Types of Legal Technology on the Market
Technology is advancing at a rapidly increasing rate. In this day and age you’d be hard-pressed to find an industry that isn’t affected by the technology that’s been introduced to the market. Law is no exception to this movement. Like many other occupations, lawyers have seen a shift in pre-requisites for employment that involves increased digital literacy.
Law schools have begun offering electives that aim to improve students knowledge of technology to help instill an advanced technological aptitude for those entering the workforce. Legal teams can now automate many routine and repetitive tasks, allowing them more time to work on complex legal issues. It’s evident that legal technology has already become something of a necessity.
There are a plethora of products on the market that perform different and overlapping functions. It can be daunting for a company to choose the right product, and while many try to create their own tech, often times they end up buying something off the shelf.
There are six categories that can break up the broad legal technology market.
This may be the most ambitious of all legal tech products on the market. AI products aim to summarize legal documents and answer questions more quickly than a human lawyer, and with more accuracy. This technology is sometimes perceived as a threat to the profession.
The contracts software has been used to reduce the time it takes to draft, review and analyse legal contracts. It allows mark-ups of changes to be made easily and a few of the software companies even offer risk and compliance analysis in their product.
The e-discovery software simplifies the process of searching electronic data and deeming it useful as evidence in litigation.
This software is used as a management tool. The systems perform tasks such as time recording, billing, and contract management tools.
Document and Process Management
These systems can help your team to manage documentation. The software offers easy access and collaboration by providing generic legal documentation framework and includes security, e-signatures, and central cloud storage.
While video conferencing isn’t specific to legal technology its use is becoming commonplace with lawyers working remotely. Reliable software for conferencing is vital to any legal team to uphold their arrangements.
When it comes to the use of these systems within a legal team it is often the juniors that use the technology the most. Since they have the most active role it’s a good idea to make them a part of the process when choosing which products to work with. Free demonstrations can be incredibly useful and there are seminars that take place often in Australia.
If you are interested in the legal tech that a company offers, when you’re considering the agreement make sure that there is IT support included. It’s also important to go a step further and ensure that the support is in the right time zone and that they have good response times.