- Embrace Automation and AI: With the trend towards AI and automation in the legal tech sector, it is vital for legal knowledge workers to adopt these technologies to help manage their workloads, streamline processes, and improve efficiency. Companies like DLA Piper and Reveal have developed AI tools for risk monitoring, highlighting the potential of AI to transform legal services.
- Client-Focused Approach: In improving client satisfaction, law firms should consider adopting features like electronic payment systems, as shown by Filevine. This tech-forward, client-focused approach is indicative of the modern legal sector’s emphasis on streamlining client experiences.
- Maintain a Strong Online Presence: Given Firesign’s survey results on how small businesses look for legal services, it is clear that having a robust online presence is essential for law firms. Small businesses make up a significant potential market, making it critical for firms to be visible and obtainable online. They should invest in their digital platforms to attract this segment of the market.
Briefing
Here’s what happened in legal tech recently…
This has been an active week in legal technology, with partnerships being formed, services launched, innovative tools introduced, and several significant personnel appointments.
Legal tech company Paladin teamed up with the Department of Justice (DOJ) to launch the DOJ Pro Bono Portal, a platform meant to enhance pro bono work of DOJ attorneys. Elite Technology plans to withdraw from non-core markets to focus on core markets and develop legal tech solutions. In the meantime, Syncly has appointed ex-VP of software engineering at Thomson Reuters HighQ, Rishit Patel, as its CTO. The American Bar Association (ABA) is holding its Startup Alley competition at TECHSHOW 2024, setting a deadline for entries coming November 2023. DLA Piper, collaborated with Reveal, has introduced an AI tool, Aiscension, meant to enhance risk monitoring for clients. Firesign’s survey detailed how small businesses search for lawyers, underlining the importance of a strong online presence. FileTrail expanded its operations to Australia with a leading full-service Australian law firm as its first client.
Trends
AI has dominated the sphere with the introduction of AI-powered tools, Aiscension, PatternBuilder MAX, and a suite of tools on vLex’s Vincent AI platform. This trend of automation seems to continue, which suggests that the legal industry is in early stages of a transformation. Companies are turning to AI to help manage workloads, streamline processes, improve efficiency, and manage costs. Another trend observed yesterday was the emphasis on client satisfaction, as seen in the Filevine feature that enables law firms to accept electronic payments, promising a more convenient client experience. Law firms were urged to adopt a proactive approach in addressing client dissatisfaction, signalling that legal tech firms are now more than ever, in tune with their clients’ needs.
Analysis
The developments in AI and legal tech reflect an industry ripe for innovation. The continued focus on AI-powered solutions attests to the potential of AI to transform legal services. The trend towards digitization and automation, coupled with AI and machine learning, continues to reshape the paradigm of legal services. Companies such as Elite Technology withdrawing from non-core markets indicate the increasing competition in the SaaS space, highlighting the importance of focusing on core competencies. Finally, considering small businesses encounter about 13 legal issues every year, Firesign’s study emphasizes the importance of maintaining a strong online presence, as they constitute a considerable potential market for legal professionals.
