Australian tech-driven law firm, LegalVision, has released a whitepaper titled ‘Transforming the Legal Landscape: The NewLaw Philosophy’, which offers unique insight into how the legal industry is responding to a period of radical change.
The whitepaper covers a breadth of NewLaw topics including legal tech trends, benefits of legal process design, the future of legal outsourcing, case studies on smart contracts and key developments for NewLaw players.
Lawyer and author of the report, James Gonczi, uses the term NewLaw to describe a program of innovation that challenges the way the legal industry has done things for generations.
“The proliferation of businesses with a NewLaw philosophy means that people have more choice than ever before about who they can use for their legal needs. These increased options can only benefit clients, as it forces service providers to do better if they want to complete,” said Gonczi.
“Some traditional law firms may find the increased competition threatening, but we expect that many will seek to adapt to meet changing client expectations. There will also be opportunities for partnership and collaboration – for instance, Gilbert + Tobin is a one of our major investors.
The report also highlights how lawyers can adopt technology to enhance their ability to service clients and to better enable clients to perform their work.
LegalVision CTO, Evan Tait-Styles, said that LegalVision continues to trial innovations such as machine learning and self-executing smart contracts.
“As a starting point, we are focussing on feeding standard form commercial leases through a platform that then interprets the document. In doing so, we are “teaching” the machine to review a high volume of leases and quickly identify contentious clauses. This saves our clients significant time and costs,” said Tait-Styles.
Gonczi also examines the benefits of an empathetic, human-centred approach to designing solutions to legal issues and the insights that can be gained by working collaboratively with clients to generate those solutions.
“We don’t subscribe to the view that technology is going to replace lawyers. Rather, we think it will free up time for lawyers to focus on the ‘value add’ aspects of their role,” he said.
“If lawyers fully embrace the opportunities to adapt and innovate their practice, it will be an exciting time for the profession.”
About LegalVision (Media Kit)
LegalVision is a market disruptor in the commercial legal services industry. Their innovative business model and custom-built technology assist their lawyers to provide a faster, better quality and more cost-effective client experience. LegalVision is a leader in delivering legal services in Australia and has assisted more than 15,000 businesses.