The Legal Industry Welcoming Modern Technology
Technology has become an integral part of every business, and the emergence of generative AI is becoming an effective tool. The legal industry is incorporating AI to boost productivity as well as client satisfaction. In The Lawyer UK 200 report, 57% of firms in the survey said that their AI implementations have been successful so far.
All About Law has estimated that 23% of a lawyer’s time can now be automated with the use of new technology so they are saving 2 hours out of a 10-hour working day. Research from the University of Oxford found that over half of lawyers are now using some form of AI, and this will only grow in the coming years.
“The worldwide Legal tech market is expected to reach $37.9 billion by the year 2027.” – ifourtechnolab.
Law firms setting an example.
Allen & Overy led the way for law firms by integrating their innovative AI platform, ‘Harvey’ which can perform in multiple languages, generating quality legal content. The platform uses natural language processing, machine learning and data analytics to automate several aspects of legal work. Harvey can work on, contract analysis, due diligence, litigation, and regulatory compliance.
It was announced that Macfarlanes is the second law firm to invest in Harvey allowing 650 lawyers at the firm to have access to Harvey’s technology. They began by using Harvey for research tasks, analysing, and summarising documents and creating first drafts of emails and memos. The firm also stated that their lawyers will be reviewing the work that Harvey produces.
It won’t be long until more firms implement Harvey into their own process in order to save time and improve their client relationships.
Technology as a tool
The obvious one is AI as already mentioned such as, Harvey. AI includes Chatbots and natural language processing (NLP). Chatbots allow clients to receive quality information at all times, something a lawyer would never be able to accomplish in the same way. In 2023, Chatbots set the record for the fastest growing consumer application of all time. The introduction of Chatbots and NLPs is being used in the legal industry for client interactions to provide 24/7 support for legal queries. This improves the service given to clients and also allows attorneys to focus on complicated cases.
Blockchain technology is a valuable database making its way into the legal industry providing high-level security. This technology enhances data security whilst ensuring the integrity of legal transactions. Having this technology at your law firm could increase the safety of client information all while enabling seamless communication. With the substantial risk of cyber threats on law firms, 2024 could be the year of blockchain, easily securing client confidentiality.
VR and AR are changing the legal argument. Virtual reality (VR) is being used to recreate crime scenes and accident sites providing judges and juries with an immersive experience they can understand. Augmented reality (AR) makes courtroom presentations more engaging for the jury by overlaying digital information onto physical exhibits.
As reported by Grand View Research, the VR and AR market is expected to reach $597.54 billion by 2030.
AI will not replace you.
It has been a concern that the development of AI would mean a loss of jobs in many fields. For the legal sector, this should not be a fear as AI has not taken over it has been integrated as a tool for the team. More opportunities have opened up as firms need someone to overlook the technology and ensure the software is running correctly. AI has been introduced to ease the life of the lawyer, reducing labour-intensive work. The concern should not be with the technology it should be with other lawyers who are efficient with technology as employers will increasingly be seeking those who are tech-savvy.
Using the latest technology can actually increase the talent that the firm can hire. The top talent in the industry wants to work somewhere where the administrative tasks are at a minimum and that means using technology as a tool.
What to expect
With the use of AI reaching a high in 2023, it will be no surprise that its popularity will increase in 2024. More law firms will be introducing innovative technology and utilising them to their full potential. It will be a top priority to maintain quality and security whilst using these devices and new ways to ensure this and the proper use of the technology will be high on the to-do list.
More lawyers will have to be comfortable making use of technology in their day-to-day work life and be trained on how to get the most out of it. The use of AI in the legal industry will become widespread practice transforming the way lawyers can work.