With a global focus on the LegalTech industry, recent legal tech trends have proven to significantly benefit most lawyers in their day-to-day lives. Many legal conference events have emerged to discuss and dissect this conversation around legal technology, including Legal Innovators 2.0 UK (Oct 21-22nd). Aimed at lawyers, legal professionals, managing partners, innovation directors, strategy directors and many others, this conference is a must for anyone looking to grow their career network!
Alright, let’s get into the Legal Tech trends of 2021!
Legal Tech Trend #1 Virtual Data Rooms
We all know how lawyers historically keep records over everything and commonly in a physical asset. However, with the growing need for security and collaboration there has been a gap in the market. Introducing Virtual Data Rooms (VDRs)!
The VDR industry is expected to grow from its 2018 estimate of $1.3 billion to over $3.6 billion by 2026, indicative of its explosive growth and popularity! VDRs provide the perfect solution for companies that need to protect large amounts of sensitive data. This centralised system stores and shares data amongst different parties, while securely allowing access to different users based on their permissions.
If you want to learn more about how this legal tech trend can assist your company, take a look at one of our favourite VDR providers, Ruby Datum Virtual Data Rooms, a high performance data room whose capabilities go beyond just VDR!
Legal Tech Trend #2 Dispute and Analysis Forecasting
Ever thought that the task at hand could have been done with more ease, giving you more free time to bill? Well AI tools can help you out there!
LegalTech has shown that AI and machine learning are here to stay by fundamentally changing the way lawyers work. Artificial intelligence and machine learning are one of these changes, where lawyer decisions can be improved through forecasting disputes and analysis.
A study discovered that AI and machine learning correctly predicted 75% of court outcomes in comparison to the 59% by legal experts. This trend is likely to pick up in the near future with the legal industry experimenting how they can use this technology to assist dispute resolution!
One of the companies utilising predictive analytics for case outcomes is Ravel Law. The legal tool informs lawyers of the possible outcomes that a judge may rule for a case, and strengthens litigation strategy!
Legal Tech Trend #3 Contract Lifecycle Management
Contract Lifecycle Management (CLM) is another trend dominating the market due to the copious amounts of time and paperwork it saves legal professionals. Many all-in-one platforms offering the ability to create, execute, manage and analyse contracts, have popped up in the legal tech world as a result.
This top investment legal tech trend has since been adopted by two Big Four accounting firms, KPMG and Deloitte, so if you are looking to free up capacity for your legal department we highly recommend looking into CLM providers!
ContractPodAi is a perfect example of what a comprehensive CLM system can look like. Their CLM system uses unrivalled cognitive technology, machine learning, and natural language processing to offer advanced features, so make sure to go check them out!
Legal Tech Trend #4 Governance, Compliance and Risk (GCR) Software
A study showed that 37% of firms were currently investing in GCR solutions in order to identify potential high risk factors and take appropriate action. GCR software can help tackle complex regulation policies such as data privacy acts while also identifying both internal and external risks within a company.
In 2020 the global GCR market size was valued at USD 35.1 billion, with the software segment making up the biggest revenue stream, which only means it will continue to pick up from there!
SAI360 is an award-winning GCR software that catalogues, monitors, updates, and assists teams with operational GRC needs. It focuses on identifying any potential compliance gaps not only internally but externally as well with third parties to promote best practices within your workforce!
Learn more about the LegalTech world (Legal Innovators 2.0 UK)
Learn more about the top legal tech trends that could be benefitting your business, this October at Studio Spaces, St Paul’s, where Legal Innovators 2.0 UK will be bringing together London’s top legal experts. With intriguing panel debates, networking sessions, product showcases and exhibitions, this event is a must if you are looking to stay a tech step ahead of your competition! Read our other blogs on Legal Innovators 2.0 UK to find out more.
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