Legal Technology Is Transforming Work in Legal Ops

Legal technology is transforming the way work is done in corporate legal departments. It helps improve efficiency, reduce costs, and improve decision-making. It encompasses a wide range of software products and services that automate, streamline, and improve the efficiency of legal work.

These are the most common legal tech products, as highlighted in a vlegalops.com blog post:

• Contract management software helps manage contracts throughout their lifecycle.
• Ediscovery software helps collect, process, and review large volumes of electronic data.
• Legal research software is used by lawyers to find and analyze legal information
• Timekeeping and billing software helps track time and expenses.
• Document automation software automates the creation of documents such as contracts and pleadings.

Studies have shown that legal tech can save both time and costs. One study found that lawyers who use document automation software can save an average of 20 hours per month on document creation and review. Another study found that using ediscovery software can save an average of 30% on ediscovery costs.

These are some of the emerging trends:

• Artificial intelligence (AI) is automating tasks such as contract review and legal research.
• Machine learning is improving the accuracy of legal tech
• Blockchain is used to create secure and transparent records of legal transactions.
• Robotics process automation (RPA) automates repetitive tasks such as document processing.

As these technologies continue to develop, they will have a profound impact on the legal industry. When new technologies emerge, legal tech will continue to play an increasingly important role.