Modern technological applications like IoT, artificial intelligence, and cloud computing are potentially transforming the legal industry by eliminating the need for unnecessary trials and making the necessary ones more straightforward to settle.
Technology has penetrated and enriched every aspect of human life, and no field or industry has been impervious to its advancements, including the legal industry. The legal industry is one of those industries that have been least associated with modern day technology, as justice and morality are beyond the grasp of artificial intelligence. However, information-based technological applications can help to make legal processes easier to comprehend for all parties involved. Following are five new age technologies that will be instrumental in transforming the legal industry:
Technologies transforming the legal industry
Cloud computing is rapidly replacing on-premise applications and enabling people to access services.This includes services like data storage, data processing, and data analysis. These applications have become a necessity to make routine tasks easier and less time-consuming. Despite the concerns regarding the security of legal data on the cloud, numerous law firms are migrating to the cloud or are planning to do so eventually. This is enabling easy, cost-effective storage of data and offering increased mobility to lawyers.
Legal processes usually involve the scrutiny and verification of highly classified data. Big data analytics can help in informing legal decisions, especially in cases involving business law. Besides, analytics can also be broadly applied in law-making. The vast amount of data that is analyzed can be used to perform extensive research to identify patterns that can enable making changes in laws.
Internet of things (IoT)
When you think of technology, it is hard to ignore the buzz that the internet of things is creating. The internet of things is taking analytics to the next level by collecting not only a large amount of data but also a wide variety of it. The sensors that make up the internet of things network collect data that is of great quality, enabling legislators and tribunals to have more accurate information while making decisions and passing judgments. The presence of IoT sensors all around will also minimize the occurence of crimes and the need for unnecessary trials.
Artificial intelligence (AI)
AI applications can make life much easier for lawyers, by taking over time-consuming tasks such as performing research through a legal database or finding information relevant to a case. A number of AI applications, such as robotic lawyers or robo-lawyers, are already being developed that automate the work of legal assistants and paralegals. For example, ROSS is a robo-lawyer that a number of established law firms are hiring to assist lawyers in finding valuable information. Another AI application is a chatbot that provides free legal counsel in resolving minor issues such as parking ticket infractions.
Blockchain could have a revolutionary impact on the legal industry by potentially minimizing the need for legislation and enforcement. Blockchain’s ability to execute smart contracts will reduce the number of trials due to contract breaches, especially in cases involving financial non-compliance. These are just five of the numerous technologies that are transforming the legal industry by enabling easier gathering and analysis of data to help legal processes. An honorable mention in this list would be that of machine learning, which is helping both lawyers and judges in dispensing their duties through automated analysis of data.