Adopting a ‘digital first strategy’ will help firms stay competitive, says Rosanna Woods
- Legal tech and operations.
- Inevitable challenges & driving innovation.
Momentum is building among law firms to adopt new technology based on machine learning and artificial intelligence (AI). Last year saw a dramatic rise in the development of such technologies and 2019 is set to be the year law firms either prioritise digital strategies, or get left behind.
The benefits of digitising assets and optimising legal processes are clear to those law firms that have already begun to embrace digital transformation. These benefits include reduced paper consumption and greater efficiency generally around processes such as creating and reviewing contracts, mining documents, raising red flags and performing due diligence. In particular, the latter of these processes is profoundly improved by the application of AI within virtual data rooms (VDRs), whereby authorised personnel are given controlled, online access to confidential data and documents that are stored remotely. This enables a variety of business processes to be conducted
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