The case for disruptive technology in the legal profession
They say tech changes everything. The digital revolution and the internet which is its medium has already turned almost every business on its head. Is the law an exception in this era of transformation and innovation?
Our latest report outlines some of the most important ways in which technology has challenged the practice of law. We introduce innovative potential applications on how technology can be deployed to increase efficiency, reduce costs and provide early adopters with first mover advantage over their competitors.
We look at the following key themes:
- The opportunity technology creates in the legal profession
- Importance of big data and analytics in constructing legal cases
- Effects of technology on the business model
- Potential legal disrupters
Cloud computing provides critical advantages to lawyers but only 38% currently use it.
Lawyers that specialise early in Blockchain will capitalise on the new areas of legal practice this will create.
Big data is making the process of discovery more complex, lawyers need to know what to ask for.
Artificial Intelligence can highlight pattern recognition from big data and hence can offer predictions of future behaviour.
Changes in the business model as 114,000 legal jobs likely to be automated in the next 20 years.
Deloitte expert viewpoint
“Big data and artificial intelligence are already realities, but there are also new data-based technologies with deep legal implications that today are at the tipping point between proof of concept and real world application. Soon they will change not only the practice and the scope of the law but also the shape of the law firms themselves. And when it comes to survival readiness in the law, there is still much work to do.”
Jarrod Haggerty, Lead Partner, Deloitte Forensic Technology