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Technological adaptations were one of the most
anticipated trends in the legal industry.
With remote working taking over in 2020, the legal industry
rapidly adapted digital solutions as a necessity. This
much-awaited
digital transformation has led to solutions such as
cloud-based software, automation, and establishing technology
committees in legal departments. Gartner predicts that by 2025, the
average legal technology budget is forecasted to grow three times
the amount compared to 2020. With this rapid growth in mind, here
are some legal tech trends to look out for in 2022:
Artificial Intelligence
Artificial intelligence, or AI, is currently being used to the
extent of automating basic tasks. However, it is possible to
utilize AI in more situations for legal teams. Any legal department
has a lot of documentation to review and analyze. In the next year
or so, it is possible to see the preliminary use of AI for
automation of document analysis through the input of keywords to
look out for. This can help teams search for relevant information
faster and bookmark important documents to come back to later.
Another current usage of AI is for automation of admin tasks and
billing. Currently, many companies are using AI to automate most or
all their billing processes for clients.
Gartner predicts that “by 2024, legal departments
will have automated 50% of legal work related to corporate
transactions.”
In the future, we could see AI being used for language
simplification of contracts and documentation for clients, text
search, and chatbots on websites.
Hybrid Workspace
Before we switched to a work-from-home practice, the concern lay
in adapting to the
legal technology challenges. With over a year of adaptation and
growth, while working from home, many companies and legal teams are
looking to switch to a full-time remote working situation or a
hybrid situation where remote work can be done a few days a week.
Adapting to the quick digital transformation has led to companies
being more open to their employees working remotely.
With hybrid work and remote work here to stay long-term, we will
see more players entering the market of legal technology solutions
with more cloud-based and enterprise solutions. In the coming
years, we may also see legal tech and enterprise tech become one,
where enterprise solutions could include legal tech solutions
instead of being a separate entity.
Use of Data Analysis for Performance Improvement
Using cloud-based software and technological upgrades allows
legal departments to gather and analyze any relevant data. This
data can help the department …….
Source: https://www.mondaq.com/canada/new-technology/1136494/legal-trends-coming-in-2022