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Digital Disruption: Transformation in the Legal Industry
The Legal industry is one area that is on the frontline when it comes to digital disruption. Which is understandable, because the focus of the legal industry has been documents, signatures and paper, all areas that are rapidly being transformed by new digital tools.
Investments in LegalTech grew by a factor of 713 percent in 2018. McKinsey estimates that 23 percent of tasks currently being done by lawyers can be fully automated.
Mike Abbott, vice president at Thomson Reuters, said that “much of the recent disruption of the legal market has been enabled by technology, and law firms themselves are increasingly driving that innovation. We’re seeing a trend towards more law firms launching their own software development businesses, investing in legal tech startups and establishing technology incubators. These firms understand they can not only benefit from, but can help lead, this technology-based disruption of legal services as a means to improve efficiency and expand their business by creating new products and services for clients.”
Jennifer Mnookin, dean of the Law School at UCLA, said that “technology is already disrupting the legal profession, and there will likely be continued changes. “A great deal of the work that first and second-year associates used to do at large law firms, they’re no longer doing. It’s been outsourced in a variety of ways, partly to technology and partly to other forms of labor.”
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