According to a recent study from Deloitte and Oxford Economics, corporate legal functions are embracing legal technology (LegalTech) in their everyday activities.
The study also found that more spending would be essential to achieve a full digital transformation of legal departments and improve overall efficiency and time management.
In fact, LegalTech can help cutting legal costs, limit recurring tasks and data management constraints that keep legal teams from creating value inside their organizations.
LegalTech is not just a matter for corporate legal departments though.
It shouldn't come as a surprise that there are law firms struggling to adopt and invest in technologies to streamline their everyday work and reduce time consuming activities such as due diligence, contract drafting or litigation.
Will the global shift to analytics and AI-powered technologies boost this change of perspective to support the LegalTech cause? The report does not formulate predictions in this sense.
However, what is happening with the current rise of RegTech (a niche of FinTech dedicated to automate regulatory compliance) can provide a glimpse into what both lawyers and general counsel can expect from future technologies in the legal sector.
Legal’s core missions of risk management and compliance involve a number of time consuming, repetitive tasks. These can be alleviated through legal tech solutions based on automation, AI and analytics.