In the past, the legal industry has been slow to embrace innovations and techniques. This is despite the fact that innovations can make service more efficient, save time and reduce the cost for the client. However, change is finally starting to take place and it could provide many benefits. Read on to find out how innovation is changing the legal industry.
What is legal innovation?
Legal innovation refers to the process of coming up with new ideas and technologies to improve the legal industry. This could be a firm coming up with a new business model to run a smoother, more efficient business. Alternatively, this could mean designing new software that can improve the connection between clients and the firm. Ultimately, innovations are designed to push the industry forward and make life simpler for everyone involved.
AI in the legal industry
Artificial intelligence (AI) offers the legal industry a lot of potential. For instance, AI can help streamline the industry and make it easier to invoice clients. A lawyer has a busy day: when working on a case they might attend meetings, work on documents and make phone calls. Traditionally, it has been difficult to form this all into a quick, coherent invoice. But by using AI, this schedule can be quickly turned into a timesheet at the end of the day. From there, AI is capable of creating a professional invoice and sending it off at the end of the month. This epitomises the potential of AI – it can save firms plenty of time during the day, allowing resources to be directed towards the client more intensely.
Big data in the legal industry
Big data is also another area where the legal industry is beginning to innovate. Big data refers to collections of data that are too big and unwieldy for traditional software systems to control. It can result in law firms making mistakes when estimating litigation pricing. However, innovations are helping to mitigate this issue. Indeed, AI can again help in this area. By using AI to analyse hundreds of thousands of time cards, firms will be able to budget and plan for the most complex litigations with an 80 per cent probability. This will make it easier to plan for the future and will help with communication with clients as fixed fees become more commonly used. Legal innovation can make life a lot easier for you as a client. By hiring a law firm at the cutting edge of legal innovation, you can have peace of mind that you’ll be hiring a team with a modern approach, with solutions that can benefit you immediately.