Legal practice is rapidly changing. Or, more accurately, evolving. The pace of innovative business models and lawyering 2.0 is transforming the way lawyers have worked and collaborated, quite literally, for centuries. The lawyers of today and of the future cannot afford simply being good at their craft, but they must also equip themselves with the technological skills to provide cutting-edge services to their clients.
We look into the must-follow 3 tendencies that lawyers should become familiar with to unleash the digital power in them.
Artificial intelligence (AI)
AI technology is making drafting and reviewing contracts a breeze in areas and countries where such technology is available. As AI technology evolves, lawyers will no longer be expected, from a client’s perspective, to spend an excessive amount of time getting contracts done once the client and its counterpart have completed the negotiation. They must imperatively use AI technology to accelerate the drafting and reviewing of contracts.
While originally enabled for cryptocurrencies, blockchain is also transforming how certain deals are closed and executed digitally. Digital contracts (also known as smart contracts) are self-executing contracts that employ blockchain technology, making it easier for a party to get a deal done without the need to pay intermediaries. This should not put off lawyers, but quite the opposite. It should encourage them to build a profitable business case for all stakeholders while keeping the customer at the core of legal services.
Following the wake of successful buyer’s markets such as AirBnB or Fivver, they are transforming the delivery of legal services. Making it easier for clients to find legal solutions at affordable prices with transparent processes. Digital marketplaces impact consumer behaviour and become the primary source when it comes to buying intention.
In the law field, professionals willing to build a global client-base, collaborate with complementary legal professionals, and, ultimately, take their practice to new levels need to be aware of legaltech trends and embrace what technology has to offer.
Are you ready to unlock the digital lawyer in you?