- New age technologies like machine learning have made it possible to add immense value to the legal process.
- EarlyBirds is helping law firms and other companies with an open innovation ecosystem.
- It allows companies to enjoy smooth adoption of technological innovations in Legal Tech and draw benefits.
- Advanced tech features can replace the traditional style of working for certain repetitive and administrative tasks and help legal professionals save ample amount of time and money.
EarlyBirds is an innovative Australian business which fosters actionable innovation across society. The tech company connects different organisations for solving business and technical challenges at an accelerated pace. One of its segments is dedicated to help law firms and other companies to make the best of the technological innovations in Legal Tech and draw benefits from the advanced technology.
The shift from traditional style of working to embracing advancements in technology can benefit legal professionals in multiple ways. Some traditional tasks such as practice management, document automation, document storage, billing, accounting, and electronic discovery can greatly benefit from technology innovations.
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Understanding Legal Tech
Legal Tech refers to the use of technology to reduce the work pressure experienced by lawyers as well as law firms by employing computers for certain repetitive and administrative tasks. However, for legal profession, rules and regulations are different at local, state, and national levels. Companies adopting any technology must ensure that the tech feature is in line with the system.
Thanks to Legal Tech, law firms can save a lot of money and time by simply integrating relevant software into their workflow.
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Machine learning, a new breed of technology
Machine learning holds the modern computing power that can further ease the legal processes.
As per a recent update, GPT3, a sophisticated AI language model developed by OpenAI, can deliver great results in some areas. It can assist with legal search, which involves finding answers to legal questions, auto-populating feature and legal contract clause databases, customer support, as well as access to justice and legal advice. This was concluded at a hackathon that focused on finding applications in Legal Tech for its latest technological achievement, GPT3.
Similarly, other legal service providers and legal tech startups are attempting at building new technology features for different legal domains and work processes.
EarlyBirds is enabling law firms and other companies catering to the legal profession make the best of the rapid technological advancements, which are disrupting the traditional way of performing tasks in that domain. EarlyBirds believes that its open innovation ecosystem can help users find the ‘diamonds in the rough’ when it comes to technological innovators and risk-takers in Legal Tech.
High growth prospects for tech innovations in legal space
Legal tech, compliance (RegTech), and contracting (KTech) comprise a US$14 billion opportunity, says a report released by NASDAQ.
Harnessing new innovations in technology will make a huge difference as it will diminish the dependency of companies on legal experts who charge huge volumes of money. Also, it will eliminate the cost of getting data collected and stored manually.
Talking about the scope of innovation in the legal space, EarlyBirds founder Kris Poria said,
“There is a significant challenge in creating a system that is general enough to adapt to the frequent changes in the field while still being focused enough to give lawyers the answers they need to defend their clients in front of a judge and jury. This is a wicked problem, a term that is reserved for problems that require a multi-pronged approach to solve because of their interconnected and complicated nature. The solution, according to us here at EarlyBirds, is to bring all the voices that have a stake in the future of Legal Tech and those who have years of experience in this field, together, to the table, to pick the innovations that hold the most promise.”
For more information on how one can assume the role of early adopter organization visit EarlyBirds website and check the programs offered.