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Digital Magazine

Demystification of legal tech

Lawyers can rationalize their law practices by coalescing tools of legal research and practice management in their law operations. Even a lawyer who still has a phobia to adapt to technology cannot deny the technology role that has played a vital role in smoothening legal research. This legal tech creates more transparency in law firm’s operations, as technology helps the clients to get clarity about the types of services they can avail at affordable prices from lawyers.

Legal tech offers more accuracy as it helps in managing documents online also artificial intelligence-backed smart contracts, which diminishes the chances of having errors in the draft as well as while vetting legal documents. With this lawyers can offer error-free and accurate documentation for clients. With more law firms adopting legal tech it creates more job opportunities, which does not imply technology replaces lawyers but creates jobs for legal designers, legal technologists, information architects, etc.

Variants of legal tech:

  • Legal tech for B2C: this involves the usage of technology to serve by reaching out to the consumers directly. This reduces long legal processes for fast service delivery. B2C companies use legal tech for assisting in trademark, title research, registration and tax filings, etc.
  • Legal tech for B2B or enterprise: general councils are becoming strategic also assigning operations of companies to a new level. Legal tech can smoothen the operations of enterprises in the following ways: NDA automation, data protection and storage, invoice management and e-billing, contract lifecycle management (CLM), or contract management system (CMS).

Legal industries in India are set to see a crucial transformation in the future, from proceedings done online to automating legal processes. It can transform the practices and shift from using traditional ways by Law firms and lawyers and concentrating to include more client-centric ways. With augmented reality as well as virtual reality making the communication with clients, the training program for fresher in the law industry, collaboration with experts all these helps to overcome challenges in these unprecedented events happening these days.