The legal industry is one of the most rapidly changing industries globally. Technology has had a significant impact on how lawyers do their jobs, but the pace of change is only accelerating.
Legal professionals are under more pressure than ever to keep up with new technologies, and older generations often struggle to keep up with the changes.
Here are five technology trends affecting the UK Legal Industry that you need to know about.
Artificial Intelligence
AI is being used to automate tasks that lawyers have traditionally completed. Companies are now using algorithms to complete document reviews, which frees up time for lawyers to focus on more complex tasks.
But AI is not just being used to do the menial tasks–it’s also being used to generate legal advice about how law firms can best use AI in their practices.
Law firms can now speak with an AI chatbot that will guide them through potential casework opportunities. The chatbot will pull information from various sources, including news articles and social media posts, to give a complete picture of the potential client’s needs.
Use of Legal Software
It used to be that nearly all law firms relied on in-house lawyers for their client work. But in the last decade, a shift has been happening. Now, many law firms are turning to a legal software that can handle almost every aspect of a case.
The use of legal billing software is not just changing how cases are handled but also where they’re handled. For instance, using these programs makes it much easier for lawyers from different jurisdictions to work together on a case without any concern about the laws in place in their jurisdictions. This shift also decreases demand for certain types of human resources and staff positions within law firms because technology is taking over certain aspects of the job.
Blockchain
Blockchain is a tamper-proof, shared ledger system. It’s a decentralized database of information that can be updated and accessed by many people simultaneously. This technology is being used in the finance industry to streamline data storage and reduce costs.
Transparency
Technology has had a significant impact on how lawyers do their jobs, but the pace of change is only accelerating. Legal professionals are under more pressure than ever to keep up with new technologies, and older generations often struggle to keep up with the changes.
Cyber Security.
The 2008 global financial crisis was a wake-up call for the legal industry. It highlighted the need for greater transparency and regulation to reduce risk and protect consumers.
People have been talking about cybersecurity for years in the law, but it’s not until now that we’re really starting to see just how important it will be. In 2016, cyber security breaches cost US companies over $4 billion dollars due to stolen data or corrupted networks. And these figures are just going to increase as time goes on.
Final Thoughts
Technology is transforming the way lawyers do their jobs. While some of these changes are welcomed by the industry, many are struggling to keep up with the changes. Technology has changed how people access information, how they work together, and how they manage data.
Lawyers need to be aware of these trends to stay competitive in an ever-changing industry. These 5 technology trends will significantly impact the UK Legal Industry.
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