Technology is constantly changing, with new software introduced to make workflow more efficient.
The legal industry needs to upgrade and introduce new legal technology to automate workflow and meet customers’ needs.
Global research company Gartner predicts by 2024, legal departments will have automated 50% of legal work related to major corporate transactions.
So what is legal technology, and what technology should law firms expect to see more of in 2022?
What is legal technology?
Before discussing what trends we can expect to see for the remainder of 2022, it is important to understand exactly what legal technology is.
Previously, legal technology is referred to as technology such as practice management, billing and document storage.
However, the definition of legal technology has changed as technology has evolved and updated.
Legal technology now refers to technology allowing law firms to deliver a more effective and efficient service. This includes a range of technologies, from automation to artificial intelligence.
So what are the technologies that law firms should have?
1. Electronic signing
Law professionals can enjoy faster turnaround times with electronic signing.
Lawyers simply upload the necessary documents and send the documents to the relevant parties. Throughout the process, all involved parties will be notified.
Electronic signing means lawyers and clients no longer have to sign physical documents or be in the same room.
Dye & Durham offers digital signing through SignMe.
2. Verification of identity
Verification of identity technology allows law firms to verify the identity of clients without having to meet in person.
This facial biometric technology scans, reads and compares the clients’ identification documents to real-time imagery.
This software saves law professionals from manually checking whether clients have completed the verification of identity process. Clients receive a text message when they are required to begin the verification process. Once they have completed their verification, law professionals will receive an email notifying them the process has finished and a report is available.
The software also helps to prevent identity fraud.
Dye & Durham currently offers VirtualVoi to help law firms accurately complete their due diligence.
3. Cloud technology
Cloud technology works to make conveyancing efficient and effective.
With working at home becoming more prevalent since 2020, cloud technology is more important than ever.
Cloud technology allows conveyancers to access data anywhere, instead of just at on-site storage facilities.
If a conveyancer is unable to attend the office, cloud technology allows them to continue to be able to work remotely.
Dye & Durham offers cloud technology through the award-winning conveyancing workflow solution Matter Centre. The all-in-one eConveyancing solution features automation and smart workflows. Multiple users can simultaneously work on matters across multiple locations.
4. Online modules
Online law firms allow lawyers and clients easy access to necessary forms. This eliminates the task of transferring forms back and forth. Instead, all parties can have access to a form stored within one place.
Online forms also often come with additional functionality, including pdf annexures, online e-signing and SMS security.
Elawforms offers a range of online law forms, including Law Institute of Victoria, commercial forms, state-specific forms and commonwealth forms.
5. Data security
With legal technology continually changing and upgrading, it is important to ensure security reviews occur.
No law firm wants to be the victim of a cyber security attack and have clients’ data leaked. Not only can security attacks result in lost data, but also lost revenue.
It is important for law firms to undertake security reviews throughout the year to avoid potential threats.
To avoid this, law firms should increase their investments in software that will help to mitigate data security losses.
As previously mentioned, cloud-based technology allows for document storage, as well as access to documents and data from numerous devices in any location.
ATOM is a cloud-based practice management software platform that helps Australian law practices to manage and grow their business. A key feature of the software platform is its data security and daily backups, ensuring data is always secure. ATOM also includes other vital features including document storage and client and matter management.
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