There is no getting around it. Technology is making its way into the legal profession.
A progressive look at the world of legal
“Change is the law of life. And those who look only to the past or present are certain to miss the future.” – John F. Kennedy
From the outset, I would like to clarify that "the legal profession" consists of different categories. I am active as a business lawyer. Hence, in this article, I speak from a business lawyer's point of view only. I assume that lawyers from other fields of law (for example, the "litigators", who do a lot of court work) may have a different input.
For a large, commercial law firm, here are seven key tools I would want to have in my tech stack:
Legal teams all around the world acknowledge the need to improve their processes, structures, workload and know-how management, while expecting such changes to be implemented in the next five years.
There are many legal tech tools and platforms out there, of which the implementation can feel daunting or even paralysing. There is, however, an important difference between a tool and a platform when it comes to impact on your organisation.
When setting up contractual arrangements, the aim is that the parties have a clear agreement in place between them so that each party knows what is allowed and what is expected of them. Some call it “arranging your divorce before you get married”, and we believe that is a brilliant summary of what contract drafting really is.
What’s the use of implementing legal tech, if you’re not going to use it after all? The 2019 Chaos Report from The Standish Group claims that 84% of technology projects “partially or entirely fail.”
Looking everywhere for that one clause you know you’ve written before. Contracts buried in folders, emails or colleagues' hard drives? Not finding precedents because you can’t remember which client had a similar case? Do you recognise this?
Technology is changing the legal sector. Legal practitioners all around the globe are facing new challenges caused by the swift evolution in technology, forcing them to rethink their workflows and methods.