Taking a peek at Deloitte’s Survey Report on Future Trends for Legal Services, we found out some interesting insights from the survey that we’d like to share with you.
According to the report, nearly half (49%) of the respondents said their department’s legal spend was growing in the area of regulatory compliance, with M&A following at a close second (42%) and Litigation at (39%).
Additionally, Traditional law firms are finding themselves under scrutiny for no longer meeting today’s business needs. With (55%) of participants consisting of (legal counsel, general counsel – or CEOs and CFOs) reviewing their legal suppliers, the industry is at a crossroads.
Let’s take a look at the major challenges being faced by the legal industry:
- Global Compliance
- Doing more with less
- Appropriate use of technology
- Speed of business
Respondents also stated they want to see their law firms being savvier on global data and cyber protection issues.
As the Legal Industry is trying to position themselves in a challenging economy, there are a number of distinct technology trends emerging that can help them become more efficient and competitive in the global market.
These tech trends have the potential to revolutionize the legal industry:
- Artificial Intelligence (AI)
- Robotic Process Automation (RPA)
Cloud for Legal Industry
Taking a deeper dive into the trending technologies for the legal industry, Cloud technology stands out, as it has the potential to transform the way legal institutions collaborate and interact with their clients. Shifting the tech from on-premise to cloud provides them with the opportunity to grow and create effortless client experiences.
Cloud technology meets the strict security and data privacy requirements, mobility, efficiency, flexibility and cost savings are part of the deal too.
By leveraging Hosted Workspaces lawyers will have access to their data anywhere and anytime, which will make them rely less on physical assets and help the firm accomplish more with less.
Take a look at what Lexis Nexis Firm Manager and American Bar Association have to say:
- Recent studies conducted by Lexis Nexis reports 41% of the legal community is of the opinion that their confidential data stored in the cloud is safe and 72.4% of the legal firms are in favor of cloud adoption.
- American Bar Association survey report shows cloud usage grew more than 20% in the last couple of years.
With Cloud, legal institutions can spend less time on IT and focus their energy where it matters: clients and the law practice.
Artificial Intelligence (AI) and Robotic Process Automation (RPA) for Legal
After Cloud, Artificial Intelligence (AI) and Robotic Process Automation (Virtual Robots) are the new hot technologies to look out for. They provide an opportunity to:
- Automate the repetitive processes
- Streamline time keeping
- Provide alerts on upcoming case deadlines
- Increase efficiency
- Reduce costs
At dinCloud, we help legal organizations leverage the latest Tech trends to serve their clients security and data retention needs. As the legal industry is going through a digital transformation, stay tuned for more insights on these hot trends.
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