It is often that the necessity is the birth of innovation. This statement goes very much true in case of corporate law. In today’s fast-paced world economy, businesses have been witnessing change like never before and it is becoming quite difficult for them to manage multiple things in one go, especially when something is linked with the legal framework. This is where seeking the services of a corporate lawyer in London becomes necessary.
In the field of legal service offerings, technology embracement is not a new thing. Being a large market, UK legal industry has hundreds of law firms operating and employing thousands of people worldwide. This clearly means that managing such a huge chunk of manpower and element needs a smarter approach and this is where technology plays a crucial role.
Even in context of the latest news about a flourishing M&A market and surge in related bonuses, the legal scenario has changed meaningfully over the past five years and a new realism is taking shape.
Most of the clients are now ready to pay for junior associate work, subcontracting low-level work, and finding alternatives to the chargeable hour. Augmenting cost-reducing orders from clients have made discovering value and efficiency superior priorities. In-house legal departments are encountering increased pressure to both enhance the efficiency of their in house operations while managing a more extensive workload and also subjugating the amount they pay as legal fees on a corporate lawyer in London. This request to do more with less is in turn thrown on to law firms, who in a buyer’s market, must discover ways to discriminate themselves and offer more value for clients against their fees. This unremitting drive in the direction of cost-effectiveness has made it imperative for both law firms and in-house legal sections to embrace technology that will make them more productive and efficient.
A big part of innovation till date has been witnessed on the litigation counter. For instance, eDiscovery tools and software have resulted into considerable time and cost savings in regard to checking emails and other digital records.
Unluckily, the standard of innovation in legal technology has not been consistently dispersed, especially when it comes to transactional work. In the $93 billion corporate law industry, companies are found to pass a meagre $4.2 billion every year on legal fees in mergers and acquisitions only.
Why there is no synergy? One of the explanations people have witnesses technology advance with eDiscovery versus due diligence is that a corporate lawyer in London must browse through huge records of email, coding responsive or non-responsive details, which results into a binary analysis. Artificial intelligence techniques can understand based on how attorneys have implied a subset of documents and then apply that learning to the residue of the documents. It is important to keep in mind learning technology used in this setting be more focused and nuanced to be able to understand the range of ways in which concepts can be denoted and fetch them with a granular focus.
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