Trends in legal services: Tech advances are changing how lawyers do business, transforming traditional legal practice model
Trends in legal services: Tech advances are changing how lawyers do business, transforming traditional legal practice modelSummary
For many years legal services was a market in which meaningful change was largely absent. Now that is changing. Advances in technology are driving reform in areas such as virtual law, smart contracts and artificial intelligence.
Big legal firms are most adaptable, having the most resources, but competition to utilize cutting-edge technology is intense. Even for the casual user of legal services, the future is going to look very different to the traditional model. However, other trends are less attractive. Fake lawyers remain a big problem and frequently target migrants and other vulnerable groups.
Key Highlights
- Even large legal firms are setting up virtual practices, stating that soon a considerable percentage of cases could be settled without legal practitioners
- Automation posits a future of much lower costs to end-users and has already initiated a trend that will see legal firms increasingly become operators of sophisticated technology - those which fail to adapt will probably decline slowly as the tech-based alternatives gain in popularity.
- Time saving from AI is considerable, lowering business costs and enabling human legal practitioners to perform higher margin work. Amid fierce competition for clients, legal firms are investing in artificial intelligence in a bid to adapt quickest to a changing legal landscape.
Scope
- Assesses the threat of fake lawyers
- Examines the likely impact of smart contracts
- Looks at how virtual lawyers will change the legal services business model
- Examines the influence of artificial intelligence on the market
Reasons to buy
- How will artificial intelligence shape the future of legal services?
- Can smart contracts become commonplace?
- Is the fake lawyer problem being solved?
- will virtual lawyers change radically How legal services are accessed?
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