Whether it’s a new digital product or a new type of legal service, the law is changing. And the changes are good for both clients and lawyers. The legal industry is undergoing a major transition, as the old guard is slowly but surely giving way to a new order.
The best example of innovation in the legal field is the advent of law companies. These companies are leveraging technology and process to offer cost-effective legal services to non-regulated businesses. The result is a growing market share for these providers, while the traditional law firm continues to fall farther and farther behind.
Another example is the creation of a digital legal product that is able to record potential harms to children. It’s an important first step in the evolution of the legal industry. However, there is still a long way to go.
One of the biggest challenges faced by digital companies is mitigating risks. For instance, companies need to audit features regularly, and record potential harms to children. The legal industry’s best bet is to find the right mix of technology and process to create a service that is both effective and affordable. This is especially true in areas where the law is largely a gray area, such as patent law.
While the legal industry’s transformation is far from complete, there is still a lot to be done. Even the most ardent Luddites concede that the industry is changing. There are several reasons for this, including the growth of specialized legal services, the rise of technology, and the increased importance of the business of law.