The Future of Law

The legal industry is not usually synonymous with the word innovation. It is notoriously regimented and has remained largely unchanged in today’s rapidly evolving digital world.

But time is up and the COVID-19 global pandemic might be the tipping point.  Working remotely has been changing the thinking of many large law firms.  Legal firms will need to learn how to swim or risk sinking to the bottom of this vast technological ocean that’s rapidly evolving.

Technology as a driver of change

In the legal sector, technology disruption presents vast challenges as firms struggle to move from traditional hierarchies and set ways of working.  However, there are some areas of the legal sector that have been embracing digital technology such as conveyancing.  The conveyancing industry has been undergoing a major transformation as components of the process become increasingly digitised.  These changes have included:

• Digital signing
• Automation of manual paper processes
• Electronic settlements

The shift to digital signing has allowed the legal industry to seriously re-think the future of paper contracts.  Digital signing providers offer detailed audit trails that keep track of who signed what, how, when, and where. Interestingly, electronic signing became legal in Australia in 1999 with the creation of the Electronic Transactions Act 1999. Perhaps the aversion to electronic signing in the legal industry is one ruled by fear and not law?

Emerging technologies are now automating routine and high-volume/low-value legal tasks, such as employment contracts.

Consumers now have higher digital capabilities and access to devices. This is creating demand for more transparent, easy experiences with legal services. They expect to use customer friendly platforms right across the legal industry.

Disruptors close to home

Clarit-ehave collaborated with legal tech disruptors in Australia such as PEXA, Plexus Gateway and Infotrack’s PlanIT to help bring innovation to the changing legal landscape.

PlanIT is an electronic contract management and signing platform. PlanIT removes manual, bulky contracts and allows property developers and agents to prepare, sign and arrange settlements for off-the-plan contracts electronically.

PEXA is a property settlement platform that electronically delivers conveyancing in a more efficient, secure and significantly less costly way.

PEXA has eliminated the need to physically attend the land registry and banks to lodge paperwork, shortened settlement times and reduced conveyancing fees.

Plexus Gateway is an in-house legal automation platform. The company delivers legal services that automate contract management, workflows and reporting to major companies such as Samsung, Woolworths, Medibank and Optus.

Plexus’ vision is to “liberate legal teams to focus on high-value business activities by providing fit for purpose technology”.

They were rated by Gartner as ‘Best Practice’ in legal functions last year by making their global footprint as leaders in legal automation.  

Legal firms need to wipe the slate and innovate

Law firms must think about how they can value add to their legal services. If they want to remain relevant and competitive, they might want to rethink their processes. There is opportunity to deliver more efficient, value-enhancing and affordable legal services to consumers who are begging for it by combining innovation and technology.