Trends in legal services: Tech advances are changing how lawyers do business, transforming traditional legal practice model
For many years legal services was a market in which meaningful change was largely absent. Now that is changing. Advances in technology are driving reform in areas such as virtual law, smart contracts and artificial intelligence.Big legal firms are most adaptable, having the most resources, but competition to utilize cutting-edge technology is intense. Even for the casual user of legal services, the future is going to look very different to the traditional model. However, other trends are less attractive. Fake lawyers remain a big problem and frequently target migrants and other vulnerable groups.
- Even large legal firms are setting up virtual practices, stating that soon a considerable percentage of cases could be settled without legal practitioners
- Automation posits a future of much lower costs to end-users and has already initiated a trend that will see legal firms increasingly become operators of sophisticated technology - those which fail to adapt will probably decline slowly as the tech-based alternatives gain in popularity.
- Time saving from AI is considerable, lowering business costs and enabling human legal practitioners to perform higher margin work. Amid fierce competition for clients, legal firms are investing in artificial intelligence in a bid to adapt quickest to a changing legal landscape.
Reasons to buy
- Assesses the threat of fake lawyers
- Examines the likely impact of smart contracts
- Looks at how virtual lawyers will change the legal services business model
- Examines the influence of artificial intelligence on the market
- How will artificial intelligence shape the future of legal services?
- Can smart contracts become commonplace?
- Is the fake lawyer problem being solved?
- will virtual lawyers change radically How legal services are accessed?
- Virtual law firms are transforming how legal services are accessed
- Growth of virtual law is disrupting long-established practices, shaking up legal services market
- Virtual law is allowing creation of bespoke legal firms able to work better in niche segments
- Benefits of virtual law firms suggests trend will speed up over coming years but future is not all rosy
- Smart contracts threaten technological shakeup, but fundamental problems remain
- Argument in favor of smart contacts is gathering strength, signaling potentially massive change in legal services market
- Practical application issues must be overcome for smart contracts to fulfill potential
- Legal issues must be overcome for smart contracts to become commonplace
- Artificial intelligence is inciting fundamental change in legal services
- Mundane tasks can now be performed by artificial intelligence, streamlining legal services market
- Legal practitioners are beginning to use AI to better understand judges, improving results
- Client pressure will drive adoption of artificial intelligence
- Fake lawyers remain a serious problem in developing legal services markets
- Online sphere enables fake lawyers to lure consumers, undermining genuine legal practices
- Using online tools has made life much harder for fake lawyers, easing threats
- Problem of fake lawyers in developing economies is substantial
- Technology is transforming legal services even though some problems are unsolved
- Further Reading
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- About MarketLine
- List of Figures
- Figure 1: Virtual law artists impression
- Figure 2: Vario by Pinsent Masons
- Figure 3: Pinsent Masons revenue 2014 to 2018 (£m)
- Figure 4: Blockchain
- Figure 5: OpenLaw
- Figure 6: Global number of legal practitioners (million) 2010 to 2017
- Figure 7: Ravel Law
- Figure 8: Bank of America net profit ($bn) 2011 to 2017
- Figure 9: US Internet Service Providers revenue ($bn) 2013 to 2017
- Figure 10: Legal domain name
- Figure 11: Number of legal practitioners working in India (millions)