This year is set to be a transformative one in the world of law. This is thanks largely to technological changes, but some other technical, economic, and social trends are worth taking stock of. Let’s take a look at a few of the trends that might shape the industry in the coming twelve months.
Why is the legal industry changing?
The Covid-19 pandemic has helped to catalyse digital transformation across workplaces of every kind. This includes every reputable international law firm.
We can’t say with certainty what the future holds for the industry, but we can make a few educated guesses.
Cybersecurity is being taken more seriously
Businesses can often find themselves vulnerable to cyberattacks, especially if they haven’t implemented procedures to ensure the safe storage and transporting of client data. Cybercrime is a billion-pound problem in the UK, and the situation is likely to worsen as attackers gain access to ever-more sophisticated tools.
Suppliers looking to renegotiate contracts
With economic uncertainty looming, and the cost of living rising, many businesses might decide that it’s time to look at their customer agreements. They might consider whether there are ways to push up prices to account for the effects of inflation or to scrap an agreement entirely.
Environmental, Social and Governance
ESG has been a big deal for certain kinds of companies for several years, and it’s only likely to become more prevalent as the business world looks to reflect the values of consumers. The European Commission’s proposed Corporate Social Due Diligence Directive will affect British companies trading on the continent, and might push regulation in the UK in the same direction.
Collaborative Workspaces
The ability of law firms to seamlessly collaborate with their clients will likely continue to evolve. Online collaboration workspaces have become common in creative industries, and they’re likely to find increased traction in the world of law, too. Rather than wrestling with emails, phone calls, documents, and memos, we might shift to a process which involves logging into a shared digital space.
More Data Visualisation
Being able to share insights and track financial metrics over time can be enormously helpful to law firms of every shape and size. These things can be measured and presented with the help of the right technological tools – which, increasingly, are accessible even to people with limited knowledge of data science and programming. Expect to see more graphs, better tools, and better presentation in general.
Artificial Intelligence
It might be a little too early for Artificial Intelligence to truly take off in the legal industry. There are too many barriers to that. Still, the performance of ChatGPT has taken many by surprise, and it might be that many administrative functions end up being carried out by machines sooner rather than later. If you’re using Microsoft Office, it might be worth familiarising yourself with what the technology can do, as it’ll be integrated very soon.
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