Making a case for legal tech

There is probably no industry that remains unaffected by the global digital transformation.

Catalyzed by the Covid-19 pandemic in the past year and a half, industries and companies are in the eye of the technology storm.

The legal area is no exception.

As one of the oldest professions in the world, many may think the legal sector is sluggish when it comes to the digitally driven fourth industrial revolution.

But change is underway. And the players in the industry prove again and again that they are not only not left behind, but can also lead the way in new forms of innovation outside of the profession.

This shift is becoming increasingly important as companies use technology to improve their offerings and performance, creating brand new legal issues that need to be resolved.

As law firms keep pace with changes to provide the best service to their clients and stay one step ahead of the competition, Legal Technology (Legal Tech) is proving to be a key differentiator.

Automation improves decisions

Using artificial intelligence (AI) and legal tech programs can help companies meet their customers’ needs and deadlines by automating decisions.

Some subject areas are more suited to legal tech than others. For example, there are significant benefits to working with AI and technology models during the due diligence phase of a corporate business.

This shift is becoming increasingly important as companies use technology to improve their offerings and performance, creating brand new legal issues that need to be resolved.

Often viewed as a costly and time-consuming exercise for lawyers, programs that can alleviate this burden are a welcome relief. In fact, studies have shown that AI can analyze and create risk assessments at breakneck speed. There are also obvious benefits in other areas that require regular review, such as: B. Antitrust and Intellectual Property.

As an example, Baker McKenzie welcomes this change and works with technology providers and innovation specialists to create value for our customers and increase both costs and work efficiency.

In October 2020, Baker McKenzie and SparkBeyond, an AI-powered problem-solving platform, launched a market-leading partnership. Together, the two companies will work to find out what kind of services clients expect from law firms in the future. Using AI, the two companies can identify drivers of customer demand that may not yet be apparent to market observers.

It’s not all future casting, however. AI can also be used to remove human bias or bottlenecks in problem solving. While this is a key role for the firm’s attorneys, the speed at which the programs can make decisions and provide analysis will change the speed at which law firms can meet both client needs and deadlines.

Solutions such as cloud-based software and automated design tools can further streamline the legal workflow and eliminate manual steps that are otherwise time-consuming.

Industry support

There are several other ways law firms can get involved in the Fourth Industrial Revolution, and there are a growing number of companies looking to work together in this area.

Baker McKenzie has teamed up with companies such as Daimler, Bosch and ING together with more than 30 legal tech start-ups and law schools under the umbrella of Reinvent, a hub specially created for legal innovations.

The group’s self-declared goal is to work together on the future of law and to reinvent traditional approaches to client problems.

Baker McKenzie has also established a global Reinvent Fellows program aimed at making tangible improvements in the delivery of its customer service services.

The firm currently has 11 fellows carrying out projects in a variety of practice areas around the world. The benefits of this type of initiative for a law firm are innumerable: lawyers can better understand their clients, build deeper relationships, and clients receive more efficient and personalized service. Law firms that take advantage of this opportunity are not only ahead of the ever-changing needs of their clients, but they also have an advantage over their competitors.

Of course, law firms should be careful not to become overly dependent on technology. In the past, the relationship between lawyer and client was personal and often built on many years of activity and trust. Of course, one can fear that technology will undermine this.

As we’ve seen in other industries, from hotel accommodation to car rentals and online ordering to advertising, all industries have to adapt, and the legal industry is no exception. With several innovative programs already running, the momentum is increasing and the upheaval in the legal industry is only just beginning.

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