{"id":4440,"date":"2016-12-06T00:00:58","date_gmt":"2016-12-05T16:00:58","guid":{"rendered":"https:\/\/zegal.com\/?p=4440"},"modified":"2024-12-27T18:46:58","modified_gmt":"2024-12-27T10:46:58","slug":"how-to-leverage-legal-tech-to-strengthen-your-legal-practice","status":"publish","type":"post","link":"https:\/\/zegal.com\/en-hk\/blog\/post\/how-to-leverage-legal-tech-to-strengthen-your-legal-practice\/","title":{"rendered":"How To: Leverage Legal Tech To Strengthen Your Legal Practice"},"content":{"rendered":"
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Technology<\/strong> is changing the way that we live and work, and the legal industry is no exception. While the development of legal technology, or <\/span>legal tech<\/span><\/i>, is racing ahead in jurisdictions such as the United States, countries in Asia are increasingly catching up with the trend. According to Law Technology Today, there are five trends that are driving the growth of legal technology today.<\/span><\/p>\n\n\n

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  1. Mobile Applications<\/b>. With the prevalence of apps for social networking, banking, traveling and other personal activities, it is only a matter of time before professionals will be able to practice law on the go as long as they have a data connection. This will improve client engagement and satisfaction.<\/span><\/li>\n
  2. Movement To The Cloud<\/b>. Cloud technology allows firms to save money, time and resources as they no longer have to build their IT infrastructure to a size to handle peak need. <\/span><\/li>\n
  3. Security<\/b>. Given the increasing amount of data stored in the cloud, security is a pressing concern for companies. It is crucial for firms to encrypt their data and implement proper processes for the storage of information. <\/span><\/li>\n
  4. Analytics. <\/b>Similarly, the increasing amount of data raises demand for software that is able to review a significant number of data points to identify trends that a human lawyer would not be able to. <\/span><\/li>\n
  5. Artificial Intelligence. <\/b>AI is set to move current analytic capabilities from descriptive to predictive, for instance by mapping the predispositions of judges to predict rulings. <\/span><\/li>\n<\/ol>\n<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    Source: Legal Technology Today<\/a><\/span><\/em><\/p>\n\n\n\n

    In his <\/span>address to the newly admitted advocates and solicitors<\/span><\/a><\/span> at the 2016 Mass Call in Singapore, Chief Justice CJ Menon stated that new technologies are \u2018poised to reconfigure the way in which legal services are accessed and delivered\u2019. <\/span>Examples of technology that he cited<\/span><\/a><\/span> include Verifi, a computer programme developed by Linklaters that has the capability to sift through UK and European regulatory registers to check client names for banks, and the Term Frame system developed by Pinsent Masons which is able to read and analyse clauses in loan agreements and point lawyers to the correct precedents at each stage of the transaction process.  <\/span><\/p>\n\n\n\n

    In Hong Kong, the legal tech field has been steadily growing, with the <\/span>fourth annual LegalTech Asia Hong Kong event<\/span><\/span> targeting legal industry professionals with an interest in technology taking place earlier this year and the <\/span>Law & Technology Centre<\/span><\/a><\/span> at the University of Hong Kong established to advance research on the intersection between information technology and law.<\/span><\/p>\n\n\n\n

    So\u2026what exactly is legal tech?<\/b><\/p>\n\n\n\n

    According to a BCG report titled \u2018<\/span>How Legal Technology Will Change the Business of Law<\/span><\/a><\/span>\u2019<\/span> (Jan 2016), the legal tech landscape is organised into three broad categories of solutions: 1) Enablers, 2) Support-process solutions, and 3) Substantive law solutions.<\/span><\/p>\n\n\n

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    Enabler technologies<\/b> such as cloud storage tools and cybersecurity solutions<\/a> focus on facilitating the digitisation of processes. <\/span>Support-process solutions<\/b> allow processes ranging from customer relationship management to accounting to be managed more efficiently. The third category of <\/span>substantive law solutions<\/b> involves the automation of simple or repetitive legal tasks, such as contract drafting and contract analysis, as well as document screening.<\/span><\/p>\n\n\n\n

    Why leverage legal tech? <\/b><\/p>\n\n\n\n

    With the growing narrative of innovation, transformation and disruption, it is no surprise that professionals in many industries view technology as a threat that potentially undermines their livelihoods and will eventually do away with the roles of junior professionals. <\/span><\/p>\n\n\n\n

    However, <\/span>this does not have to be the case<\/b>. Law firms can and should leverage legal tech because of its potential to help you prove your firm\u2019s efficiency and productivity, provide better client service and bring you savings.<\/span><\/p>\n\n\n\n

    Learn more about Legal Fundamentals<\/em>:<\/em><\/strong><\/p>\n\n\n

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    <\/span>1) Improve efficiency, productivity & quality of work<\/b><\/span><\/h3>\n\n\n\n

    As pointed out in <\/span>an article published by Thomson Reuters<\/span><\/a><\/span>, improving law firm productivity is all about increasing billable work product output without increasing headcount or hours. Given that clients demand from their external lawyers what they demand of all their suppliers \u2013 more and better service at a lower cost \u2013 the way to go for law firms is to improve efficiency and productivity. <\/span>According to BCG<\/span><\/a><\/span>, partners of big law firms reveal that 30% to50% of tasks involved in supposedly bespoke cases may be automated through tech-based tools. <\/span><\/p>\n\n\n\n

    While artificial intelligence (AI) is often perceived as a threat given the fact that it might eventually replace humans, AI can be your ally. The concept that is central to AI is Deep Learning, where every time a programme or software predicts human behaviour based on previous actions and\/or data, that programme or software \u201clearns\u201d how to make better predictions. In fact, there are already several ways in which AI is helping lawyers.<\/span><\/p>\n\n\n\n

    Related Reading<\/strong>: Is Cyber Security About To Get An AI Takeover?<\/a><\/span><\/em><\/p>\n\n\n

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