Emerging Technologies Driving Digital Transformation in the Legal Industry By CIOReviewIndia Team

Emerging Technologies Driving Digital Transformation in the Legal Industry

CIOReviewIndia Team | Friday, 20 September 2019, 13:12 IST

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CIOReviewIndia TeamThough there exist huge opportunities for technology in the legal industry to optimize processes and improve transparency and efficiency, the adoption of technology is comparatively low. Lack of awareness, uncertainty about the scope and regulatory compliances are some of factors hindering the digital transformation in the legal industry. “The biggest barrier to using LegalTech services is obviously adoption by clients, which are law firms and corporate legal departments. They have two very different challenges. One is unlearning old ways of doing things, and the other is getting resources and budgets to research and invest in it,” opines Eric Chin, Principal at Alpha Creates.

Interestingly, a recent report by The Business Research Company shows that the global legal software market is expected to register a Compound Annual Growth Rate of 30.9% and reach $0.68 billion mark by 2022. This clearly uncovers the quantitative rise in the implementation of digital technologies in the legal domain. Here are some of the LegalTech trends that are expected to drive the digital transformation in the industry,    

Blockchain: To Enhance Security

Blockchain which is known for its capabilities to store information in a transparent and immutable ledger enables law firms and corporate legal departments to achieve higher level of precision and accuracy in their business operations. In order to help legal fraternity address the growing concerns of cyber attacks, Blockchain presents a robust environment that is impossible to hack for the storage of data and information.   

Artificial Intelligence: Improving Efficiency in Document Analysis

Artificial Intelligence is considered to be the fastest growing technology in the legal industry. AI is being largely deployed in the laws firms and corporate legal departments to sort and analyse huge volumes of data more quickly and accurately than human. Thus AI helps to improve the efficiency of document analysis which is imperative and decisive in the legal sector.   

Cloud: To Maintain Continuity    

As Cloud eliminates the need to install and maintain highly complex and expensive IT hardware, it brings obvious benefits in terms of scalability, flexibility and cost-effectiveness for businesses. Cloud also allows for remote access of the data and automated backups of the enterprise data, helping the legal fraternity in case of a disaster to maintain continuity of their business operations.  

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