers to streamline communication with clients without compromising integrity. By using real-time chatbots and self-service portals, lawyers can create a library of legal FAQs that provide instant responses to commonly asked questions. By using these no-touch or low-touch communication tools, lawyers can increase their productivity by focusing on critical matters.
Leveraging Real-Time Data
Artificial Intelligence has the power to do more than speed up eDiscovery timelines with search terms. Legal teams are harnessing the power of real-time data to extract insights from every stage of the contract and workflow process. By aggregating this data, enterprises can use insights to drive performance and more informed business decisions.
For example, enterprises can use AI to find repetitive, mundane legal tasks during the contract assembly process that can be further automated. This leads to reduced legal spending on necessary, standardized documents and reduced sales lifecycle. The added advantage of having these insights in real-time leads to accelerated cash flow and reduced operating costs for lawyers and sales teams.
Integrated Risk Management
Adopting digital technology increases the need for proactive and integrated risk management. Every piece of connected software or IoT device creates an entry point for security risks. Lawyers must protect their data integrity and communication/transmission with clients. Likewise, enterprise clients live in a world where data breaches are a question of “when” they will happen, not “if”. Law firms and in-house lawyers must prioritize risk management across all internal and external digital platforms.
AI-driven technology for lawyers assists with proactive enterprise-wide risk identification and analysis. This can be used as an early warning system to prevent costly legal matters. Lawyers can also assist in incident response by using AI to quickly scan breached data and identify personal information. Reducing incident response time can minimize the impact and amount of data loss.
Technology Helps Lawyers Improve 4 Key Areas
How does technology help lawyers? Technology is transforming the way lawyers practice the law. New software, AI advancements, and streamlined communication systems allow lawyers to do their jobs more efficiently Many law firms and in-house legal teams are embracing the digital transformation. However, adopting new technologies requires lawyers to leverage the right tools at the right times.
Legal technology can:
Automate contract processes and workflows
Reduce legal spending and improve resource allocation
Prioritize risk management
Doing so drives legal strategies and potential benefits for lawyers and enterprises. Partnering with a technology provider that conducts customized evaluation and solutions will give your organization the right prescription for digital transformation.
UnitedLex is a technology and legal services company committed to delivering full-scale Digital Transformation. From litigation support services, contract lifecycle management solutions, legal and regulatory compliance, intellectual property management, and more, UnitedLex brings technology and legal services together to save time and reduce costs. The world’s most forward-thinking law departments rely on the company’s expertise in over 25 global jurisdictions. Founded in 2006, the team includes 3,000 legal, engineering, and technology professionals with major operations in 18 countries.
For more information on finding the right legal technologies for your organization, contact us.
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