Top 10 Legal Technology Solution Companies - 2020
Artificial intelligence (AI) is beginning to transform the legal profession in numerous ways. In most cases, it is augmenting a lawyer’s efforts, allowing them to take on higher-level tasks that require human analysis and expertise such as advising clients, negotiating deals, and appearing in court.
Historically, document production, whether in the context of discovery or due diligence, has been labor-intensive and prone to human error. Now, E-discovery solutions are being used by lawyers and paralegals to perform routine tasks such as reviewing documents and contracts, performing due diligence, and predicting legal outcomes with exceptional accuracy. Documents are scanned and processed through automated systems using optical character recognition and other forms of AI to turn massive piles of paper into easily searchable sources of data or evidence. Then, smart data management tools are being utilized to image, code, analyze, review, and manage the enormous amount of electronic evidence and data. As a result, AI-driven software is poised to become common in a law office as word processing or accounting packages. Also, the cloud-based platforms are enabling teams to manage billing and diaries remotely and collaborate on cases in real-time. This capability allows solicitors and barristers to be more responsive, accurate, and transparent in their working practices.
Currently, in the most modern advent of transformation, the blockchain is redefining security, automation, and contractual arrangements. Legal professionals can securely store digital information on the blockchain and share it with team or relevant parties in real-time. The blockchain documents information to prevent fraud and with the permanent nature of the ledger, lawyers can rest assured that their data can’t be meddled with in any way.
Lawyers are leveraging blockchain technology to streamline and simplify their transactional work, digitally sign and immutably store legal agreements. Using scripted text, smart contracts, and automated contract management reduces excessive time spent preparing, personalizing, and maintaining standard law documents. Industry experts expect blockchain to be able to create more sound, tamper-proof, and legally unassailable agreement based on smart contract technology. Though the issue of torts can’t be ended, blockchain should cut down significantly on the number of legal disputes clogging courts—saving time and money for the innocent parties. The technology could also be expected to reduce the cost of notary services, FOIA requests, and corporate filings while streamlining and enhancing several other facets of the legal industry.
Perfectly understanding these demands of the industry, CIOReview offers assistance with a list of “10 Most Promising Legal Tech Solution Providers 2020.” This catalog encompasses a set of skilled new-age vendors that have translated their acquired expertise into successful technology deliveries. Being closely scrutinized by a distinguished panel of judges, including CEOs, CIOs, CXOs, analysts and CIOReview editorial board, we believe that these companies have the technical skill sets and business acumen to deliver more innovations to the legal market and support the growth of this segment.
We present to you 10 Most Promising Legal Tech Solution Providers - 2020.