Technology is advancing at a fast rate, and every industry is adopting new technologies to leverage the benefits. However, these technologies are coming with new regulations and standards that have to be met. In case you are in California, be sure to meet the CCPA compliance checklist. But there are software that can help your legal firm with meeting these new compliance standards. In addition to such software, here are four technologies being used in law firms today.
- Desktop Tools
PDF and OCR software are being used in law firms to boost productivity when it comes to dealing with documents. These tools aid in accessing and modifying information locked in documents that are paper-based as well as PDFs. They are especially handy during litigation when there is collection and review of documents by lawyers before presentation to opposing counsel. It is vital to carry out text searches to determine potentially responsive documents. If this process is not taken seriously, the opposing counsel can challenge the process utilized in determining the documents offered to them. This could result in sanctions, delays, and the possibility of losing the case. Even with the migration of the legal industry to the digital world, the paper amount used in the overall documents will remain high. PDF and OCR software make everything easier during conversion and comparison of documents. Case records, pleading, contracts, mandate files, writs, and patents can be digitized and managed. You can use or extract text passages without having to reformat or type them.
- Blockchain Technology
Blockchain technology aids in recording data across peer-to-peer networks. Each participant can view the data before verifying or rejecting it through the use of consensus algorithms. Approved information is put inside the ledger and storage is in the form of an unalterable chronological chain. A significant part of blockchain is smart contracts. These are self-executing agreements on the basis of blockchain technology. Through smart contracts, there is an automatic execution of legal agreements. They aid in the automatic triggering of payments or actions after meeting of conditions. In the future, smart contracts are going to use real-time data, like asset GPS data to trigger an event, like transfer of funds and ownership. Areas like the chain of custody and intellectual property are being improved through the use of blockchain technology, particularly with the use of digital documents.
- Text Analytics for Contracts
The majority of law firms find the manual review of contracts resource and time consuming. But with advances in technologies that are AI-enabled, like machine learning capabilities and semantic algorithms, natural language processing systems are enabled to comprehend and extract facts, entities, and relationships from complicated contracts. Text analytics can be able to speed read documents with the understanding of a human. Powerful natural language processing, data capture, and server recognition identify main sections, entities, facts, and clauses from agreements and other complicated, sectioned business documents. Also, contract obligations, terms, and opportunities placed within documents are an essential input for many systems, including logistics, accounting, procurement, HR, contract lifecycle management systems, and more. Contract analytics leverage natural language processing and AI to extract vital business intelligence needed by other systems of record.
- The Cloud
The legal industry has been extremely slow when it comes to the adoption of cloud technology. Leading worldwide legal enterprises have largely sidelined the many proven advantages of cloud technology. However, the fourth largest law firm in the world, Hogan Lovells has migrated its document management activity to the cloud in 2018. Additionally, research indicates that 77 percent of law firms with over 700 lawyers state that there would be a heightened adoption of cloud technology in the same year. Law firms are using cloud platforms to store legal documents more securely, create a paperless environment, and more.
Whether it is cloud technology, desktop tools, text analytics, or blockchain technology, these technologies will make work easier, faster, and more efficient. Therefore, associates can be freed from tedious tasks so that they can focus on cases.