Recently, according to a survey, 80 percent of respondents agreed that lawyers’ lack of technical ability was a problem for the profession. Thus, it does not take much prediction and skills to gather the knowledge that the professional competence of legal teams will be a crucial issue in 2019. Here are few trends for 2019 in the legal arena.
NLP & ML Harnessing
By exploiting machine learning and natural language processing technology, crucial information that subsists inside every email can be interpreted to help prioritize what matters, and automate administrative responsibilities like filing and time tracking. For instance, mobile devices will automatically obtain email interactions with clients and recover billable time that used to be lost.
Targeted Solutions
In the upcoming year, as technology efforts evolve and data becomes more nucleus to industry efforts, one can see a swivel from generalized solutions directed at supporting the entire legal organization to targeted solutions designed to help particular practice needs.
Data Analytics Understanding
There is going to be a noteworthy shift in the direction legal data analytics is interpreted and disposed by legal departments as official teams grow beyond narrowly defined spend analysis. The growing popularity of legal proceedings with a continuous focus on Big Data will direct the company leaders to ask for more transparency and distinctness on their legal team’s capacity, ability, cost and return. In this new year data will acquaint a better understanding of seasonality, workload, cyclicality, metrics, customer demands, work designing, and resourcing. This will encourage interesting shifts in legal department judgments about legal tech purchases, acquisition, automation and risk management.
Blockchain
As an increasing number of legal firms look towards adopting blockchain for applications spanning parts and supply tracking, cybersecurity, verifying devices, data storage, enabling reliable communications and more, in-house legal teams must equip for the data governance and compliance indications of its use. The primary attention from an IG perspective is that blockchain technology will essentially create a report in corporate data with no maintenance schedule. Counsel that begin reminiscing about it today will be in a much better position to build sustainable programs around blockchain data, and conceivably even learn ways to utilize the technology to strengthen compliance and governance efforts.
Cyber-threats
Cyber-threats continue to aggregate the challenges as cyber criminals get extremely organized, well-equipped, and dangerous of all, empowered with tools and tricks that outpace securities on a regular basis. These sophisticated attacks can overwhelm even the most capable firms. Winners will be those firms who take a proactive approach; identifying the vastness of this nexus and building an adaptation policy that leverages the knowledge and expertise of trusted partnerships and vendors who have a vested interest in the life of the firm.
