5 Legal Technology Trends to Look Out for in 2023
Advancements in technology have always altered the way we work. From the introduction of email to automation and AI, technology has the power to change our day-to-day and make our work more efficient.
Legal technology has been slow to the party, but is still on the rise. Here are the top five trends you need to look for in 2023:
1. Investment in technology
Buy-in is increasing as stakeholders realize the recent advancements in legal technology. While other areas of the budget are minimizing, software and technology investments continue to be a priority.
In fact, the ABA TechReport found 50.6% of respondents reported an increase in budget for technology and software. From the same report, nearly 66% of respondents indicate it is either very important or somewhat important to stay up to date on legal technology trends and advancements, like blockchain and AI.
2. Automation of manual tasks
Increasingly, many aspects of our daily lives continue to be automated, including manual tasks that take away from strategic business planning or operations. Features like linked data in documents, digital reviews, edits, approvals, and commenting, along with the ability to track updates, should be standard in a well-rounded legal tech solution.
If technology is leveraged to its fullest potential, legal teams can spend less time on manual and repetitive tasks and focus on more pressing issues. And this is at the top of executives’ minds according to a 2022 survey from PwC, where 60% of executives surveyed cited digital transformation as the most important growth driver.
3. Data privacy and security
Privacy and data security have always been key priorities within the legal industry. But with cyberattacks happening every day, data breach protection has become a prime concern when evaluating and shopping for legal tech. With the right platform, you can trust your data is secure, share and protect it across teams, departments, or external counsel and advisors, and minimize risk.
But not all software is secured the same. So make sure that you can trust your data and find out what certifications a platform has to keep your data safe.
4. Cross-team collaboration
Gartner predicts 39% of global knowledge workers will work hybrid and 9% will work remote by the end of the year, so prioritizing technology that enables collaboration and communication is key to productivity.
As legal teams become more important to business strategies and planning, you’re able to access and collaborate with key stakeholders such as accounting, sustainability, audit and risk teams, and external legal counsel and other experts.
5. Cloud solutions
In relation with the rise of remote and hybrid work, cloud solutions are becoming the standard for legal technology. With the ability to access data and documents from anywhere, anytime, legal teams can remain flexible and agile during the most critical of moments.
If you’re in the market for a new legal technology, be sure to consider these areas when you’re vetting vendors. Don’t risk security, productivity, and impact in the name of tradition.
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