The continuous development of modern technology has a way of reshaping industries, particularly to streamline processes, benefit productivity and reduce the risk of error. Typically, and understandably, industries need time to adapt to new technologies before they are accepted as an asset. The legal system is no different and it is now faced with modernised workflows as a result of digital transformation.
The profession, although largely set in its traditional ways, cannot ignore the solutions that modern technology can provide. It’s not only the speed, efficiency and security of technology that trumps pen and paper, but the way in which lawyers can now rely on a multitude of management tools and software to manage their everyday tasks is very useful.
Contract Management Software
As an example, the alternative ways in which technology has enabled the legal system to produce and manage contracts has proven invaluable. A volume of standard contracts such as NDAs can rapidly become a problem. Innovative platforms, such as Mattersmith Productivity Centre which offers a comprehensive library of guidance, notes and legal content for drafting and managing NDAs, have proven legal tech can save time and money whilst improving output. Such document automation platforms have had a significant positive impact on work life and practice areas.
Artificial Intelligence (AI)
The pandemic arguably further accelerated the adoption of AI, particularly in the legal industry. AI algorithms, amongst other things, have the ability to equip lawyers with the tools to automate repetitive tasks. However, it is important to be wary of the pitfalls inherent in machine learning. The inability of an algorithm to identify and account for the context in which contractual language can create real risk which may impede satisfactory regulatory compliance.
Concerns around Lawtech
In recent years, The Law Society has found flaws with the integration of lawtech in the system, with the primary concern that lawtech developers were not speaking the same language as the lawyers. There were concerns that when products are developed, standards and regulations are not being considered.
At Mattersmith, clients do not have the concerns raised by the research because:
- we are a lawyer owned, lawyer-led business which is also an SRA regulated legal practice, with appropriate PII cover;
- our developers operate under the close direction of Mattersmith lawyers with a regulatory compliant approach in mind;
- our lawtech products do not leverage AI and so avoid the issues of bias and inaccuracy which blight AI-driven solutions and so, do not ‘learn’ and repeat historic compromise positions which would dilute your negotiating position.
Find out for yourself how you can save time and money, whilst increasing productivity and efficiency by getting in touch today and letting us help you with your contract requirements.