Although the legal sector has traditionally been slower to innovate than most, they’re just as susceptible to the constantly evolving technology landscape as any other. To garner a better understanding of the legal technology environment, we’ve put together some common terms you need to familiarize yourself with.
Automation is the use of technology to perform a procedure with minimal human assistance. Since most data leaks and breaches result either directly or indirectly from human error, automation helps reduce human involvement. Automation with the help of artificial intelligence and machine learning can also help law firms become more efficient while boosting the productivity of their employees.
Blockchain is a decentralized and highly secure digital register used to record all transactions between consumers and suppliers. Since every detail of every transaction is recorded in the form of unmodifiable “blocks” stored across the blockchain network, the technology gives law firms one of the most secure ways to exchange sensitive information.
Law firms routinely deal with enormous amounts of data. Increasing reliance on technology is leading to ever-larger data sets that are impossible for humans alone to understand. Big data is the common buzzword referring to this trend, and it forms the basis of digital transformation in an increasingly data-driven world.
The cloud refers to the internet, while cloud computing is a distributed computing environment in which computing workloads and data storage are managed in off-site data centers, such as those belonging to Amazon, Google, or Microsoft. For law firms, migrating to the cloud offers better security, compliance, efficiency, and reduced costs.
Due to the highly sensitive nature of transactions between law firms and their clients, it’s necessary to take every possible step to keep them out of unauthorized hands. Cryptocurrency is a type of digital currency such as Bitcoin or Litecoin that uses the highly secure blockchain network to manage transactions.
Electronic discovery or eDiscovery is the process in which electronic data is sought, located, secured, and searched for legal purposes. Under civil procedural law in the United States, eDiscovery is now mandatory. Today’s eDiscovery solutions also enhance efficiency by digitizing paper records and making everything searchable.
Legal process outsourcing (LPO)
LPO refers to the process of strategically outsourcing routine legal processes to third-party providers, either located locally or overseas. It has grown in popularity in recent years thanks to the rise of cloud technologies and the need to reduce costs and boost operational efficiency. It also reduces the need to hire additional staff.
Matter management software
Also known as legal case management software, matter management software is a specialized solution that manages all aspects of legal practice. By digitizing various routine tasks, it simplifies everyday procedures and enhances employee productivity.
Many everyday administrative tasks in the law practice involve filling in repetitive forms and dealing with other red tape. Smart contracts are computer codes that are designed to eliminate a lot of that while also reducing the chance of costly errors. They automatically monitor defined rules, independently executing actions like issuing payments or sending invoices when certain actions occur.
Spend management software
Now that many legal practices outsource various procedures, spend management software is more important than ever. It helps firms control costs, manage their vendors, and understand the true value that they offer to the organization. It also simplifies routine procedures such as invoicing, while also allowing administrators to measure KPIs to improve profitability.
Workflow management software
For legal practices, workflow management software helps maximize output and streamline a wide range of routine processes. In a sector where trust and professionalism are everything, it’s crucial to have a solution that helps employees keep on top of appointments, avoid missing deadlines, and enhance collaboration across increasingly mobile workforces.
Netcom Solutions provides IT support and expertise to law firms in Miramar, Miami, and Coral Gables. Call us today for more information.
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