legal - kn

Corporate legal departments have sometimes lagged in adopting data-driven approaches, in part due to comparative complexity and subjectivity in executing legal processes as well as the pace and intricacies of the practice of law itself.

Now, the vast majority of legal departments in the Fortune 500 have a legal operations position.

Artificial Intelligence (AI) is infallible, and a great tool for legal departments requiring efficiency and faster delivery of legal work. AI can transform the litigation space, offering legal departments dealing with lawsuits a faster way to research and get evidence. Every minute is precious in litigation! 

Time is a… precious resource, yet it’s squandered when lawyers manually assign and track tasks others can do more effectively and at a lower cost.

“AI-powered legal research could save lawyers up to $1 billion annually.”

The legal industry, traditionally known for its reliance on paper and precedent, is undergoing a digital transformation. At the forefront of this change is legal technology, also referred to as legal tech. According to Statista, the global legal tech market is expected to reach USD 25.4 billion by 2025! But what exactly is legal tech, and how is it changing the way law is practiced?

The legal landscape is rapidly evolving, with Artificial Intelligence (AI) playing an increasingly prominent role. Harvard Law talks about AI in the legal industry, stating that “a growing number of judges have issued standing orders regarding the use, generally, of artificial intelligence (AI) in litigation.”

One of the biggest disruptions in the world of legal was when legal-specific technology (legal tech) made its entry more than 4 decades ago. Let’s go time traveling and jump back in history to find out more about the time legal tech was invented, its adoption, and how it has transformed exponentially over the decades into its myriad current avatars!

When it comes to securing data, legal departments have to be adept and on top of their cybersecurity protocols at all times. Legal data is vast, sensitive, and confidential. Should legal data fall into the wrong hands, there’s no knowing what adverse implications it holds for all parties involved, which is why an effective and secured strategy is so vital to success.