Corporate Finance, DeFi, Blockchain, Web3 News
Corporate Finance, DeFi, Blockchain News

How Legal Technology Will Change the Business of Law

Powerful forces are reshaping the corporate legal-advice market, including price pressure from clients and the digitization of legal data. Legal-technology solutions can help law firms succeed in this new era, but only if they understand the tech landscape and redefine key elements of their business model.

Mapping the Legal-Tech Landscape

The legal-tech landscape comprises three solution categories: enabler technologies facilitating the digitization of legal data, support-process solutions infusing new efficiencies into case-management and back-office work, and substantive law solutions supporting or replacing lawyers in executing core legal tasks in transactions and litigation cases.

Legal Tech’s Impact—Today and Tomorrow

While legal tech began with the automation of standard legal tasks, it’s moving toward supporting more bespoke, specialized activities performed by lawyers. It’s also capitalizing on opportunities presented by big data analytics, helping lawyers capture valuable insights from large data sets.

Next Steps for Law Firms

To safeguard their market share and profitability in a market transformed by legal tech, law firms must rethink two elements of their business model: their value proposition (including their service offerings and revenue model) and their operating model (including their cost structure and organizational structure). The right decision for each element will differ for “big law” and “small law” firms that focus on standardized cases.

Legal Tech’s Impact on Individual Roles and Legal Education

In the future, the business of law will require fewer general support staff members, junior lawyers, and generalists—and more legal technicians and project managers. Accordingly, law schools may need to offer courses on legal tech and case-management processes. Law firms can offer on-the-job training to help lawyers leverage legal-tech solutions and executive-education
programs focused on legal-tech literacy.

Download the report below (PDF 20 pages)

Les médias du groupe Finyear

Vendredi 11 Mars 2016