Every competitive business across the board keeps tabs on the evolving technological trends in their vertical in order to reach out to more customers and retain the existing ones. The legal industry is certainly not an exception to this and the number of legal tech companies catering to this sector has gone up. These vendors understand that while going digital, the sensitive and confidential nature of the data makes law firms a prime target for cyberthreats. Cloud-based practice management software with certified storage, backup, and recovery options can ensure the security of the data.
When it comes to storing and searching through the volume of digital data in documents, legal tech solution providers offer robust eDiscovery software that continues to be a boon to law firms. To expedite search times and extract meaningful and appropriate information, advanced machine language, deep learning, and natural language processing (NLP) capabilities are augmented to these cloud-based eDiscovery software. Meanwhile, the combination of AI along with other analytic tools and developments can facilitate the undertaking of challenging discovery projects and pave the way for achieving rapid, accurate, and logical results in litigation and criminal inquiries.
Yet another revolutionizing technology that has found its way to the legal tech landscape is blockchain. While blockchain ensures immutable record-keeping, it also allows for documents and other data to be retained for a much longer duration. Understanding the prevalence of digital transformation and the impending need to cater to a millennial crowd, legal tech solution providers are also offering self-service portals that save time for physical visits and let the client onboard a digital journey right from the beginning. What’s more, mobility has added the feather in the hat by enabling legal firms to collaborate and communicate with their clients on the go.
The in-house legal document management systems offered by legal tech solution providers extend the in-house capabilities to manage the business transactions with vendors overseas. Another promising technology is Virtual reality (VR). It supports evidentiary laws where a videotaped testimony captured by drones transforms the traditional law practice. The aforementioned innovative tech solutions have brought tremendous change in the legal industry.
In this special edition of CIO Applications Europe, we help companies stay on top of the emerging technological trends. Our esteemed panel of CEOs, CIOs, CTOs, along with the editorial board of CIO Applications Europe, has shortlisted some of the legal technology.
We present to you the “Top 10 Legal Technology Solution Providers-2019.”