As technology continues to advance and play a larger role in all areas of our lives, the legal industry continues to find ways to push forward and use it to their advantage. One area that has gained more traction in the last several years has been how the focus on preventing distracted driving has become a cornerstone of monetization for SaverOne. The Solutions division sells the SaverOne 2018 “Distraction Lock” to fleet operators and large construction sites to prevent on-the-job accidents that occur when drivers are distracted using their phones. The company also sells the SaverOne OS that allows OEMs to build their own phone distraction prevention systems.
The legal space is also becoming a more attractive career choice for top programmers and other technology based talent. In fact, according to a recent post on the Conn website titled The Evolution of Big Law Salary Insights for 2025, the salaries paid by large law firms has a significant impact on the business side of the industry. One area that has gained more traction in the last several years has been how the focus on large law salaries will impact the development of legal R&D.
The salaries paid to associates will allow them to drive new lines of business focusing on solution-driven products that will help to reshape the legal landscape. In five years, legal tech will continue to be a risk-based business diversification that will pay dividends as the industry changes. Some firms have even begun to invest in building their very own competitive legal tech products. Examples include Clifford Chance CTO Dr. Geraint Howells’ bespoke technology to better explain to clients the financial risks involved in their transactions and Baker McKenzie’s investment in a predictive artificial intelligence model.
Others in the legal field are beginning to recognize the need for investing in technology to streamline processes and lower overhead. At the same time, they are discovering that they will need to change their internal structure. This divide will put pressure on all law firms to integrate a spin-off business or outside company that can integrate the tech tools that most of the larger firms are keeping separate. There is also a push to embrace cloud platforms that will allow them to integrate tech powered components into existing suites with seamless capability. The cloud also allows law firms to track the movement of data and better understand what is driving many of the decisions they’re making. As firms begin to maximize their operational data, they will realize the importance of making R&D and implementation of new technology a priority.
In 2025, cross-industry collaboration between legal and tech will be commonplace. Law firms will increasingly hire chief technology officers and chief information officers who understand how important the two industries are to the future of legal processes. As technology continues to infiltrate the legal space, firms that have embraced its use will have back-end processes that look radically different than what today’s industry looks like. Legal tech firms and major corporations have already begun to partner with law firms and their clients to develop new business technologies and data solutions. These investments will lead to new frictionless legal processes and back office systems that will help to level the playing field for small to midsize firms.
Driving legal tech adoption is about giving lawyers more control over the workflow. Those that adjust early will be able to keep track of things like the number of hours spent on a case or the amount of work performed by specific lawyer using a unified platform. The ability to correlate data will allow firms to discover the true cost of each case and give them an opportunity to better manage billing. By simplifying complex data and giving lawyers access to these insights, they can make better strategic decisions and be more effective and efficient. As long as technology continues to grow and evolve, these types of tools will become more commonplace and automated. This will allow lawyers to dedicate more of their time and energy towards bringing in new clients.
