Legal Tech - a lawyer's perspective

Since the late 80s, Professor Susskind and his son, Daniel, have prophetically predicted the end of law as we know it. Legal tech, initially as an enabler, will soon replace many of the tasks (and many of the lawyers) that have been the mainstay of law firms.

And over the last few years, we’ve seen an explosion in the legal tech market.

We’re still not there yet, but is the writing on the wall for the legal profession?

Where we’ve come from

Lawyers have always been behind the curve in their approach to innovation. There aren’t many professions that still charge on a ‘time and materials’ basis, or expect their work generators to also do the work, manage their teams and look after the client relationships.

Technology has, until recently, reflected the ‘traditional’ aspect of our industry.

Historically, most law firms have been comfortable with the basics: time-recording software, standard back-office functions, maybe some CRM databases and template-creation tools for a standard court, corporate and real estate document. All of this provides the absolute minimum functionality to allow a law firm to operate in a compliant and efficient way.

Where are we now?

Over the last 5 years, the market has become significantly more sophisticated. Our dispute resolution team uses e-discovery tools. Tools are also available (such as Ravel Law) to predict outcomes based on relevant case law.

We use DocuSign for eSignatures. Our German office is pioneering the use of Bryter for application development. Some law firms use the AI engines in Luminence and Kira to take the sting out of due diligence. ThoughtRiver carries out contract reviews and risk management. HighQ provides integrated legal workflow. Virtual Pricing Director helps you price deals using complex algorithms. And there are hundreds, perhaps thousands, of additional products out there. Of course, that doesn’t mean that law firms are using them…yet.