Technology applied to the legal world is nothing new. For many years now, law firms and legal departments in almost every company have been using technology tools for their daily work, from something as simple as email to database platforms and AI-driven applications. But in recent years, the legal tech sector has experienced tremendous growth. In fact, according to sources from Economía Digital media, in 2021 investment in the legal tech sector exceeded 850 million euros.
But let’s look at the present, what does 2022 have in store for us? Here we reveal the 5 most important trends in legal tech for this new year:
Automation of both processes and documents is increasingly becoming a necessity in law firms and legal departments. Lawyers devote a large part of their day to document management, which involves a great deal of work and paperwork. This results in many bureaucratic and monotonous tasks that slow down their work.
Using document automation tools allows you to manage the entire lifecycle of a contract from one place. What do these applications do? From digitizing templates and contracts, to tracking their status or converting them into intelligent documents that can be completed in less time and without errors. In this way, the lawyer’s work will be much more productive and he or she will be able to focus on more important tasks, such as trial preparation or client service. An example of this type of solution is the Bounsel platform, which enables the management and automation of the entire contract cycle. In addition, other costly processes can also be automated with tools such as Holded or Anfix, which facilitate the management of the firm’s invoicing and accounting.
2. Artificial Intelligence
Artificial intelligence is the technology of the moment, applied in countless sectors due to its varied applications. And, of course, law firms and legal departments can also benefit from it powerfully to improve in many areas of their daily work.
Tools that apply AI for use in legal processes mainly make it possible to detect anomalies and predict trends. With it, documents can be revised and corrected more efficiently, errors can be avoided and new situations that may arise in different conflict scenarios can be anticipated.
In a world with a trend towards complete digitalization and with a huge amount of data on the network, security has become one of the most important factors for companies, which are frequently confronted with cyber-attacks.
It is clear that legal professionals handle sensitive and confidential information on a daily basis. Therefore, reinforcing the security of your data is essential to continue offering the best service and keeping all the content stored on your servers safe. Cybersecurity is key to ensuring the privacy of both the company and its customers.
4. Use of the cloud
Physical files with hundreds of folders and papers are a thing of the past. With the speed at which we work today, online communication and the high expectations of clients, you can’t waste time looking for a contract among all the paperwork accumulated in the office. The 21st century customer wants digital solutions.
The trend to work in the cloud is already a reality and is growing steadily due to its many advantages. Firstly, there is secure access to documents at any time and place, so that you can work from wherever you want, whether at home, in the office or at the courthouse if necessary. Likewise, solutions such as Google Drive or the Bounsel platform offer the option of storing documents and files online in an unlimited way, as well as saving changes automatically, recovering previous versions or sharing documents with clients and other members of the work team.
5. Data analytics
The data contained in contracts are of great value to law firms and legal departments, not only because of their content but also because of the KPIs that these documents yield. Using technology to process this information enables performance reporting to inform better decision making, as well as to assess the profitability of the business.
Have you already started to apply any of these trends? 2022 has just begun, start your company’s digital transformation and don’t get left behind.
Bounsel, Legaltech platform
Bounsel, the legaltech software, is the platform specialized in contract automation and document management that can help you save time in administrative tasks. Its formula combines artificial intelligence and easy usability. This makes it possible to create much lighter, more secure and humane documents.
Automate your document management with Bounsel Flow. Find out more!