The legal sector is in the middle of a considerable shift, as digital transformation is becoming a priority for many firms who have historically been slower to change than other sectors. Innovation and transformation programmes are well underway, accelerated by the pandemic and the need to embrace hybrid working, as well as to serve customers in an increasingly digital legal marketplace.
Law firm clients now expect digital lawyers. Lawyers who use the latest technology themselves, who open up their data to solve client problems, and who can advise on what technology means for their clients. CIOs are rethinking what can be achieved when business is underpinned by the cloud, digital operations and data.
Enabling this transformation is a careful balancing act, and it’s having a major impact on IT strategy and the IT operation as a whole. From the role of innovation and service design; to the need for data to inform decisions; and to the importance of engaging customers and the workforce, previous IT strategies are being ripped up and replaced.
The speed and flexibility of the cloud, automation, and other tools allow law firms to deploy solutions without developer support or long wait times for IT. Gartner predict that legal firms will automate over 50 percent of legal work for key business transactions as they realise the value of AI for managing day-to-day tasks. This will drive a shift in the economics of firms, as the billable hour is replaced.
The global legal technology market is poised to generate over $37 billion by 2026. With AI, law firms can be free of mundane, repetitive tasks and focus on client and legal practice. Data volume is expanding, so law firms must use technology to securely streamline data management and improve the client experience.
At SCC, our ethos is to put the customer at the heart of what we do. New technologies constantly appear and evolve, and our position of independence ensures our investment decisions are only made to adopt new ideas and technologies when they actively support our customers remaining competitive.