Greater consumer access creates new markets
In contradiction to this trend, law has historically not been a very agile or accessible business. The image of the unapproachable or unaffordable lawyer is still very well alive.
However, with increasingly more regulation and risk for litigation in the marketplace, more entrepreneurs and private customers are in need of professional legal advice. This is where legaltech solutions come in. Thanks to the online products or services, they will find their way to the innovative legal businesses. This brings a whole new segment of clients to the market, which until the present used to rely on very general advice available on the internet, that they applied to themselves and which consequently may not even have covered their specific risks. Potential customers who used to come up with their own contract templates, by mixing and matching paragraphs from different templates together, in their search for quality advice, will soon get familiar with various legaltech applications.
From this point of view, legal companies who partner up with technology, to offer this public reliable and tailored legal advice, have an immense number of potential prospects in the palm of their hands!
Increase of process speed
Besides the above, even as a lawyer, modern technology allows you to save (billable) time by enhancing the speed at which files or routine tasks are handled. Time-consuming research, drafting of standard agreements or process-based filing can be ‘outsourced’ and will be done much faster thanks to the appropriate automated systems. As artificial intelligence will continue to evolve and get smarter, the time savings will only become more important.
The opportunities are there
In conclusion, if you are a legal professional who wants to ensure his job in the future, you should not close your eyes for the technological revolution that is currently taking place. Instead, be on the lookout for the new possibilities that it offers.
Never before have connectivity and innovation been more important. Businesses who refuse to adopt new technologies will ultimately pay the price for their reluctance and see their market share drop. However, expertise, reliability and quality will continue to be of the utmost importance, especially in the legal field, so thanks to the industry’s deontological ethics, it’s not all uncharted territory!