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Legal Informatics

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[California Institute of Technology - Los Angeles Times]

 

 

- Digital Transformation in Law

Digital everywhere, law comes as no exception. Why lawyers have to re-engineer themselves: digital transformation and law firms. The way lawyers practice their profession is changing rapidly. And digital transformation is only accelerating these changes, incorporating disruptive elements that will radically affect the sector—just like we’ve seen it happen in other sectors and across industries.This requires lawyers to have a solid understanding of the influence of technology across sectors. The way companies relate to each other within different ecosystems, and the playing field that law gives to technology, are some of the most pressing issues for all companies. 

But grasping the concept of true disruption may be an especially difficult exercise for those who have a long track record of succeeding by doing «what has always been done.» This is the case with most large law firms and organizations, where there’s a rift between lawyers seeking to preserve the “profession” and the needs of consumers and an industry intent on satisfying them. 

Now, looking to the future and the changes accelerated by the pandemic, many will need to re-evaluate and revise their long-term business models. Professionals and leaders will need to start leaning into tech, and identify and create new market opportunities while still reacting swiftly and decisively to manage future challenges. 

 

- Improving Legal Operations

Digital transformation in the legal industry means digitizing every aspect of the legal experience, including service delivery, workflow, processes, team collaboration and client engagement. The speed and flow of work in the traditional law firm might seem as compared to the pace and instant satisfaction that consumers would expect from present-world digital tools. Therefore, just like other industries, the legal sector is also poised to experience a lot of digitization during or after the COVID-19 outbreak.

In the legal industry, transformation presents an opportunity for lawyers to lead and enable the delivery of more secure, efficient, and client-centric legal services based on digital transformation solutions. Studies from Gartner show that digital disruption is the most important function for businesses, immediately followed by finding talent who can provide new ways to deliver services to clients. A study from McKinsey & Co. shows that organizations that have undergone a digital transformation are “23 times more likely to acquire customers, six percent more likely to retain customers, and 19 times more likely to be profitable.”

Digital transformation also has an impact on diversity, collaboration, and the organization’s ability to culturally adapt. The legal industry needs to do a much better job of being inclusive of every group—lawyers, technologists, data analysts, and people of various backgrounds, genders, and ethnicities. 

 

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[Amsterdam, Netherlands - Civil Engineering Discoveries]

- Future Legal Informatics

Irrespective of the nature of the activity, every business can face the legal conflicts at some point or other. The subject of law is such comprehensive that slipping up on an issue or two, once in a while, is possible. Hence, for the business to run smoothly, it is essential to keep a careful track of your legal footprint. 

The law and the legal profession are undergoing rapid change due to – among other forces – expanding use of information technology in the delivery of legal services. Legal informatics is what plays the quintessential role in this aspect. Legal informatics is the process of managing data information concerned with the legal aspects of your business. This very subject has also led mobile app development services and other mobile devices advancements to dig their foot into the field of law. 

‘Legal informatics’ is a branch of information sciences, and as a result includes intensive data accumulation, cleaning, and processing. Additionally, when the concerning field is law, the sources of data get intensively extensive. In terms of data management legal informatics focuses on two areas- Company Activities and Corporate Law. When bringing both the aspects together, regarding data management, the process can be a nightmare. Next, the question is, will AI be of any help? If yes, then how?

Artificial intelligence along with deep learning is the trending mechanism in the field of informatics. Hence, AI only naturally deals into the subject of legal informatics. The inter-disciplinary of AI and law will have a wide range of benefits. 

These benefits can be categorized into the following – Automation, Information, Communication, Integration, Penetration, and Sensation.

 

- AI-Driven Contract Tech

AI is officially raising the bar for the contract tech industry. Contract review has long been a time-consuming part of traditional law practice. Attorneys meticulously scour these documents to spot errors and make corrections, all to protect their clients’ interests. And while human error has the potential to taint this process, that is about to change. AI-driven contract review automation (CRA) platforms offer a more efficient and reliable alternative to traditional contract review, transforming the legal industry. 

CRA can streamline law processes and reduce risk by automating a variety of legal tasks. So, how exactly does this work? CRA technology uses AI to review documents such as nondisclosure agreements, master service agreements, SaaS service-level agreements, and more. An attorney uploads a contract onto the platform and receives it back with redlines — all in a fraction of the time it would take to review the document manually. This advancement in contract tech marks a significant step forward from existing CRA tools. 

 

 

[More to come ...]

 

 

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