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The Biggest Legal Tech Trend of 2021 Every Law Firm and Legal Department Needs to Know
Every company and business is going the digital way. If they hadn’t been earlier, they sure are now, “thanks” to the worldwide pandemic that has pushed work boundaries right into the employees’ living rooms. However, the actual digital strategy for most industries differ based on their particular needs and unique requirements.
For legal practices, the main challenges are data security, compliance, record-keeping and knowledge management. In that vein, let us take a look at the top tech trends that most law firms and legal departments need to be aware of in 2021.
Cybersecurity and Data Governance
With increasing ransomware threats and organized cyberattacks, investing in proper cybersecurity and privacy has become paramount for legal practices that handle mounts of sensitive and private data on a daily basis. Law firms stand to lose the most when under an attack not just for the risk of losing confidential data and violating customers’ trust, but also because most of them can be categorized as small and medium-sized businesses, meaning they are less likely to have robust security practices of a corporation.
There is also a growing concern about data management as remote working could leave room for unsafe data archival. For instance, saving sensitive files directly on a laptop’s hard drive instead of properly filing them under a governed document management system can lead to serious data compliance complications.
Hence, firms will also be expected to invest in a proper Document Management System to ensure data compliance and security. DMS systems will help adopt further technology-based applications that can be used for effective contract management, matter management, governance, risk, and compliance management.
AI and Knowledge Management
A survey conducted on legal correspondents revealed that about 32% of the participants felt that AI and ML would be a bigger part of the technological vision for their firms in 2021.
AI solutions can help companies better analyze huge volumes of case data, uncover trends and significant details, and help boost overall productivity.
In addition to AI, knowledge management solutions are also expected to be widely used for closer alignment of remote offices, teams or subsidiaries, faster decision-making, and a better overall knowledge-sharing. Easy access to know-hows and case studies can prove beneficial for marketing purposes as well, allowing your marketing staff to create engaging content without disrupting work on active cases.
Cloud Computing and Remote Collaboration
As the pandemic forced a large part of the population to alter they ways of working and adapt to working from home, legal companies, too, have started exploring options for remote collaboration.
Except for lawyers who are expected to return to their physical workplace, most other legal work can be expected to continue with the help of remote workforce. This calls for a full-fledged digital transformation and the right adoption of cloud computing and remote collaboration tools
Cloud computing offers flexible collaboration tools as well as AI-based solutions that will increase acceptance among the industry. Remote work options are perceived as a strong competitive advantage in competition for the top industry talent. Solutions like virtual offices further enhance security and recreate the office experience from anywhere.
Workflow and Business Process Automation
About 77% of corporate legal departments expect widespread use of workflow automation as part of their daily work processes. With the help of cloud computing and AI solutions, several operations like contract approvals, NDAs, and agreements will be automated for better efficiency and accuracy.
Automation also allows huge scope for improving the current business processes and can help ensure all the legal and compliance best practices are properly enforced.
According to McKinsey, 23% of work done by lawyers can be easily automated by existing technology. We at 3nom have helped dozens of law firms in NY, NJ, and FL to adapt to the new IT trends and adopt the latest technology with maximum return on investment.
Did we miss any of the technology trends that are on your mind for 2021? We are surveying industry insiders for a comprehensive snapshot of the 2021 tech trends and encourage you to share your thoughts in a short survey HERE. All participants will receive a copy of the exclusive Small and Medium Business (SMB) IT Trend Report 2021 that will keep you ahead of the curve—don’t miss out and complete the survey today!