P2P

summer20212

Peer to Peer: ILTA's Quarterly Magazine

Issue link: http://epubs.iltanet.org/i/1397188

Contents of this Issue

Navigation

Page 18 of 84

19 I L T A N E T . O R G C OVID-19 outbreak has shifted the working patterns, leading to a significant increase in remote working. Work from home has rapidly become a chosen way of doing business across industries, including the legal industry. A virtual law firm is the next big thing to accomplish law firm administration functions from billing, collections to client assistance. During times like these where the world is facing lockdown, remote assistance and monitoring services have seen a significant increase in demand. These systems play an important role in ensuring uninterrupted legal services and making informed business decisions. Pain points of law firms during COVID-19 • Attorneys deal with hundreds of documents that make their task more time-consuming. • Lack of internal efficiency (around 60% of the law firms are struggling with a lack of internal efficiency). • A lot of time spent on tedious administrative tasks. • A new subset of client expectations. • Lack of digital collaboration tools. • Compliance remains one of the top challenges for legal firms. • Ineffective employee communication. Law Firm's increasing adoption and reliance on technology The COVID-19 crisis has a profound impact across the legal sector, especially on the traditional law firms, mostly relying on the office model. The current pandemic situation has shown the importance of legal technology to the conventional as well as modern legal firms and the need for these solutions for business continuity in this scenario. The year 2020 has seen a considerable shift in the legal industry in terms of technology adoption and ongoing transformation, which is now amplified due to the global pandemic situation. The current focus towards technology is driving change in the industry and is ensuring that the legal firms survive through this change. Artificial Intelligence - shifting legal industry toward a tech-savvy future The use of AI and its applications in the legal industry is moving higher and is becoming the next big thing for legal firms. By 2024 the legal AI software market is expected to reach $1,236 million and is forecasted to grow at a CAGR of 31.3% during 2019-2024. Incorporating AI into legal practice can augment the workflows and streamline the work processes.

Articles in this issue

Archives of this issue

view archives of P2P - summer20212