A Quick Guide to What the Future of the Legal Industry Looks Like
Dec 23, 2019 23:22
The legal profession has been in existence for centuries and some laws still hold relevancy now but the industry has also had to evolve to keep pace with changes.
When you take a look around a site like lawmanaging you soon get a clear idea of how the legal landscape is changing in order to respond to new challenges brought about by new scenarios that need addressing from a legal perspective.
An example of this would be the introduction of self-driving vehicles onto our roads and the issues relating to liability arising from a collision, for instance.
Less reliance on the court system
There will always be a court system to deal with serious crimes and civil cases but the system is heavily clogged with matters that could just as easily be dealt with in a less expensive and onerous way.
One prediction is that there will be more options available to resolve disputes outside of the court system although still within the legal industry.
Arbitration is seen as a good process, as it tends to mirror the court system in many respects but without the same level of formality or cost, making it a system that is more accessible to people who may not have the resources to pursue a court action.
The role of AI in the legal industry
Artificial intelligence is taking a prominent role in many industries and the legal profession is also embracing the opportunities this technology offers.
Lawyers who have been qualified for years will no doubt confirm that they have spent many hours trawling through legal documents and resources to research an argument. With artificial intelligence, that task should take considerably less time and manpower.
AI is expected to transform the way legal work is undertaken in the future.
Shaking up the billing system
Clients often resent being billed by their lawyer for every second of their lawyer’s time they spend on their case, especially when they charge for each letter sent, or call.
It is suggested that technology combined with changing attitudes will witness a seismic change in the business model going forward.
Lower billing rates, thanks to technological improvements in efficiencies should become more mainstream, and those high-powered offices that have to be paid for might become a thing of the past with lawyers able to work remotely so that they no longer need to build a traditional office cost into their billing rates.
More automated tasks
The traditional role of a lawyer would likely involve them spending a percentage of their time drawing up documents such as wills and other standard documents that follow a basic framework each time.
Again, technology is helping to almost eliminate these basic tasks with legal forms being created almost at the touch of a button once various fields have been completed.
Lawyers will still be in demand for their knowledge and experience of challenging situations and complex cases but it is widely predicted that their caseload will be much more streamlined as a result of technology impacting the legal industry.
Everytime a rider gets on the back of his/her motorcycle and hits the road they are at immense risk. Even if they are at their attentive best and all their focus is on the road they can meet with an accident because someone else wasn’t paying enough attention. Read more
Add credit cards to the list of things the millennial generation is killing. TD Bank’s Annual Consumer Spending Survey found that nearly a quarter of millennials don’t have a credit card. Not one. Read more