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What Are Some Tech Trends Facing the Legal Profession

The legal industry might not have been the quickest off the bat when it comes to embracing new technology. However, over the last couple of years, law firms have started to take note of tech trends and started to implement new and exciting tools to streamline and make tasks easier.

Of all the new tech trends in the industry, here are some of the most useful to those working in law:

Legal Research and Document Review

Legal research is something that every new lawyer will spend hundreds of hours undertaking, as they learn how to review documents properly. The problem is, particularly for new lawyers, it can be hard to find the right cases that support your argument.

Which is why the advancement of software that sifts through research for you, is becoming so important. With AI-powered software, the efficiency and accuracy of legal research is vastly improved and can be undertaken in a fraction of the time.

This software works by marking documents that are relevant to the case in question and it will then use its algorithms to find other documents that might be useful. Which means that a law firm’s case should have an increased chance of winning a case, as their research is as efficient as it can be.

Voice Typing

For most lawyers, the most tedious task in their workload is typing up reports. Often taking a few hours of a law professional’s day, this could soon become a thing of the past due to voice typing software. These assistants will type up your documents for you and will even correct grammatical errors, making for a more finessed final product.

AI Apps Giving Legal Advice

One of the most exciting tech trends to hit the legal profession are AI apps that can give legal advice. These robots are programmed with a large amount of data, which allows them to understand questions and identify the appropriate response.

This is particularly useful to the legal profession as it allows firms to add a chat robot to their website, where it can answer routine enquires without wasting the time of other lawyers. This allows them to deal with cases that need more attention.

Even better, chatbots can work 24/7 so no matter if a query is asked at 1pm or 1am, these bots will deal with the inquiry the same.

Legal Outcome Prediction

The most common question that any lawyer will hear is: “how likely are we to win?”. Which can be a difficult question depending on the complexity of the case. Now, thanks to prediction software, lawyers can give their clients a more accurate response, as this software will search through thousands of trials to give a more informed prediction.

Online Law Education

For most law students, they believe that the university education they receive is enough to prepare them for working in a law firm. However, in most cases, students will still need a large amount of training when they start in the legal profession which takes time and money.

To make life easier – for graduates and firms alike – there are now numerous online education tools that aim to teach new skills and knowledge to those looking to work in the legal profession. These tools are even useful to established lawyers who would like to add to their skills, too.

Technology might have been a scary concept for those in the legal profession. However, by adding the right apps and software to a firm, these law firms are saving time, resources and money. Which can only be a good thing for the world of law?

What Are Some Digital Transforming Trends in the Legal Industry

We all know that technology has improved our lives, this is particularly true when it comes to our jobs. With advancements in technology, certain procedures have been streamlined to make our lives easier. Which is why many industries have embraced technology as they look for ways to save time and money on certain tasks.

For the legal industry, though, there has always been a certain hesitancy to embrace technology for fear of confidential client information being compromised. However, with increased security measures making the technology safer, the law sector is now implementing digital technology to help with workloads and efficiency.

Here are just a few of the biggest digital transforming trends now being used in the legal industry:

Mobility

These days, it’s considered unusual for someone not to have a smartphone. So, it makes sense that lawyers are now embracing mobility and using smartphones as a way to enhance and improve their procedures.

While many law firms were hesitant to embrace tools such as cloud storage in the past – mainly due to concerns over privacy and hacking – it is now considered that using a cloud storage base can actually increase security. Even better the cloud helps improve operational efficiency as lawyers can access documents from anywhere at any time.

This allows lawyers to work from anywhere, including video conferencing using their phones and the ability to access important documents at client meetings or even in court.

Machine Learning

As technology advances, it can be programmed to take over menial and often tedious tasks. This is particularly important in the legal industry, where a new client can come with a large history. This client history can include reports, testimonials, briefings and lots of other information that needs to be sifted through to find relevant points.

To make this process far easier, law firms are now investing in machine learning. Here software programmes are able to sift through large amounts of data and flag possible evidence, recognise anomalies and can even be used to compare decisions. These algorithms can save hours of work and resources in a law firm and can also be more accurate compared to humans.

Robotic Lawyers

Perhaps one of the most intriguing digital transforming trends is the idea of robotic lawyers. That is an app that can act as your lawyer to help fight cases such as parking tickets, disputes with landlords, insurance claims and spam callers, just to name a few.

One of the biggest AI apps in the legal industry is an app called No Not Pay. Originally created to help drivers ascertain whether or not they could dispute a parking ticket, it can now deal with over 1000 legal issues that people may face. This works by asking you a few questions and then educating on the rights you have to fight a claim, such as a parking ticket.

Performance Tracking

For the legal industry, performance is everything. After all, winning cases means more money and increased clients. Which is why law firms are implementing electronic performance trackers to easily see how everyone is performing in the workplace.

These trackers can also help cases to be assigned to the right lawyer, as they identify which lawyers have the most experience and – crucially – win rates in a certain area. Which gives a firm the best chance of winning that case.

These are just a few of the ways technology is helping the legal sector right now. It will be interesting to see how these develop and advance over the next few years as the technology itself improves.

How is Fintech Disrupting the Finance Industry?

For those who haven’t heard of fintech, it simply refers to the technology that is being used to improve functions and services within the finance industry. This has ranged from the software used by banks to improve the handling of customer accounts to super-fast money transfers and online shopping.

Indeed, whether you call it fintech disruption or improvement, here are of the ways that technology is transforming the finance industry:

 

Customer Service AI Bots

 

Chatbots are one of the most valued programmes in modern technology, particularly for financial companies. Mainly used on websites, these bots can help to handle customer queries that can be found on their website. This means that a customer won’t need to call and use the time of a human assistant to help, which means that employee can focus on trickier customer queries.

Not only does this save money for a company, but your customers have a better overall level of satisfaction as their query is answered quickly and efficiently.

 

AI for Fraud Detection

 

Although we can now access our bank and credit card accounts anywhere thanks to smartphones, that doesn’t mean that we actively check these accounts for fraudulent activity. Which means, without fintech, we won’t see fraud until our money is gone.

Many banks and financial companies are now using AI technology to flag potential fraud as it happens. Meaning both you and your bank are alerted quickly so that you can act fast to lock and re-secure your accounts.

This is not just used for fraud with customers, though, as banks themselves use this AI technology to flag and block attacks from hackers looking to mine sensitive information, which can cost those in the finance industry millions if successful.

 

Stronger Security Through Biometrics

 

As technology advances, passwords are becoming less and less safe for protecting our sensitive data. Particularly when a large majority of us use the same password for multiple websites and accounts. Which is why fintech is working on more secure ways to protect our accounts, by implementing biometrics for security. This includes thumbprints, facial recognition, vocal patterns and irises.

Many banks are rolling out biometrics to help their customers protect their accounts, particularly on smartphones that can be stolen.

 

The Dropping Need for Brick-and-Mortar Banks

 

With more people doing their banking online, through apps and websites, there has been a drop in the demand for banks to open and maintain brick-and-mortar banks. Indeed, many banks are now looking to save money by closing banks in several towns and villages.

This isn’t always met with enthusiasm though, as many rural communities with businesses are unable to conduct all their banking online. This means they will need to travel to get to a physical bank.

While some might call it fintech disruption, there is no denying that advancements in technology are helping customers and companies alike to improve security and streamline processes. Which is particularly important with online shopping and smartphones now being a normal part of society.

How Are Digital Trends Disrupting the Finance Industry?

Although every industry has felt disruption through advances in technology, it is the finance industry that appears to have felt these digital trends the most. With the entire sector needing to develop and move forward with the times.

Here are just some of the ways that the financial sector has changed and developed in recent times:

 

Customer Personalisation 

 

When it comes to banking and financial companies, there is lots of competition. So, to obtain new customers and keep their current customer base happy, these companies are having to place a higher emphasis on personalised services and marketing.

So, to improve the customer experience, these companies are using technology to create apps and the like so that customers are always happy.

This has also seen a rise in the use of AI bots to improve customer experience. Here, many financial companies will add an AI bot to their website, where it can answer common queries for customers. As these are available 24/7, customers can get answers to questions at any time rather than waiting for a phone line to open.

 

Open Banking is Now the Norm

 

While banks have been reluctant to accept open banking, where customers can share their financial information with third parties, the customer demand for open banking is forcing these banks to make it a reality to keep customers happy.

This is particularly popular for allowing customers to use apps that can help them to track and manage their monthly spending habits in order to improve savings and help pay debts. 

 

Established Banks are Creating Their Own Challenger Brands

 

A challenger bank is a small retail bank that aims to compete with the larger banks on the market, such as Monzo. With these banks growing in popularity, many banks are losing their customers to these mobile-only banks.

To help combat this disruption, many major banks like HSBC and RBS are creating their own version of challenger banks, so that they can improve their customer base.

 

Fintech Companies Aren’t a Bad Thing

 

Although new fintech companies are indeed rivalling well-established financial companies. This isn’t necessarily a bad thing. Not only is this encouraging companies to move with the times and improve services for customers, but to do this, many companies are teaming up with new fintech companies to share expertise. Which means the customers get the best of both worlds.

 

Cryptocurrencies are No Longer the Future

 

It seemed like cryptocurrencies like Bitcoin came out of nowhere, totally taking the world by storm. In fact, many of us thought that cryptocurrencies would be the future for us all. That was, until 2018 when the value of these currencies plummeted, bringing into question whether or not these cryptocurrencies had any long-term viability in the financial sector.

That being said, the blockchain technology that was used in cryptocurrencies is still incredibly interesting and useful. So, over the next few years, we may see this technology used in other more exciting ways in the financial sector.

 

Technology is improved every day, which means the financial sector is going to need to constantly evolve to stay relevant. Which means we can expect many notable changes in the years to come.