Role of Technology in the Legal Industry
The legal industry has undergone a significant transformation over the last decade and will continue to grow at a significant pace. Several law firms across the world are expected to increase their annual investments in legal technology.
For instance, the year 2019 witnessed an increase in legal tech investments, which surpassed $1.2 billion.
Digital transformation is changing the face of the legal industry by creating several opportunities for law firms in terms of global market expansion, remote working, customer experiences, social media marketing, and much more.
Legal firms are also emphasizing on migrating to the cloud for assisting their IT departments in terms of agile working, improving security, and data storage. This shift towards the cloud has empowered lawyers to work flexibly from any location and any time of the day.
Legal tech — Easing the practice of law for lawyers and paralegals
Legal tech refers to the set of technologies that can significantly change the way of using legal services. Major technologies uplifting the legal industry include Big Data, AI, Cloud, RPA, IoT, and Blockchain, among others. These technologies are enabling law firms to better serve their clients as well as internal employees. Majorly, law firms are looking towards legal tech for enhancing productivity, reducing costs, and boosting customer satisfaction.
Few advantages of technology in the legal industry include:
Reduce the risk of errors
Improved customer service
Enhanced employee engagement
Better resource management
The sector is showing a growing interest in legal AI solutions, which has the potential to transform the practice of law and streamline work processes. The trend is expected to continue in the coming years with several AI applications, including chatbots and virtual assistants being adopted by legal professionals for augmenting the workflows.
Legal Chatbots are empowering law firms to automate routine tasks and simplify customers intake.
Legal Chatbots — A solution to get ahead in a fast-changing legal environment
AI-enabled chatbots are evolving rapidly and are creating unprecedented opportunities for law firms to optimize their work processes.
Law firms are utilizing conversational AI tools majorly for streamlining and augmenting legal services offered to clients. However, Law firms are also deploying chatbots for simplifying monotonous internal tasks done by attorneys or partners. Deploying these AI-enabled chatbots is a smart and effective way to relieve the legal department from the tedious and time-consuming administrative tasks, allowing them to focus on billable tasks.
Legal chatbots, being available 24/7, offer instant support to attorneys across channels and eliminates the need to call or email to support staff. Chatbots are enabling attorneys to ease the access to legal source materials from any device and at any moment of the day.
Legal chatbot benefits for law firms
Chatbots will continue to play a significant role in digitally transforming legal firms and enhancing overall business processes.
These legal chatbots are helping law firms in different ways, which include the following:
Automated processes: Chatbots and virtual assistants help lawyers in managing their daily routine tasks of scheduling meetings, processing titles, and other odd jobs, which were earlier done by junior attorneys. Chatbots provide law firms an opportunity to effectively use their resources and cut down the chances of errors.
Generate and review legal documents: Chatbots have automated several in-house legal tasks that were earlier performed manually by lawyers. Chatbots help attorneys and partners to create the filled-out documents based on their data inputs. These chatbots are enabling lawyers to focus more on other complex issues, resulting in an enhanced pace of operations.
Legal research: Chatbot provides lawyers an updated and revised laws as well as regulations to ease the research and maintain the necessary knowledge and skills. Attorneys and partners are leveraging chatbots to easily look for relevant documents while working on a particular case.
Due diligence purposes: Due diligence is one of the primary processes that an attorney needs to perform on behalf of their clients. It is often a tedious and time-consuming process where an attorney thoroughly assesses a legal situation and confirms facts and figures. Here AI-enabled chatbots can automate and speed up this process by conducting a comprehensive investigation. These chatbots can review hundreds of documents and ask numerous questions to unveil key information and produce a full report for attorneys.
Time tracking: A chatbot gathers all the information from attorneys to fill up timesheets and create comprehensive reports. These reports are further used by account teams for billing purposes. Chatbots eliminate the inaccuracy in billable hours and allow attorneys to calculate the effort being spent on each client for estimating the potential future efforts.
KLoBot — Offering partners and attorneys great value
KLoBot is enabling law firms to create a new legal culture that is data-driven, customer-centric, process-oriented, collaborative, and transparent. Chatbots built on the KLoBot platform empower law firms to streamline the internal processes and upgrade the attorneys, partners, and associates’ experiences. These chatbots act as a personal assistant for attorneys to easily lookup for a client- and matter-related information.
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