In today’s fast-paced business environment, staying on top of the latest technology is crucial for any industry, including the legal sector. One area that is seeing significant growth and innovation is LegalTech, and there are a few specific technologies that are particularly exciting to industry experts.
Here’s a summary of what we explore in this post:
- Legal entity management is a highly important and exciting area in LegalTech.
- Cloud-based solutions are great, but it’s important to work closely with vendors to ensure they understand how to make changes quickly to keep clients in the loop.
- Technology that allows for collaboration with clients and secure document management, is also a highly valuable and innovative area in LegalTech.
One of the most exciting areas of LegalTechis legal entity management. As Karen Tuschak, a legal industry expert, points out, “legal entity management is huge. I often say that corporate touches every aspect of a firm. The litigation lawyers, the real estate lawyers, they’re all looking for information about corporation clients. So legal entity management is huge.” By streamlining and centralizing the management of legal entities, firms can save time and improve efficiency, allowing them to focus on more important matters such as serving their clients.
Watch the full interview, Exploring the Most Exciting Technology in LegalTech: Insights from Industry Experts
Another area of LegalTech that is gaining traction is cloud-based solutions. As Karen notes, “cloud-based solutions are great. Just make sure you really work with your vendors so they understand how making those changes quickly keeps the clients in the loop.” By leveraging cloud technology, firms can enjoy increased scalability, enhanced accessibility and the ability to streamline routine tasks. This can be especially beneficial for firms that are looking to save costs, as well as those that are looking to increase productivity and efficiency.
Finally, closing technology is another area of LegalTech that is seeing significant growth and innovation. As Karen explains, “closing technology allows you to collaborate with your clients in one area securely. You send this stuff out by DocuSign and it comes back and you whip together a closing book. So anything like that really reinvents and invigorates the way you do the work, and that is huge.”
Staying on top of the latest legal technology is extremely important, but particularly so in this environment. There are many areas of legaltech that are heating up and seeing incredible progress. Two of those areas are transaction closing technology and legal entity management. Both are worth checking out and discovering more about in a corporate law pracice.