What are the different types of legal technology?
Practice Management Systems (PMS)
Matter Management Systems (MMS)
Document Management Systems (DMS)
Expert Systems/Workflow Automation
Expert Systems, also commonly referred to as workflow automation, enables lawyers, managers and staff members to automate manual processes and scale the delivery of legal services to the business. These platforms automate and streamline matter intake and triage, document creation, advice delivery, FAQ answers, approval workflows and more.
Document Automation/Document Assembly
AI-enabled Contract Review
How can legal technology improve your legal department?
Not only is legal technology beneficial to the lawyers who use them, but it also helps everyone that participates in an organization’s legal system. Legal automation especially has the most direct benefit to legal departments because it improves the way they engage and receives legal services. Legal teams can increase their department’s value when they implement the right legal tools for their organization’s needs. Here are some examples of what legal technology can do to benefit their departments:
- Giving back time to legal teams – Legal teams do not get to spend much time working on high-value projects. In fact, only 17% of an in-house lawyer’s time is spent on strategic work. Legal technology allows legal teams to refocus their expertise on high-impact tasks by using legal automation to create self-service journeys for low-complexity tasks.
- Business clients do not have to wait as long for services – There are times when legal request volume is high, creating a bottleneck effect. In some cases, clients will have to wait for extended periods of time just to get a response from legal teams. When legal teams utilize their tools, they can improve accessibility to services through legal self-service while addressing important legal requests quickly.
- Higher compliance rates among legal teams – Legal automation technology improves the accuracy and adoption of legal practices and processes. For example, by adopting automated compliance solutions, organizations can increase efficiency and the quality of work, increasing their competitive advantage in the market.
- Creates consistency of service delivery – A major benefit of leveraging legal technology to provide legal services is that it creates visible and direct improvements to the delivery of legal services to everyone.
- Capturing data – Legal teams must keep accurate data to work more skillfully. The use of legal technology allows legal teams to access and capture data that is more difficult to attain with manual methods like calling and email. Using legal technology to capture and store data ensures that legal teams do not lose any important information.
What are some legal technology trends for 2022?
- Increased cybersecurity – With many teams having shifted, or already shifted, to remote and hybrid work, legal teams will need a stricter security framework to prevent data breaches. The Washington Post reported that globally, organizations lose $1 trillion annually due to breaches. As a result, there is an upward trend in making cybersecurity technology more accessible to legal teams.
- Increase in spending – Since the pandemic, legal teams have been tasked with greater workloads, putting pressure on their already scarcely staffed teams. According to Gartner, by 2025, large organizations will need to have multiple legal technologies in their stack to meet these increasingly complex demands. As a result, legal technology saw record levels of activity in 2022 with new platforms entering the market. As teams make the push to automate their day-to-day tasks, legal technology spend will continue to increase.
- Rise in workflow automation – Legal workflow automation allows legal teams to automate, streamline, and execute processes between people, systems, and data using predefined business rules. As organizations make the push for legal teams to become more strategic, the legal tech space will see an increase in demand for workflow automation for quicker and more accurate legal processes.
- Increased demand for a platform solution – With a variety of tools in the legal tech ecosystem, it can be difficult for legal teams to keep track of which tools perform specific functions. Many of the tools that exist in the market today are single-point solutions designed to solve a specific problem. Organizations adopt many different tools for multiple solutions, which can cause confusion among the legal teams that use them. As a result, platform solutions will be in higher demand for legal teams across organizations.
As general counsels and legal ops look for new ways to increase efficiency across their legal departments, legal technology will serve as a major asset to help legal teams drive change in the organizations they serve. By using legal technology, legal teams can quickly scale their legal service delivery independently. When legal teams adopt legal automation technology, it ensures that legal teams can achieve significant, organization-wide benefits.
In conclusion, legal projects will continue to increase in size and demand, requiring more labor from legal teams with fewer resources. The key to success for legal teams is in delivering professional and efficient services, which is vital for the success of legal teams everywhere. Automation in the legal industry will propel legal teams forward as they look for ways to improve their in-house legal operations. Legal tech serves as an extension of the legal team to improve the overall quality of their legal services.
Learn More: Is legal technology something you’re looking to implement in your legal teams? Request a today, and a legal technology expert will help determine if our platform is right for you.
Frequently Asked Questions
The cost of legal technology differs from business to business and type of technology. Factors such as complexity, usage and number of users can also influence the ROI of legal technology for specific organizations. Depending on these factors, investing in legal technology can help legal teams combat cost pressures and economic uncertainty – especially during a time when budget and headcounts are flattening.
Legal technology is the use of tools and software to help legal teams improve their legal service delivery. The goal of legal technology is to help legal teams digitize and automate their services to improve delivery, access and speed to the business.
Legal technology is important for legal teams and their organizations as it benefits all individuals that participate in an organization’s legal system. A legal team can add value to their organization by implementing the right legal tools.