BACK TO BASICS SERIES by Francesca Gold
Reportedly valued at $15.9bn globally, and with £61 million invested in it in the UK alone, Legaltech set to turn the traditional legal industry on its head.
What is it?
Legal Tech refers to the use of technology and software to provide legal services and support to the legal industry. Simply, it incorporates tools such as document automation, chatbots, AI, research methods and digital legal contracts. Beyond this, LegalTech can benefit the process of researching money laundering, contract automation, legal cost analysis, and GDPR compliancy.
LegalTech or LawTech?
Legal is the tech behind FinTech and InsureTech which are advancements to the financial and insurance industries. The difference between LegalTech and Lawtech? LawTech aims to bring law into small businesses by directly enabling them to self-serve so is more designed for consumers, whereas LegalTech is designed for law firms and lawyers.
Advantages vs Disadvantages
Decision-making can become more accurate when done digitally. Of course, not only does eradicate error, but it is also a lot more cost-effective. This tech allows repetitive jobs to be duplicated easily whilst limiting costs. Additionally, there are environmental benefits too as firms become paper-less and turn to digital options.
This isn’t a quick process for firms to turn over to, however, as firms not only face a culture shift in the workplace, but the integration electronically can take time. Some Lawtech services overlap with solicitors’ roles and admin jobs so this often needs adjusting to.