The legal industry has considered itself largely immune from the effects of digital transformation, felt protected by strong barriers to outside competition, such as industry regulation, the specialist nature of legal expertise, and established client relationships.

Digital trasformation is changing the economy of the legal industry. Legaltech has achieved a critical mass of maturity, lowering barriers to entry for new law firm competitors and empowering law departments with new options for self-service and cost reduction.

Legaltech, once considered a nice-to-have, is now a must-have for every legal team. The benefits are many, including increased automation, lower cost, and higher productivity.
Increasingly, Artificial Intelligence (AI) has become part of our everyday lives, as evidenced by AI assistants such as Siri, Alexa, and Cortana. This, paved the way for its rapid adoption by corporate users, including LegalTech.

AI can automate a variety of routine legal tasks, minimizing mistakes and maintaining consistency and defensibility, thereby freeing lawyers to focus on more impactful work.

Implementing a sound technology is a step in the right direction, but it is not enough. Digital transformation is not only about technology, modern applications, implementation of AI-based software, or higher performance technologies. It is about people, and how technology changes the conditions under which people conduct business.

Legal organizations need help configuring technology around their unique business goals, allowing them to deliver additional value to their clients and internal end users with hyper-contextual, actionable insights.