6 Trends in LegalTech

29 November 2017,   By   

The new generation of lawyers has high expectations about what technology can do for them. With life cycles of innovation getting constantly shorter, we are surrounded by new disruptive technologies and this is not different in the legal world.  According to research from Thomson Reuters Legal, 579 “lawtech” patents were filed worldwide in 2016, up from just 99 in 2012. The expansion in Legal-Startups and patent filings are driven by interest for quicker and less expensive approaches to legal services.

In honor of the Legal Tech Conference taking place in Vienna today, we are highlighting 6 legaltech trends, which could make a big impact in the work of lawyers as well as the experience of their clients.

 

#1 – Robotic Lawyers

The most interesting case of a robotic lawyer is ROSS, an artificially intelligent legal research assistant built on IBM’s Watson supercomputer. Capable of handling ‘natural language’ legal questions, for which ROSS will return cited legal answers and topical readings from legislation to case law and secondary sources instantly, many legal heavyweights in the US are already using it, such as Latham & Watkins LLP.

 

#2 – Intelligent Legal Research and Document Analysis

Legal research is very costly for law firms. Therefore, advanced analytics programs, some of which use artificial intelligence and machine learning technology, are already proving to be invaluable for law firms, which handle and generate loads of documents. Most legaltech startups to date have focused on making this procedure and all this material more manageable.

Companies such as Justis and Ravel Law (which was acquired by Lexis Nexis) are already using advanced analytical algorithms to make the research task more manageable.

 

#3 – Big Data Analytics

Big data has already caused a big impact in various industries, and it is not different for the legal world. Many tools are already helping improve the search process and give lawyers data-driven tools to research through millions of documents. Using big data can also lead to a greater degree of efficiency and transparency, which everyone will benefit from. Reducing the time it takes for lawyers to complete research and casework, will lead to improved access to the justice system.

 

If you are interested in getting to know more about this topic and how we can help your firm be more efficient, please contact our Partner and Head of Legal Alexander Rapatz.