Legal tech not only does help the legal professionals themselves, but also helps the customers and users of the legal services to receive optimum results. The objective is to facilitate the legal field generating greater comfort while minimizing waiting and transfer times. It accelerates every aspect of the legal domain, from corporate practice to courtroom proceedings and document management. In fact, technology has made information accessible; therefore, the only thing left now is to make the best use of the available resources and get rid of the traditional approach.
However, it’s worth noting that digital transformation in the legal sector is not just about blindly adopting every legal tech tool available in the market and also not about introducing legal tech just for the sake of doing it. It’s about creating an innovation-powered legal culture and improving internal processes by utilizing a combination of tools that are already in use and several new technologies to their fullest potential. Keeping in mind the same objective, we present to you the Top 20 LegalTech CEOs of 2021 of the modern world who are technology experts in the legal field with experience in enabling law firms to operate, compete, and succeed in today’s competitive market. We hope this information will help arm yourselves with better information, data and technological tools in order to capitalize on your value and form better partnerships with their clients and stakeholders.
Neil Araujo, CEO & Co-founder
iManage is the provider of work product management solutions for law firms, corporate legal departments, and other professional services firms such as accounting and financial services.
Noah Waisberg, CEO & Co-Founder
Kira Systems is a machine learning software that identifies, extracts, and analyzes text in contracts and other documents.
Many law departments have for some time been impervious to adopt automation, but the impact of the worst pandemic outbreak compelled them to turn over new leaf and implement the use of automation in their legal activities. The major challenge is choosing the best technology. Technology has become an obvious solution these days to face challenges. The future trends in legal departments in association with technology are:
Escalating the payout on legal technologies by three times in the next five years: pandemic has burdened the workloads on legal teams. So many legal teams have already included technology by making a large investment in it and successfully take a competitive advantage over other legal teams. This fact drives the appetite of competing legal firms to digitize their work models thereby supporting the staff as well as meet the yield demand.
The world is confronting disruptions that nobody set it up for. Notwithstanding, one thing that has stayed consistent is the advancement in technologies in all our lives. The pace at which legal industries are evolving is not as desirable as it is with industries like finance or banking, however, legal industries are witnessing an unhurried transition to have operations ways with technology-fuelled. The emergence of technology has caused lawyers and their firms to finally realize the desire to adopt technology for expanding their services.
Legal tech: an application that is specifically designed with the technology used in legal industries that enhance the services offered, distributed, or availed in society. This technology for offering legal services improves routine productivity of specific segments for lawyers, it can be tracking the status of cases, creation of legal documents, billing clients, or scheduling meetings.
Why legal tech is needed?
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.
There are niche disciplines that legal areas are split into that needs expertise. It can be an enterprise or an individual both demands a professional who offers more legal technology that plays a crucial role in assisting them to meet various challenges. So lawyers want it to be technology-driven legal services. Some day’s lawyers will be busier due to heavier workloads and or some other distractions, in any case, hiring a virtual assistant would help to escape from time-consuming, low-value tasks which block the routine work and can concentrate on high-value cases.
Virtual assistants can reduce repetitive works, increase efficiency, and avoiding monotonous tasks, thereby able to concentrate on other important work. Virtual assistants are economical, which can be customized to do daily work. Just a responsibility can be assigned to virtual assistants like handling a firm’s social media, employees need training on how to operate these virtual assistants.
Law is dynamical so is the technology. Legal technology expedites the lawyers in different tasks. No machine can do the job of a lawyer but can find how it can be done more efficiently, which can be offered by legal start-ups that aim at offering ways to implement novel technologies in the law field. As time passes there can be more law rules included which thereby increases the law complexities.
Also with the changes in law, increase in populations, spending power this legal technology can be of greater help to access solutions more quickly to legal problems. Most of all the judges might be in session or the district court makes use of computers that helps in various processes of justice systems. Judges incorporate artificial intelligence technology for legal research and also to update themselves on daily basis. Also make use of technology for computing file, in preparation of reports, update about other proceedings.
Every lawsuit, court appeal, criminal cases, and legal procedures need a certain amount of legal research. Legal research helps in determining the current legal scenarios and issues as well as helps in finding out a solution to deal with it. Every legal case follows proper regulation and practice. If any case has not undergone a proper legal protocol to chance of arriving at a proper conclusion will be extremely limited. To find out an answer to a legal question or to check for the legal precedent that can briefly draw an outline of the case details is what known as legal research
The two categories of general legal research are:
- The primary law is binding the statutes, regulations, and case law that’s codified in law.
- The sources that explain the primary law and the legal theory including legal digests, treatises, journals, etc are known as secondary sources.
Procuring immigration visas vary from country to country, as the legal formalities of immigration services are never the same in each of these countries. There are varies norms and protocols that one must follow if they want to live in a different country and want to obtain an immigrant visa. This is the first necessary step as well as a legal obligation to become a permanent resident by the permission of the law of that country. Let’s take an instance of immigration services in the United States. There are different types of immigration formalities that one must follow if you’re planning to migrate to the U.S. and looking for immigration visas. You have to fill all required forms and completed immigrant visa processes. As most of the immigrant visas commonly come under two categories, namely, visas in the family and visas based on employment status.
It is best if you have a relative based on the U.S. who can sponsor your visas, you will be eligible to apply for the visa. However, if you have an onsite opportunity to U.S. your prospective employer can sign in for your visa approval. Subsequently, there is no second doubt that eventually, you can settle as a permanent resident of the U.S.
There are several different property documents or deeds when you are buying or selling properties. The real estate deals are never possible without the presence of legal documents. A legal document can establish you to be the owner of a property. It is equally important if you are transferring the property in some other name. A legal document establishes a lawful owner of a property.
Out of all the legal document conveyance deed or a deed of conveyance is extremely important. This piece of the legal document serves as proof of the transference of a deed from one owner to another and enforces the power of the latter on the said property. This deed avoids the issues that may arise regarding ownership. Conveyance deed is proof that establishes that the owner of an existing property has legally signed over the ownership of the property to another.
The following are the key elements that the conveyance deed should have to make it acceptable and binding in a court of law:
An action brought in court to enforce the legal rights of parties is termed as litigation. Litigation is usually settled by agreement between two parties in case of any dispute; unless a deeper intervention is required to take it to the court and let a jury or judge decide on the hearing. There are several actions that need to be taken during the entire process of litigation to enforce a legal right. The litigation process includes or can be broadly classified as the lawsuit, pre-suit negotiations, arbitrations, facilitations, and appeals. Legal rights or litigation can be enforced before the following: Litigation may begin before the lawsuit if someone wants to enforce or protect their legal rights. A party can hire an attorney who can put forward their interests. An attorney knows exactly what needs to be done as a part of litigation activities.
Legal rights or litigation can be enforced before the following:
Legal sector has a great importance in every business sector but earlier it was a bit hectic and time consuming task. An integration of technology with legal services has given a radical shift to the entire sector with the change in functionalities. Few years ago legal industry was a closed society with only few services and functionalities to offer. Within a decade, this sector has undergone a drastic variation and now it is not only confined within law firms but has established a firm connection with other business industries too. The reason that shook the legal sector beyond interpretation and dissection of law is the recession and financial crash that stroked global business sector badly and most of the businesses was in a deep trouble and were seeking the assistance of law to crawl the issues and reach an apt solutions. Legal sector totally works on data, proofs and evidences. Big data and cloud has emphasized the sector with a facility of saving a huge data which is accessible anywhere anytime. It serves an option to retrieve data from any local device connected with the global server. Now most law firms started incorporating bid data for a smoother operation and reduction of manual work in managing the data.
Legal sector is one of those sectors which are known to everyone but hardly folks enter in this sector to work with. If you count just a decade back, legal interpretations were made only for those who are related to some unauthorized deeds. But now time has changed the way legal sector was utilized, and now it has a great importance in every small and big facet of lives. Legal sector has undergone a vast change since it got amalgamated with the developing technologies. A main role played in enhancing the legal sector and bringing it as a crucial utility for common people and small and large firms is automation. If you talk about the most important technology that has been a face of legal industry now and being one of the most reasons for its development then it is undoubtedly artificial intelligence. As we said, artificial intelligence is just a face of legal tech, but in the backend analytics is being main artist to enhance the functioning and performance of this industry. Whatever automations we experience in the present time is a result of comprehensive analytics of customers, market trends, and many more.
There are a number of business sectors operating in the present era and almost among those are rigidly tied with technologies in some or other ways. In present day even legal sector is also strongly bonded with technology but if you date back to few years then it was one among those sectors which was reluctant to adopt technology and consistently opposed it. Most of the lawyers had an anxiety that technology in future will be a reason for the end of lawyer’s dominion. Where lawyers were stepping back from the line of technology, law itself kept progressing towards the growing technology. Folks who have opted legal sector as their profession had a great hand on technology in their personal life but that influence faded when it came to the professional lives. On one hand, the pandemic which is being a restriction for every single business sector, on the other hand it has poised legal sector to accept the technology and keep functioning. The use of technology has completely transformed the sector and gave it a way to work remotely and efficiently.