Law and technology are moving at an incredibly fast pace. In the current unsettling times, which we find ourselves in, businesses are struggling to keep up with the advancements of legal technology. On the one hand, economies thrive off of certainty and with little of that, businesses are somewhat reluctant to make hefty investments into legal technology.
If COVID-19 has taught us one thing, it’s that we can never truly be certain of what lies around the corner. On the other hand, COVID-19 has undoubtedly made a firm dent into the current economy. Businesses who are struggling to report healthy profits due to the impact of COVID-19 will inevitably be endeavouring to try new strategies in order to increase efficiency and profitability. Is legal technology the solution?
Legal technology industry
Whether it’s document automation or solutions to help businesses comply with their data protection obligations, legal technology undoubtedly helps businesses save time, reduce risk and ultimately, save money. With over $1.2 billion pumped into the legal technology industry, it is no secret that legal tech solutions are at the forefront of the minds of the world’s most influential firms.
The irony of legal technology is that it creates the perception of the very thing it is trying to tackle. Whilst the phrase “legal technology” can seem daunting and overly complex, legal tech helps businesses overcome the daunting legal processes (e.g. drafting contracts from scratch) and simplifies complex courses of action (e.g. data protection compliance). Whilst it is true that technology cannot code for all eventualities, it can most definitely collaborate with legal teams to speed-up legal processes and maximise efficiency. Vitally, the return on investment from the implementation of legal technology has proved to be very attractive, especially when the investment is made in large-scale solutions.
Delay or implement?
As such, when deciding whether to delay or implement legal technology, the answer is clear. In order to maintain a competitive advantage over your rivals, legal technology is key. It is of course true that many of the solutions on the market are far from necessities and still not all solutions are flawless. That said, it is only a matter of time before the utility of legal technology becomes so normalised that firms will struggle to sustain without following in the footsteps of their forward-looking competitors.
Instead of considering COVID-19 as a reason to delay, see it as an opportunity to implement – and stay ahead of the game.