Technology has revolutionized the world. Especially after the Covid pandemic, we saw a big shift of specific industries towards the digital world. From having an online presence to conducting payments through Fintech software, the legal industry has also caught the technological virus.

Every year, we are seeing new trends in legal technology. This year, many trends are expected which can transform the way the legal industry is used to working. So, to survive in this fast-paced world, we must have the latest knowledge about the technological trends of the legal world.

As a starting point, one of the legal trends you should watch is Clearway’s lawyer profiles. You should go to our homepage, search for your name if you are a lawyer, and claim your profile.

Legal Technology Trends to Watch in 2023

Importance of LegalTech

92% of the IT leaders in the law industry of the UK said in a survey that they are expected to deliver their projects twice as fast as they were five years ago. This data shows us that legal technology is the future of the legal industry.

But, because of data like this, a question arises in mind why more and more law companies are going digital and putting their money and focus on LegalTech? To understand the importance, let’s go back to when technology was nonexistent. The legal work was very time-consuming!

Legal Technology Trends 2023

Professionals had to store data in books and paper, which would take up a lot of space. Plus, it would become challenging to find the required information in a short period. Also, there was a fear of misplacing your data which would cause troubles on a bigger scale.

Now let’s come to the modern world where everything is stored digitally using the technologies of cloud computing. It has gotten easy to store and share documents safely. Plus, you don’t have to spend hours a day to find the document you’re looking for!

Not only that, you have the benefit of communicating with your clients remotely, which can save travelling costs. There are numerous other benefits, so every legal person needs to understand the latest trends in LegalTech.

Artificial Intelligence

If someone says that 2023 is a significant year that will be mentioned in history books, we wouldn’t doubt them. This is because of the advancements in artificial intelligence we humans achieved this year. These latest advancements have revolutionized the world, including the legal industry.

The past few months have been very important for this technology as GPT 4 was released, which is the latest version of Chat GPT. It passed the US bar exam with a score of 75%, which is quite fascinating. Many legal professionals are using these AGI models for conducting quick research.

So, if you are an owner of a law firm, these models are proven to provide a lot of help. Many people assume that this revolution is new. However, AI has been around for a long time. For example, the virtual assistants such as Alexa or Siri we use to do our daily tasks are also AI models.

Automation of Repetitive Tasks

Nearly every professional has used automation software at some point in their work life. It can be software that automatically takes meeting notes, reads documents, provides a summary, or micromanages several tasks.

The primary purpose of using automation software is to avoid doing repetitive tasks that end up taking a lot of time. For example, sending similar emails can take hours, but with the help of automation software, it will take only a few seconds which is pretty convenient.

Some software also allows you to remove spam emails so that the chances of getting bogus links are low. To sum it up, automation technology will stay in trend for a long time as it helps a lot in increasing productivity.

Hybrid Work

We have been working in offices for a long time. Our typical day starts with waking up early in the morning, sipping many cups of coffee, and then going to the office by public or private transport. This wastes a lot of time and also creates problems for those who want to develop a work-life balance.

However, we saw a big rush toward the system of working from home after the pandemic. This allowed the industries to develop and become more flexible for their employees. Using this system, a person can work from anywhere worldwide without going to the office.

However, this can be an ideal setting for developers or writers but not for lawyers and other legal professionals. They have to meet with their clients directly as some of the information has to be kept private. Therefore, law firms are adopting the model of a hybrid system that allows employees to work in both settings.

If the work requires them to be present physically, they go to the office. Otherwise, the trend of online conferences and meetings is rising. This allows them to have a balance between their work and life and also reduces burnout.

ODRS

The Online Dispute Resolution System is also gaining popularity in the legal world. This is a system that allows legal professionals to resolve disputes online. This can include meeting with the clients and sharing documents via the Internet.

This saves a lot of cost of time but how? Let’s assume your client resides in California but is originally from New York. This means you’ll have to spend 6 hours travelling and hundreds of bucks for the plane ticket.

But on the contrary, it will take a few seconds to connect to an online meeting. Plus, it would cost zero dollars (if you use free software).

Cloud Computing

Remember we mentioned earlier how you can access thousands of documents with your fingertip? Well, that became possible because of cloud computing.

The typical method of storing the files and documents is to put them in a pile or to shove them inside a cupboard. But with the latest cloud computing technologies, we can store the files online where they are safer.

Cybersecurity

The Internet offers a lot of benefits, but there are some terrible people who misuse it. These evil people, i.e., scammers or hackers, use the technology illegally. They use different techniques to get access to important documents.

If the confidential documents are released publicly, the legal firm can get into trouble. So, cybersecurity comes to save us. The security software allows the documents to be stored safely and securely.

Presence on social media is extremely important in the world of 2023. Firms and lawyers are growing their accounts organically or through social media ads. These ads cost way less than the traditional ones. Data show that the trend of having a social media presence is on the rise, with a whopping $207 billion spent on these ads.

Legal Technology Trends 2023

To put it all together, technology trends are rising in 2023. This has increased productivity as the meetings are being conducted online and documents are shared in fractions of a second.

AI, automation software, hybrid systems, ODRS, and other cutting-edge technologies are the latest trends in LegalTech. Every person in the legal industry must acknowledge these systems to stay ahead of the curve.

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Legal Technology Trends to Watch in 2023