Last year, the legal technology industry set a personal best for annual investments by reaching $1.2 billion in investments prior to the end of the third quarter. Just the year before, the industry surpassed the $1 billion threshold. It’s evident that the industry is growing at lightning speed with no indication of slowing down. Such growth can be attributed to notable mergers, acquisitions, and strategic investments in 2019.
It’s safe to assume there’s much more on the brink. Below are just a few predictions for the new year.
The legal industry was, and still is in some cases, hesitant in adopting artificial intelligence. Over the years, AI has maneuvered its way through the industry. AI has started to become more welcomed so much so that a recent Deloitte study predicted over 100,000 legal jobs are “likely to be automated in the next 20 years.” Twenty years may seem like a long time, but this prediction forces current and future legal professionals to focus on tasks that are of higher value to the client and require direct interaction with the client. If you’re wondering the role of AI in the legal field, here are some common examples: legal research, due diligence, document creation and review, compliance, and predicting legal outcomes.
Case Management Software
For a while now, many lawyers haven’t had to physically rush down to the courthouse to file a brief or a motion. Lawyers in larger cities have been able to benefit from e-filing systems. Unfortunately, this isn’t the case for all jurisdictions. Those jurisdictions that are behind the times could use a software that provides a document management program including the ability to e-sign. Florida, Maryland, and Washington are just a few states that have decided to modernize their existing case management software. Hopefully, many other states will follow suit.
Data Privacy and Security
Hackers are becoming more and more innovative, and law firms and legal departments that refuse to adopt the cloud will continue to suffer at the hands of these crafty hackers. According to Gartner, “Through 2020, public cloud infrastructure as a service workloads will suffer at least 60% fewer security incidents than those in traditional data centers.” Security breaches will surely drive clients away and will lead to financial losses.
Garnter recommends utilizing the cloud and automating the transition process. If your firm isn’t ready to move to the cloud, the least you can do is incorporate the following measures: have an iron-clad encryption, strong passwords, a secure VPN, and secured mobile devices.
Marketing is all about stepping out of the box. The risk associated with creativity is something that many attorneys and law firms find to be uncomfortable. In the coming year and years to follow, legal professionals will have to start becoming more comfortable with the concept. “Firms are embracing new technologies to help drive marketing efforts and reach new audiences.” Here are just a few ways to market your services in 2020: mobile application, podcasts, or YouTube videos.
What are FirmVO’s plans for 2020?
FirmVO was ahead of the game in terms of providing solo practitioners and small law firms the ability to simultaneously cut overhead costs and increase efficiency, while keeping up with trends in legal technology. After observing the 2019 trends and knowing what to expect in 2020, FirmVO has a game plan to ensure its clients are up to date.