7 Legal Technology Trends Which Can Affect Dispute Resolution
Even though the lawyers are often accused of not adopting the latest technology, the perspective is gradually changing. Every legal firm in India is planning to embrace the technical solutions as they are known to enhance the profitability, productivity, and the client services of the firm. Over the past few years, the firms and clients have enhanced their use of analytics and technology platforms empowered by artificial intelligence or machine learning and visualization of data. The funders of litigation are in a proper position to observe these trends and work with the expert lawyers for leveraging technology in the legal industry to increase the chances of success. The following are some of the trends to impact dispute resolutions.
1. Emergence of E-discovery
At the beginning, the providers of e-discovery solutions focus on the platforms in which the electronic data is stored in one place and viewed by many users. However, with the exponential rise of electronic communication and data, the functionality gradually expanded to provide support in identification, storage, collation, and the production of electronic evidence. For instance, the cloud storage and data visualization relate the documents to each other. Furthermore, the development of AI algorithms and machine learning help the reviewers to make relevant and privileged decisions. The E-discovery software now offers greater functionality in analytics such as reviewer pace, activity, and accuracy and allow multiple people to act on the documents. Several litigation firms in Delhi are relying on the analysis of large amounts of data to know the probable outcome of the case.
2. Analytics and TAR
The next in line for the top lawyers in India is the adoption of TAR or technology-assisted review and analytics. With the help of these tools, it is easy to focus on the relevant documents at first. A few of the platforms enable analysis of the documents in a format that supports visualization of the social networks, e-mail threading, concept clouds, and gap analysis. The primary objective of using this technology is to avoid reviewing those documents that are not relevant or can be reviewed with the help of resources that are less expensive.
3. Crafting new strategies
Another area developing in the field of legal technology is the tendency to leverage legal data analytics for offering insights into a large number of issues that arise from the perspective of dispute. Quite naturally, the dispute resolution firms implement this technology to know the duration of a case, the way in which the arbitrators and judges can provide their opinion on a particular issue, and whether they have the tendency to rule in favor of the defendants or plaintiffs. All this is eventually going to impact a number of decisions, especially, the choice of forum.
4. Choosing outside counsel
The corporations depend on analytics to choose the external counsel although only a few years back, the companies found it challenging to find the best outside counsel when facing disputes in a resolution. However, the scenario has changed today as analytics make the process of selection of the dispute resolution law firms more scientific. Right from analyzing the range of experience in respective jurisdictions to the legal expenses and the fees, the new developments are noteworthy.
5. Cyber Security
The number of security breaches taking place during the recent years have forced the smaller legal firms to pay heed to the issue of data privacy. Therefore, the firms must ask the technology vendors about their security standards although the cloud based solutions can provide better grade of security than the on-site software systems and the hardware.
6. Preparation of pleadings and arguments
Improving the process of legal research via machine learning is another vital aspect. There is a multitude of platforms that use the natural language processing to wisely to find more relevant precedents that could not have been possible in conventional platforms. Several other platforms provide answers to pleadings that puts the lawyers in India in a better position to advocate on behalf of their clients.
7. Cloud computing
Cloud storage has reduced the cost of data storage significantly by about fifty percent for the average matters.When it comes to dispute resolution, the court systems are gradually adopting the technologies and outside the courtroom, the law practitioners can use them for making significant changes in the system.
Amy Jones is the lead legal expert at Ahlawat & Associates-One of the top law firms in India. She is a passionate writer and loves to help people in all aspects of legal matter.