A new year means new trends! Stay up to date with Cosmonauts’ legal tech events and keep up with the rapidly changing legal tech industry.
The legal tech landscape is rapidly changing and evolving. With Future Lawyer Week UK coming up in April, it’s important to stay up-to-date on the latest developments in legal tech. To help you prepare, we’ve put together a list of key trends in legal tech that you should be aware of in 2023, if you’re not already!. From predictive analytics to automated document drafting, these are the legal tech trends that will shape the future of the legal industry.
Since there is 4 months left until FLW 6.0 kicks off we chose four legal tech trends you should keep your eyes peeled for. Read on to find out more!
You can also check out the blog below to see what to expect at Future Lawyer Week UK!
#1 Trend – AI
Generative AI is a new class of AI models that can produce outputs that are distinct from the data used to train it. This will become a key area of focus in legal tech, as generative AI models can generate an intellectual property that is protected under existing intellectual property law. The recognition of data security and privacy as boardroom priorities has been accelerated by the White House’s publication of the Blueprint for an AI Bill of Rights and the EU’s publication of the Ethics Guidelines for Trustworthy AI.
These ethical frameworks and regulations will be the basis for future use cases in legal tech, as companies become increasingly aware of their data challenges and need to leverage AI solutions to solve them. Generative AI models will become commoditized and challenge existing jurisprudence on intellectual property law, as companies struggle to protect their IP in a digital-first world. As companies face recessionary headwinds, AI adoption will accelerate as organisations seek to do more with less, concluded Relativity.
Also, according to Gartner. The Department of Legal Management estimates that by 2024, generalist lawyers will be replaced by 20% with non-lawyer staff. The general trend of steadily increasing workloads, despite unchanged budgets, means the trend puts a premium on efficiency, which translates to organisations in the legal department to use any means necessary in order to be efficient in support of that growing workload.
Read more on AI and 2023 trends on the Relativity website!
#Trend 2 – BlockChain
In the digital economy, cryptocurrencies are still in their development, and while many investors use them as an asset, they are not frequently accepted as payment. This looks to be changing, as numerous companies, including many law firms, are already taking bitcoins as payment, according to Assembly.
Since many large law firms have now accepted bitcoin as payment, your company is more likely to have a customer who wants to utilise it as payment in 2023. To accept cryptocurrencies efficiently, you must first understand the dangers and challenges associated with this alternative payment.
#Trend 3 – Cloud Computing
Cloud computing is revolutionising the legal industry. It provides lawyers with mobility, efficiency, and cost-effectiveness, allowing them to access data from any device, anytime, anywhere. Cloud services are also monitored for optimal performance, reducing the probability of downtimes.
As reported by Forte Group, SaaS (Software-as-a-Service) and cloud solutions are on track to eclipse on-premises IT solutions, as enterprise IT spending on public cloud computing is expected to surpass traditional IT by 2025.Cloud systems bring scalability and cost-effectiveness, allowing teams to quickly adjust their needs.
Lawyers are increasingly turning to the 6R model, which stands for Rehosting, Refactoring, Reengineering, Replatforming, Replacement, and Retires. With this model, developers can leverage cloud frameworks and platforms to rapidly build applications that are reliable and resilient. The advantages of cloud-based systems are numerous. They include rapid development cycles, serverless functions, machine learning (ML) and analytics capabilities, automated tech operations, and improved security. However, lawyers must consider the challenges that come with adopting the cloud, such as vendors and costs associated with storage and scalability as well as the potential for new team management and cultural issues.
Innovation is key in the legal industry and cloud computing provides an opportunity for law firms to stay ahead of the curve. With the use of modern cloud technologies, lawyers can access the latest developments in machine learning and analytics, build faster applications, and offer their clients a secure experience.
You can also check out Lawcadias’ article on 2023 legal tech trends to find out more about cloud computing!
#Trend 4 – Cybersecurity
The legal sector is no stranger to technological innovation and large firms have been investing in legal technology solutions for years to stay competitive and modernise their operations. According to Verdict, cybersecurity is one of the issues currently attracting the most attention, as the global average cost of a data breach increased by 2.6%, from $4.24 million in 2021 to $4.35 million in 2022. Technology applied to the legal sector can help companies in their cyber incident management and prevention. Legal tech solutions can provide organisations with an event-driven risk assessment platform that gives them real-time insights into their cyber risks. This type of legal technology helps companies quickly respond to security incidents and provides them with the tools needed to reduce the impact of any cyber event.
Read more on cybersecurity trends in 2023 here!
As we look towards the future of legal tech, the trends highlighted in this blog post are just a few of the topics to consider for 2023. AI, cloud computing, blockchain and cybersecurity are all advancements that are expected to grow exponentially over the next year. We hope that you found these trends useful and that they will help you warm up for our upcoming legal tech events.
As we look ahead to the coming year, what are your predictions for legal tech in 2023? Share your thoughts with us on social media and join us at Future Lawyer Week UK to learn more about the latest developments in legal tech!
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Categorised in: Legal Tech