According to a part in The Solicitors Regulation Authority (SRA) report published recently on technology and legal services, there is an explanation which outlines the benefits of legal technology. Technological evolution is reshaping the legal sector with the use of Artificial Intelligence (AI) which is now increasingly becoming common. SRA’s report seeks to instruct their regulated law firms on the advantages that technology can bring to the marketplace and improve the way they work and service their clients.
Research conducted recently of London law firms revealed that 48 percent are already using AI and a further 41 percent will start to do same shortly. The investigation revealed that the most common uses of AI reckon legal documentation generation and review, e-discovery, due diligence, research, and administrative support & compliance. However, the investment in technology is lower in the legal sector than in other professional service sectors, and according to experts, it will take a lot of convincing to induce the same. But, ultimately firms will put themselves in difficulty when trying to compete as clients increasingly expect them to utilize innovative technology.
According to the research, if firms can enhance their efficiency and production output, they would be able to lower costs which would, in turn, meet the needs of those who cannot yield legal advice – and still retaining profit for the company. It is reported that more than a third of people who have legitimate difficulties try to solve it without seeking professional legal advice, while 28 percent of people who would like to take legal counsel do not because they believe they cannot manage it. With improved efficiency, firms could take advantage of this massive market available to them.
As the application of technology is a part of everybody’ everyday life, there is an expanding demand for online services. Over a third of companies and almost half of users who use legal assistance say that they want online legal services. Consumers are stirring for technology in conveyancing, particularly to bring transparency and better access to information. Other advantages to using technology to deliver legal services are that the Government are looking to enhance the home buying process, by introducing e-conveyancing to this area of law. The firms that the SRA control face ever-increasing competition from other businesses, particularly those which are technology-focused. Those businesses who only allow unreserved legal services do not need to be controlled under the Legal Services Act 2007. To struggle with these businesses, firms need to produce equivalent, if not better services, at a similar cost too.
With the most common reason for grievances to the Legal Ombudsman being obstacles, using technology will support firms complete work much faster and accurately. As clients ask services to be turned around promptly, AI applications can automate regular process work rapidly and in half the time a human lawyer can. Faster processing of everyday routine legal tasks joined with better engagement will make clients more fulfilled.
