Law firms are investing heavily in software and services meant to automate and streamline their work and promise to replace lawyers with artificial intelligence and other tools since AI is storming the legal community. Many lawyers already use technology-assisted review (TAR) programs to sort through massive discovery projects. AI is becoming so dynamic that these solutions can now help lawyers in virtually any area of practice that deals with large and complex data sets. AI technology is so innovative because it does much more than reviews – instead, these programs can understand legal data and provide lawyers with information and trends they can use to decrease risk and make better-informed case decisions. AI could also help automate mundane tasks, workflows, and other standard business processes. Overall, AI and big data analytics are expected to help lawyers achieve better insights into cases, identifying connections, and correlations to generate more predictive outcomes. Being a service industry, it is vital and precarious for law firms to track the profitability and productivity of the delivery. Factors like client generation, billed hours, billings receipts, etc. have become crucial for practice. Legal technology has made it easy to create such reports and analyze the same. Legal professionals are more inclining towards the cloud to conduct their business. Cloud solutions are ideal in this industry because lawyers are always on the go and need access to their files from remote locations. However, security is an ongoing concern. An unsecured cloud leads to the possibility of a data breach. As such, some lawyers are still wary of using the cloud to store super sensitive information. Understanding the security and encryption methods that a specific cloud solution utilizes is something all lawyers and firms should do before using them. The upcoming year will see a continuation of some of the key trends at the intersection of law and technology. Client priorities will drive continued growth in the legal technology industry, forcing firms to adopt systems that support greater efficiency. Lawyers who are savvy in both the legal implications of technology and the application of technology to the practice of law will see their fortunes rise, while those without such skills will face an increasingly more stringent competitive landscape. Corporate legal departments are likely to continue to demand new and improved technology solutions and alternative legal services offerings, as in-house lawyers, driven by organizational priorities, seek to become more efficient and effective. In the recent years, many online platforms have come up which provide prospects to potential clients to connect with the lawyers for simple services ranging from trademark registration, leases, registration and execution of wills, contracts and lease agreements, to dishonoring of cheques, recovering suits, consumer complaints, etc. Legal service providers connect lawyers and categorize them as per their practice areas, localities and fee schedules, making it easy for the client to do the cost evaluation apropos sensitivity of the matter. The effort to find and determine the right legal consulting/services companies may seem a daunting task for the law firms. Equipping oneself with the full range of legal services and consulting required to address a company’s issues to ensure a more favorable outcome is never a concern that should be taken lightly. With so many legal consulting/services companies offering similar services at the same price, APAC CIO Outlook’s editorial board has assessed and shortlisted some of the most prominent organizations in the industry such as CSC, Special Counsel, and Libera. We present to you – “Top 10 Legal Tech Consulting/Services Companies – 2019”.
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