Breaking Down the Complexity of Legislation through Lawtech
The complexity of regulations and legislation around business services in Australia has been a significant obstacle to new entrants, especially since 2016.
Difficulty to bare regulatory burden brought up a whole new industry and new groups are forming around RegTech. However, lawyers will be able to sleep soundly for a long time as in the very near future, it is very unlikely that businesses will be able to handle the regulatory issues by themselves.
We expect that over the next couple of years, custom software and technology will diminish the importance of a lawyer or, else, significantly cut the costs of legal support. LawTech has an extremely high potential to have an enormous impact on the future of legal departments.
SaaS-based law practice management software and tools will enable lawyers to manage their legal practice anywhere. There are lots of ways to improve any business with this software and we see many in Lawtech particularly around Legal Documents/Forms and Practice and Contract Management. Additional areas are case and matter management, billing and spend analytics and contract management in both its creation and analysis.
We are also seeing changes to practices in Intellectual Property and see new workflows that are ripe for improvement especially around Patent Analytics and Brand Protection & Anti-Counterfeit. Online platforms will make these legal areas simple, accessible and affordable.
Legal marketplaces, directory, and question and answer forums already help connect individuals with lawyers and new marketplaces will evolve where startups and SMEs will be able to easily compare people, products and service offerings.
The internet has seen huge changes in knowledge management especially around Litigation, research, search engine, analytics and workflows for legal research assistants are being improved because of eDiscovery.
We look to act as a technical software partner with a shared vision of what the future of law could look like for our customers. Especially suited for creative thinkers helping to bring legal support costs for SMEs and individuals.
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