Bringing the best of technology and legal expertise together, legal tech is every legal department and general counsel’s modern essential. Artificial Lawyer states that legal tech is a means of improving the world, and that “it seems fair to say that improving any part of the overall value chain is good for society as a whole”. Legal tech serves not just lawyers and their legal department and organizations, but their clients, stakeholders, and end consumers. Boasting a myriad of benefits, while helping modernize legal departments, legal tech is the linchpin in today’s legal ecosystem.

Benefits Beyond Just Cost-savings and Efficiency

Legal tech offers a host of benefits that aren’t just restricted to efficiency and cost savings alone.

Simplifies Processes

Legal departments want processes to be simplified and streamlined, and legal tech delivers, by making life easier for legal departments. The pandemic spurred legal departments to integrate legal tech more than ever at the time, with an article by Lawyer Monthly noting that 83% of lawyers were meeting their clients virtually!

Evolves to Meet Client Demands

According to business insider, tech-savvy clients come armed with tech know-how and want lower costs, improved efficiency, and a menu of cutting-edge services. Legal departments want to meet this demand by supplying clients with relevant legal tech “in a bid to improve efficiency and as clients seek lower costs. VCs are seeing promise in the space, opening their wallets to fund legal tech startups”.

Clients want services that go beyond being affordable and fast. They want legal services that are efficient. Legal tech allows legal departments to step up their game to serve clients and exceed their expectations. After all, the end goal of the legal department is a satisfied client. With legal tech, legal departments can boost efficiency, or streamline processes, in addition to providing top-quality services to their clients. Legal tech, such as Contract Lifecycle Management (CLM) takes care of voluminous contract review and documentation so that lawyers can find the time and bandwidth to focus on pressing issues and understand what their clients really want. A beneficial side effect is AI-reviewed contracts that are 100% efficient.

Mitigates Risks

“In-house legal departments have long been resistant to, and risk-averse about, automation,” says Gartner, noting that the “effects of the pandemic forced many to shift gears in 2020 and pursue – or at least actively consider – more extensive automation of certain legal activities”. Clients can rest easy knowing that sensitive and confidential legal matters are in the best hands. Legal departments entrust this data in part to artificial intelligence systems to mitigate any risks involved in processes such as human error, non-compliance, or delays.

Legal tech automation involves the use of artificial intelligence (AI) and machine learning (ML) to handle and execute legal tasks, processes, and workflows. The accuracy and effectiveness that legal tech automation provides is unparalleled. Currently, legal departments leverage automation processes such as document automation.

By automating legal tasks, legal departments can streamline their workflows and reap the benefits which include legal process

• Efficiency
• Productivity
• Accuracy
• Audibility
• Job Satisfaction

From offering clients a better legal experience, streamlining legal processes, and giving legal departments the opportunity to automate rote tasks, legal tech is every legal department’s key to modernizing. What does the future of legal tech hold for you?

The Future of Legal Tech

Legal tech has been around for several years, but at no time was the fastest rush to adopt legal tech seen than during the pandemic. In a trend that only continues to grow with each passing day, legal tech has proved its point as being not just a tool to augment the legal department, but an essential part of it. The american bar association has identified the need for legal tech and provides legal departments with resources to explore and utilize relevant legal tech, as well.

There is a legal tech solution for every legal department. CLM tackles the mountain of contracts and gives legal departments their time back. Legal predictive analytics offers an intelligent way to predict litigation case outcomes by analyzing past case outcomes and their wins or losses. Using powerful AI capabilities, legal predictive analytics is a litigator’s best friend, offering virtually accurate results every time.

Legal tech is revolutionizing the legal landscape and offers a world of opportunities for both legal departments and their clients.

To find out more, explore legal tech solutions.