Why Legal Tech Is Seeing Such Gradual Adoption Rates
The traditional legal industry as we know it is now undergoing a deep transformational phase and entering the technological domain. The legal industry is widening its horizons by digitalizing itself. Legal technology or Legal tech is the new toy and the legal industry looks game for it.
Legal tech in layman's language refers to the use of softwares and technologies with which law firms can practise with ease. It includes document filing, storage, management, accounting, billing etc.
These are usually legal tech startups with the sole purpose of disrupting the conservative legal market. In 2009, there were 15 startups identifying themselves as legal tech startups. Today there are over 400 (Source: Google)
Legal tech has given high hopes to the practising lawyers as it enables them with fast law. Fast law because it is cheaper, faster and smarter. Lawyers can help their clients efficiently, at the same time keeping them connected with the marketplace online.
On the basis thereof, legal tech is believed to bring dramatical changes in the legal industry with with its confluxing factors and services -
The rest of the business industries have accepted changes with enthusiasm but legal industry has been a bit hesitant in this regard. Law firms have been given an average median of a 3 out of 10 on the seriousness about changing their working and delivery models, as per sources. The reasons for gradual adoption rates in legal tech can possibly be -
Taking hints and help to rectify the mistakes of the past will help legal industry to move towards a legal tech future more smoothly.
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