The world has progressed a lot during the pandemic. The majority of the offices were closed and were forced to work remotely, with employees working from their homes. However, for businesses that rely heavily on documents and records like the legal sector, this situation presented a challenge and the digital transformation of law firms became apparent. The corporates and leading law firms shifted to a hybrid work model with tech and HR working closely to achieve excellence and innovation.
Law firms deal with a lot of paperwork with volumes and volumes of legal contracts, pleadings, and files. These large numbers of files in their physical form come with lawyers that need immediate access to these files in short durations of time. This has led to little change of legal firms to soft format. However, LegalTech provides an innovative solution to this problem, by converting these files to soft format accessible by all. The only problem is the established system that acknowledges paper as an ethical and acceptable format. However, notary e-attestations provide an innovative solution to this problem, with attested eSignatures and attestations now widely accepted in courts worldwide.
Although LegalTech and products have become increasingly common, the mindset of corporate law firms to shift remains reluctant. The firms that adopted LegalTech early are gradually driving innovation with tech to draft documents, disclose litigation records, legal guidance, and online legal dispute resolution services. And these are only the tip of the iceberg. The firms that are resistant to change remain stuck with their paper trails and old practices, creating gaps in their operation, especially during these times of change. A number of online platforms are driving legal innovation and are available to help the legal sector develop products and applications suited and tailored to their specific needs.
It is certain that the legal sector is slowly shifting towards LegalTech. Keeping in view the rising trend of tech in the legal industry, a report was published to describe the innovation expected till 2025 with major emphasis on the below-mentioned points:
One of the best features of LegalTech is the ability to cater for client-focused innovation. LegalTech is specifically designed to develop and create bots and algorithms to cater for client's needs. Leading law firms can fully utilize this capability to overcome the communication gap between clients. Various client-focused tech providers supply services like client-specific email replies, receptionist services, replying using business numbers, client relationship management tools, and more. Moreover, these tech tools can win new clients by increasing the visibility of the client offer.
Innovation can prove to be intimidating especially for industries that rely on client confidentiality and work using traditional approaches. However, today's world is slowly shifting towards digitization, with firms that rode the tech bandwagon early on leading the innovation in the industry. Whereas those who got left behind and were reluctant to apply are slowly but gradually accepting the change in order to stay in the race. LegalTech is the final solution that provides an easy solution saving time and effort and providing a soft and creative solution as a parallel.