A new white paper, 11 Emerging Legal Technologies You Can’t Ignore Anymore, published by Thomson Reuters and authored by Tom Bangay, looks at 11 new and emerging legal technologies that those in the legal profession can no longer ignore — or at least, ignore at their own peril.
The author, a writer and editor specializing in law, the legal industry and technology, takes us through innovations such as artificial intelligence, crowdfunding, blockchain and machine learning in clear language and shows where these technologies can be employed to benefit a legal enterprise now.
“Failing to engage with emerging legal technologies is a strategy with diminishing returns,” Bangay writes. “Enterprising lawyers at other firms, or in other legal departments, have already built them into their workflows.”
Indeed, he details how some lawyers are already employing many of these technologies, including them in tender offers and RFPs — a strategy that clues in clients that this firm is innovative and embracing efficiency.
Bangay also concludes that it’s important for legal practitioners to realize that they have nothing to fear and much to gain from emerging legal technologies. “By spotting emerging technologies and how they could fit into your workflow, you can change your practice bit by bit to more efficient, profitable and future-proof,” he writes.