Lawtechs and Legaltechs: digital revolution in law
Lawtechs and Legaltechs arrived to prove that technology can flow to the most diverse professional activities, including the conservative legal field. Even though it is a sector attached to tradition, the Law was not stagnant in the face of the digital revolution, which little by little profoundly transforms various sectors of society.
Legal professionals must follow technological developments urgently, as the future is being built now and there are already numerous innovations, including Artificial Intelligence created specifically for the legal segment. In fact, it is worth saying that the increasingly digital world requires strong change management in the legal sector, and this certainly separates those who will grow from those who will remain inert.
In those first two decades of the 21st century, especially in the most recent years, there has been a real rise of applications developed for the legal field. This is in line with the wishes of society, which needs accessible and connected justice, so that it can solve problems more efficiently.
However, what can be identified is that legal practice presents increasing demands and the time to meet them is proportionately leaner. To grow, it is important to pay attention to the gaps between available technologies and legal demands capable of innovation.
There is a real gap in the systems used by law professionals, which means that there is a need for more centrality or focus on the use of new tools.
What are Lawtechs and Legaltechs?
Lawtechs and Legaltechs are technology companies, generally startups, that create modern and innovative solutions for the legal sector. Thus, process management software, digital tools, and legislative monitors are some examples of the products offered by these companies.
The tools provided by them have made legal research a more intelligent and comprehensive activity.
These new players in the legal scene have made the leaders of the largest law firms rethink how their services are provided. But Lawtechs and Legaltechs did not only reach the big ones, they made small offices, independent professionals and other agents in this market also renew their way of acting in the law.
The routine of law firms changed as their leaders realized that, above all, a professional and innovative management of legal work is needed. After all, time is money, and efficient management and communication methods positively affect any company or department.
The platforms created by Legaltechs help offices increase the speed of their work and eliminate wasted time. This increases productivity and results in more billable hours for an attorney.
In this way, practices that require highly complex analyses and repetitive tasks, which take up a lot of lawyers' time, gain new task management solutions through Lawtechs and Legaltechs. And, like that, optimize a workflow which would be done by one or even several professionals.
What do the platforms created by Lawtechs and Legaltechs do?
Among the tasks that these platforms help to optimize is the extraction of data to obtain information that may be useful in litigation, contract creation and review, legal research, and due diligence before corporate acquisitions.
Lawtechs and Legaltechs act to provide solutions that assist in business performance. They propose a set of tools that work to increase efficiency, reduce costs, create actionable knowledge, and improve communication with customers.
Another advantage of these platforms is mobility, as they can be accessed from any device connected to the internet, such as desktops, notebooks, tablets, and cell phones. In addition, they provide transparency and clarity with the data provided; and they present solutions designed to reduce internal customer costs. In this way, they collaborate to reduce the amount of external legal fees for services of great and small complexity.
There are numerous types of services provided by Lawtechs and Legaltechs, below we will see some of them:
Analytis and Jurimetry
Using Artificial Intelligence, these companies analyze and compile data and jurimetry. Thus, it can predict the court decision to be made on a given demand.
The robots on these platforms are programmed to “scan” judgments and judgments handed down in Brazil. They read the content and calculate the probability of success based on the decision history of each magistrate.
Automation and document management
Startups that work with document management work doing contract automation and other legal documents and in managing the lifecycle of those contracts and processes.
Compliance
Compliance companies specialize in promoting actions aimed at complying with established national and international legal standards. Therefore, the tools they provide act to develop and spread a culture of integrity in other companies and, in this way, prevent them from being penalized for administrative, legal, and ethical irregularities.
Extraction and monitoring of public data
These startups specialize in monitoring and promoting the management of public information that is available for online consultation.
Online conflict resolution
In this type of action, these companies are dedicated to finding an online solution to conflicts, thus eliminating the need to go to justice. These conflicts are resolved through technological tools that facilitate mediation, arbitration, and negotiation of agreements.
How lawyers can benefit from new technologies
Moments of economic instability can be seen as opportunities. The rule is that what differentiates workers in the market is their ability to handle the new resources available to carry out their activities.
Increasing the efficiency and productivity of any type of company is a matter of survival in the face of a capitalist economy. Thus, whether you like it or not, when choosing between a lawyer who knows how to deal with technological innovations in his area and a lawyer who is not up to date with digital tools and who, therefore, is unable to carry out his internal processes more efficiently and competently, the preference will be for those who always seek updates.
Thus, one should not be afraid of new technological resources. On the contrary, they must be seen as allies of all professionals. Automation, while facilitating processes within the company, also reduces costs and makes legal services more accessible to a larger number of clients. And, as we all know, more clients, more revenue and more revenue results in growth. Lawtechs and Legaltechs are the present and will certainly remain in the future of law as the best and only strategy.
