Is your law firm staying up to date with the latest - and greatest - technology advancements? If not, it risks being outperformed by competitors that have already adopted solutions such as cloud computing and automation.
But it’s never too late to make the necessary leap to a more technology-savvy firm. Keep reading to learn the Top 5 legaltech trends to watch for in 2023 and beyond.
Adopting legaltech can save time, energy, and resources for your firm.
What Is Legaltech?
Let’s first take a moment to explain what legaltech is. Legaltech is short for legal technology and simply refers to new software and technology advancements in the legal industry that can deliver more effective and efficient services to a law firm’s client base. This includes cloud solutions, artificial intelligence (AI), and cybersecurity.
The legal industry was already quickly adopting new technologies to improve its processes before 2023, but COVID-19 has quickened the pace. With the rise of hybrid and remote work, more attorneys and clients conduct business online now than ever before.
Some of the goals of legaltech are to help law firms and legal teams optimize their current workflows, ensure sensitive information is protected, and provide clients with an excellent digital experience.
Here are five exciting trends to watch for in the legal industry in 2023:
1. The Rise of Artificial Intelligence
The amount of data law firms juggle continues to rise. Implementing artificial intelligence can improve data management and the customer experience.
Instead of manually sifting through documents, AI can automate these painstaking tasks to free up countless hours during the day so employees can work on client-focused tasks. For example, AI technology can help paralegals sift through documents quickly and accurately. AI can even predict possible outcomes and create compelling case strategies.
The rise of hybrid and remote work has also, unfortunately, led to an increase in cyberattacks that can steal a law firm’s sensitive information. This includes information about clients and cases, which can put the entire firm in jeopardy. According to the FBI’s Internet Crime Report, the cost of cyberattacks reached about $2.7 billion in 2020. Law firms are encouraged to implement IT security software to protect their privacy and sensitive information.
Automation is already used by many legal firms, but as customer demands grow, its usage is only expected to increase in 2023 and beyond. Non-legal work performed by lawyers and the management team eats away multiple hours per week that could otherwise be used toward client matters. Laborious tasks such as billing and accounting can be automated to cut costs and improve efficiencies across the organization.
4. Cloud Computing
Don’t let IT terms such as “cloud computing” scare you. In actuality, cloud computing can be a law firm’s best friend. The “cloud” is essentially where all of your technology lives and information is stored. More legal firms are moving toward cloud computing in 2023, as the industry shifts to remote work. The cloud allows employees to access files, applications, and data online from anywhere with an internet connection. Law firms that utilize the cloud have a significant advantage over competitors.
5. Digital First in 2023
After spending much of the past two years conducting work and personal matters behind their home computers or smartphones due to the pandemic, legal firms must cater to customers’ digital-first mentality. This includes ensuring your law firm’s website is up to date and optimized to rank high on search engines such as Google and the Google Business Profile.
Adopt Legal Technology to Stay Ahead of the Competition
The legal industry is quickly changing - and your law firm needs to stay on top of these advancements by implementing legaltech wherever possible. From artificial intelligence to automation, you can use technology to streamline processes and increase efficiencies across your entire organization. This will make your clients and employees happy - and increase your firm’s bottom line.