The Five Latest Trends In Legal Tech

  1. The front runners are e-discovery related tools. Smart lawyers or engineers (or lawyer turned engineers) quickly found the previous discovery model where you have paralegals or young lawyers read and tag documents and emails are antiquated. By using machine learning and artificial intelligence, the e-discovery space is the first to innovate and transform and where AI and ML are the most prominent.
  2. Second to follow suit are contract review and legal research tools. Although the law is complex, they are, after all, words that follow certain patterns. Using AL and ML, instead of having lawyers reading through each provision, now you can easily research, gather and tag relevant contract languages and relevant legal documents using SaaS. As a matter of fact, our friend at Appinventiv cited e-discovery and contract review as the most used applications in legal tech.
  3. CLM and practice management tools are on the rise. The most modern law firms and the in-house departments of modern technologies companies also discovered there are better ways to work. You can store your contracts, tag them into different categories and even negotiate contracts with other parties using online tools. You can take in clients, start marketing campaigns, manage the bills and track lawyer’s billable hours using more sophisticated software.
  4. Smart people have found niche areas to innovate. Not long ago, I received a parking ticket and decided to try DoNotPay. It worked like a charm. Granted, I paid them $30 for a year of service, but that’s better than paying the $75 ticket. More importantly, I didn’t lift a finger, other than uploading the few pictures I took at the time. I didn’t have to fill out a paper form, find a stamp and mail in my contest. There are apps that can help you notorize online. You can draft your wills and fight your delayed flight claims online. As the millennials continue to live a digital life on phones and computers, there are legal related tasks where now you can just text, chat and get resolutions.
  5. The legal marketplace still needs disruption. While there are a few forward thinking websites where you can post your legal questions or try to find lawyers online, the space remains to be confusing, complicated and daunting. Why pick out a lawyer from a 100+drop down menu or write up a lengthy summary? Worse yet, you still need to wait to hear back, and have to talk on the phone! Who wants that? Why not just chat online and get connected to the right lawyers online, immediately! The legal marketplace still needs to innovate with machine learning, artificial intelligence, and big data. This is where we come in. We are the unique combination of legal tech and AI.

--

--

--

An AI-powered legal marketplace, making legal services accessible to everyone. Join us now: https://www.trusli.com

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

The Future Is Now: Tina D’Agostin Of Alcatraz AI On How Their Technological Innovation Will Shake…

What happens if AI started to behave like Humans?

Medabots ($MEDA) the native currency to the Medabots NFT Marketplace is coming to BSCPad

Artificial Intelligence: Boon Or Doom?

BLOOM Is the Most Important AI Model of the Decade

Fear is the main impediment to the ultimate success of AI

Why I wrote an A.I. Chatbot — and how it learned to think (sort of)

Answer the Phone

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Trusli

Trusli

An AI-powered legal marketplace, making legal services accessible to everyone. Join us now: https://www.trusli.com

More from Medium

How to work with cross-functional(XFN) teams

Networking 101 to thrive in your profession

A day in the life of an engineering manager (Startup edition)

The Career Conundrum