Science and law have united on a global forefront to create something extraordinary that has never been witnessed by the legal community! The only field that was considered outdated and tech-unconscious has progressed tremendously. Law firms, practising advocates and even the governmental law enforcement agencies have digitalised their processes to a great extent in order to provide better services to clients.
Technology heralds the dawn of a new era in the legal profession. Introduction of innovative technology is a commonplace and legal service providers embrace the innovation as a part of their corporate DNA.
Although legal-tech is still at a nascent stage in India, it is blooming worldwide. Let’s take a quick look at the best of technologies taking the legal-tech world by storm-
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Document Automation Tools: Traditional and painstaking methods of document drafting manually by legal professionals has been replaced with document creating software that prepares contracts, agreements, etc., within a matter of minutes! Through intelligent collection of relevant data, document automation tools reduce errors, costs, labour and other related inefficiencies associated with traditional methods.
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Machine Learning: The legal sector has been revolutionised with machine learning which has simplified colossal amounts of data for legal service providers. The software is skilled to read text and assess whether a person is complaining or congratulating. Machine learning facilitates ventures pertaining to analysis of mass data, spotting proxies and patterns in the law, and generalising old and new data.
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Predictive Analysis: Another sensation in the legal tech space is a method to extract that information from an existing set of data which helps in determining possible advancements in present-day trends. This newfangled product is used by the global legal community to spot changes in similar cases to assimilate risks while making key decisions.
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Artificial Intelligence: In addition to the language processing and deep learning systems, tech-savvy law firms and legal counsels are embracing Artificial Intelligence software to develop unconventional tools to engage and interact with users. The existing AI programmes like Kira and ROSS intelligence, minimise the cost incurred in expendable procedures, increase productivity of legal professionals and refine their services to clients with superlative customer services.
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Legal Research: Large database of information collated at a single platform makes extensive research an easy task. This algorithm uses an amalgamation of data analytics and Artificial Intelligence to expedite the process of legal research. Case laws, statutes, scholarly articles, citations and references are made available on a common ground.
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Cryptocurrencies: Encrypted form of currency that is physically non-existent has emerged as a new mode of trade among individuals in the cyber space. Cryptocurrencies are illegal in multiple countries hence creating a different niche of advocates who specialise in dealing with legal disputes related to digital currency! Bitcoin, Litecoin, Ripple, Ethereum, etc. are some famous types of virtual currency that have created a lot of litigating business for lawyers.
Technology has subsumed in the legal profession more than ever. Globally, legal professionals have begun to invest in technology that enables efficient client services which in return multiplies the business for law firms. To conclude, the legal industry has finally realised the value of customer satisfaction and the important role technology plays in achieving that.
