Legaltech: The technological innovation in the legal world
In The past few decades, technology has invaded the majority of business sectors. The legal sector – traditional, meticulous, vigilant and highly based on human judgment- was however relatively late in embracing these changes. It is only in recent years that investment in legaltech companies started to grow.
As its name suggests, legaltech is derived from Legal Technology, and relates to the automation of legal services, i.e., offering legal services with the support of new technologies and softwares.
Having emerged in the United States, legaltech started as an online law startup that serves both law professionals and individuals on many levels of the legal field.
There are different types of legaltechs, offering various services. For law professionals, legaltechs offers services like the storage and generation of legal documents, the automation of legal drafting, sample legal documents, billing, legal process …etc. For the clients on the other hand, legaltech helps to put them in contact with lawyers. It also allows them to know the tariffs, since one of the most important characteristics of legaltech is transparency, especially that nowadays customers want pre-established prices that do not change according to the time spent on their cases.
Many firms remain skeptical about the legaltech, and may even consider it a threat to the traditional legal sector consisting of lawyers, lawyers, secretaries, notaries … etc. Yet the legaltech is not a substitute for the latter. On the contrary, legaltech discharges law professionals from daily basic tasks and formalities, and allows them to focus their efforts on the important parts of their work, thus granting them flexibility and increasing their productivity.
Nevertheless, the success of the legaltech remains strongly linked to the financial support of the government and the digital accessibility of the population, thereby boosting the modernized market law.