Since legaltech is in such a nascent stage, how do you become a techno-lawyer?
The legal industry is a conservative and unchanging profession. After the financial crisis, the legal industry started to feel the need to transform as clients began demanding cost-effective solutions to their legal problems. Client frustrations around the high cost of legal services include the billable-hour model, charging out of trainee hours, the high cost of preparing simple agreements and regular box-checking exercises such as due diligence.
We have seen an acceleration in technology adoption in traditional areas of law such as legal research, e-discovery, document storage and automation, billing and accounting and case and practice management. Recently we are seeing the focus expand to areas such as tools or marketplaces that connect clients to freelance lawyers, tools that allow clients to complete legal matters and documents by themselves, use of legally binding digital signatures, data and contract analytics, law practice optimization and much more. With the advent of blockchain, smart contracts and artificial intelligence, this pace of technological adoption does not appear to be slowing down, with many eyeing the US$600 billion global legal market. Although most legal technology out there right now is nowhere near perfect and still requires human supervision, it is only a matter of time that it is sufficiently perfected and becomes commonplace. [read more]
Source: Daniel Lo | Canadian Lawyer