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How Legal Technology Will Change the Business of Law

Powerful forces are reshaping the corporate legal-advice market, including price pressure

from clients and the digitization of legal data. Legal-technology solutions can help law firms

succeed in this new era, but only if they understand the tech landscape and redefine key

elements of their business model.

Mapping the Legal-Tech Landscape

The legal-tech landscape comprises three solution categories: enabler technologies facilitating

the digitization of legal data, support-process solutions infusing new efficiencies into

case-management and back-office work, and substantive law solutions supporting or replacing

lawyers in executing core legal tasks in transactions and litigation cases.

Legal Tech’s Impact—Today and Tomorrow

While legal tech began with the automation of standard legal tasks, it’s moving toward

supporting more bespoke, specialized activities performed by lawyers. It’s also capitalizing

on opportunities presented by big data analytics, helping lawyers capture valuable insights

from large data sets.

Next Steps for Law Firms

To safeguard their market share and profitability in a market transformed by legal tech, law

firms must rethink two elements of their business model: their value proposition (including

their service offerings and revenue model) and their operating model (including their cost

structure and organizational structure). The right decision for each element will differ for “big

law” and “small law” firms that focus on standardized cases.

Legal Tech’s Impact on Individual Roles and Legal Education

In the future, the business of law will require fewer general support staff members, junior

lawyers, and generalists—and more legal technicians and project managers. Accordingly, law

schools may need to offer courses on legal tech and case-management processes. Law firms

can offer on-the-job training to help lawyers leverage legal-tech solutions and executive-education

programs focused on legal-tech literacy. Read the report by clicking here

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