Entrepreneurship · Lawyer

Future of the legal industry?

Rinat Bakiev Sales hero

May 12th, 2018

How do you think in what direction will develop the legal industry : a lawyer on demand, a marketplace of lawyers? What legal services do you currently use?

Chris Young Lawyer, Process Enthusiast

May 14th, 2018

There are already platforms which allow business to put out RFPs for work or to hire lawyers for one off tasks. The problem is that law is very much based on trust and clients want to procure services from someone they know and trust. It's not as simple as who can provide the lowest price as it might be in other marks.

One thing that interests me is whether legal tech can help lawyers better collaborate. The current model within law firms is to have one individual charging on the basis of an hourly rate (with fees capped or fixed, but law firms will still use the internal metrics of an individual lawyer's billings). It's a very individualistic profession. I wonder if there is scope for legal services to be better delivered by teams through more collaborative models.

In terms of AI, law is essentially a question of language and language is so delicate subjective that it might take a while for the tech to catch up, but I'm sure it will do.

Jonathan England  

May 15th, 2018

Blockchain is fundamentally changing so many trust / ledger / contract based industries at the moment. This will be the most immediate and impactful change, in my estimation - specifically in the way of contract mgmt.

David M

May 12th, 2018

Lawyer on demand? That is essentially what one's attorney is. Marketplace of lawyers? again already exists. I'm not really following your question is. I would put more thought into constructing a question with substance.

Wes Zimmerman Our Experience helps you reach your goals.

May 15th, 2018

The present system is both a lawyer on demand, (or retainer) and a firm of lawyers, with specialists in various areas (Accident, injury, or Business law firms).

Trust is essential because the lawyer is a consultant and counselor.

Nothing will change but trust will be even more important in this Post Truth, society.

Danish Nagda Serial Entrepreneur, Surgeon, & Advisor

May 21st, 2018

Great question! While I agree with some of the posters that AI and blockchain will have a tremendous impact, they are just technologies and not solutions. In other words, what truly matters is how those technologies will be implemented.

I see 4 main trends ahead:

1. AI (primarily NLP & Reinforced Learning) driven automation of legal support services sold directly to end user (example: Inventr).This is a win-win for customers and IP lawyers, since most customers hate wasting $$$ on ideas that can't be protected and the worst part of an IP lawyer's job is engaging with a customer only to find out they won't be pursuing the idea because of prior art!

2. Project-based IP counsel online that decrease costs for early stage startups (CognitionIP).

3. Crowdsourcing advice from legal experts (potentially useful both for customers and lawyers themselves)

4. Blockchain for recording and ledgering contracts (tremendously useful at a corporate level).

While I'm not a lawyer, I've definitely accrued countless billable hours from Corporate, IP, and Healthcare lawyers over the past decade. Hope that helps!

Paul Garcia marketing exec & business advisor

May 23rd, 2018

Keep in mind that an attorney must have a license to practice law in the state where services are being provided. Law offices are very close to being the worst businesses in terms of technology, willingness to change, and job satisfaction.

While there's lots of room to develop, the culture rarely allows for much.

Jenny Kwan Co-Founder and Technical Lead of Woodlamp Technologies

May 13th, 2018

How about AI with NLP eliminating attorneys as a class of labor outside of being a rubber stamp who assumes liability?