The previous instalment unfolded the tale of smartphones shepherding the world towards Experience Age and ameliorating the legal domain into a technology-steered trade.
This segment updates you with the contemporary radicalization of the legal industry via the technological route. Current generation alias Generation Z, Millennials or the 2K generation is inordinately dependent on technology. From waking up to transacting and communicating, technology drives their every manoeuvre.
Now more than ever, people rely on technology to access and employ legal services. Legal technology includes modern platforms to connect stakeholders and clients to the legal system efficiently. The legal tech reign has facilitated a single click that brings a colossal nexus of lawyers closer to public’s reach and remodels the strenuous laws into DIY or ‘Do it Yourself’ laws.
Unimaginable few decades ago, the concept of Artificial Intelligence has become an alluring reality. Artificial Intelligence is the area of computer science that deals with giving machines the ability to seem like they have human intelligence. AI in legal domain is displacing traditional work done manually viz. document drafting, decision making and negotiations in addition to significantly easing cross-border dealings and legal services.
Furthermore, computational innovations are aiding legal processes by making computers comprehend laws and make decisions. Smart contracts through this technology facilitate, verify and enforce performance of a contract and obliterate red-tapism in otherwise expendable legal processes.
Law firms are also using machine learning that detects patterns and infers rules from available data. Machine learning possesses the capability to draw correlations between a judge’s opinion and other diverse factors to determine whether there is any asymmetry impacting the judge’s decision. Also, in coming times, it can help lawyers in determining which judges could be sympathetic towards a particular cause and client.
Data analytics include predictive analytics which began in legal areas of corporate litigation, especially in Intellectual Property, security law, consumer law and legal assistance. It has also enabled better marketing by identifying trends and strategies that influence consumers to buy a product or avail a service.
Electronic discovery or e-discovery is another technological advancement that replaces expendable work and improves the experience of legal services. E-discovery process runs parallel to litigation. A process that enables collecting, reviewing, saving and exchanging data in a legal matter electronically, e-discovery warrants such data to be used as evidence.
Lastly, cryptocurrencies i.e. encrypted form of currency, physically non-existent and virtually circulated, has emerged as a new mode of trade, paving the way for a new field of law and ‘ledger lawyers’. Bitcoin, Litecoin, Ripple, Ethereum, etc. are some famous types of virtual currency.
Over the past few years, computing requirements and skills have doubled and the legal profession is coping up with global computerization. Contemporary computing power and new tools like document automation, decision engines, e-discovery tools and so on have improved lawyering techniques and the legal profession as a whole continues to upgrade in efficiency and functionality.
Technology and legal service providers are collaborating to create more robust and high- performance legal tools that not only prove to be cost-effective but also improves the user experience. The Generation Z is living in the Experience Age driven by technology and the legal industry is matching its pace to provide avant-garde services through the incorporation of technological innovations.
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