Top LegalTech Trends For Legal Teams, GCs & Law Firms To Watch Out For In 2023

With numerous legaltech software already in the market, is there a need for more? Yes! There will always be a constant need either for an in-house counsel or a law firm to improve their efficiencies, free the lawyers’ time from monotonous and rudimentary work, and implement them in high-intelligence, problem-solving work. As we see the end of 2022, many legaltech will observe problems and find their solutions as we enter 2023. The top legaltech trends which we may witness in 2023 are:

Reduce operating costs:

With the rising economy, companies and firms cannot afford spending fees and fines to courts, so to eliminate this, they have been spending quite a lot on legaltech. Firms are looking for a way to streamline their operations and save time and effort in monotonous and rudimentary work which is very critical. Many legaltech will be spending a considerable amount of time improving the efficiency of work.[1]

For example:

MikeLegal- MikeDoc Review[2]

This tool helps lawyers automate the proofreading of their contracts. After installing this software, one can open a contract on an MS Word document, and this tool will correct the formatting and mistakes in a single click. This results in time-saving and efficient correction. This automation will help firms move through contracts with faster and better outcomes. This has considerably reduced the mandatory proofreading time.

Investment in tools that automate the existing processes:

When a legal task is automated, it results in operational and financial benefits. Automation will result in lawyers’ reduced time in routine tasks and results in high efficiency and enhanced focus on higher value (higher margin) activities. This automation is a result of incorporating AI in legal tasks.

For example:

MikeLegal- MikeIP Suite- MikeTM Watch

This tool helps lawyers automate their weekly journal analysis with the help of AI. This tool also helps in identifying the infringements across all 45 classes using AI. After analyzing the infringements, these tools create a PDF/ Excel report of relevant marks and opposition. It also enables downloading of the entire journal.

Virtual Legal Assistants:

With the increase in work-from-home culture in administrative employees and professionals, it can be expected to witness a sharp increase in virtual legal assistants that will enable access to data of cases, legal notices, affidavits, due diligence, etc. from any place of work. Firms and companies have already inculcated the culture of cloud-based practice management and videoconferencing to improve employee satisfaction and hence it is not far-fetched to think of the coming age of virtual legal assistants.

For example:

Josef[3]

Josef provides legal bots which are advanced in the rules of the engine and can be customized according to the client’s requirements.

Digital Signatures/ E-Signatures:

Every document shall be authorized by a professional. The value of a document is associated with the designatory personnel. Thus, in this digitalized world, there is an immense need for a digital signature that ensures the authenticity of a document.

For example:

DocuSign[4]

For critical and essential agreements, the need for signature is certain, and hence in a digital world, DocuSign delivers security, efficient, and easy ways to sign documents.

Artificial Intelligence and Machine Learning for repetitive tasks:

In the fast-growing world, a lawyer has an n-number of tasks to accomplish, and repetitive task act as hurdles for the execution of high intelligence duties. AI and machine learning can switch with such rudimentary tasks and provide more time for lawyers to work on other time-consuming high acumen jobs.

For example:

MikeIP Suite- MikeIP Manager [5]

This tool allows a lawyer to no longer worry about deadlines and changes to the portfolio. All of this can be achieved by MikeIP Manager AI and Machine learning- solution integrated patent and trademark registry. It provides a weekly tracked report of the portfolio, a customized dashboard if pending renewal and replies, etc.

This article has been written by Mansi Agarwal during her internship with MikeLegal.

References:

[1] https://assemblysoftware.com/learning-center/blogs/five-legal-tech-trends-2023

[2] https://drive.google.com/file/d/11F3LA5-PBhZmfmf4KJ8ZEIp9RFdrl4da/view

[3] https://joseflegal.com/product/

[4] https://www.docusign.com/en-in/

[5] https://drive.google.com/file/d/11F3LA5-PBhZmfmf4KJ8ZEIp9RFdrl4da/view