This January 29th to 31st, the big LegalTech event lands in New York City! LegalTech is the largest conference in the U.S. that focuses on: law, technology and outsourcing. Legal Process Outsourcing (LPO) is one of the hottest areas of outsourcing today. Why? Because lawyers are expensive, law requires the reading and writing of many documents, many of these functions do not need to be performed by lawyers and vendors have become very expert at using outsourced staff and technology solutions to provide these services at a lower price point than legal firms can provide.
Technology is evolving rapidly, and we can expect to see a number of breakthroughs in document automation at LegalTech. This technology is incredibly important to the practice of law, because lawyers spend most of their time reading documents. More often than not, they read these documents to answer one question, "Is this client document related to a project I'm working on?" If it is a lawsuit or other litigation, this is what a LOT of lawyers spend their time doing. And it is very, very expensive.
When documents changed from paper to electronic format, the number of documents we each touched grew exponentially; unfortunately, so too did the number of documents lawyers need to read (and bill for) in a lawsuit. A trained lawyer is very good at deeply focusing on few document, and making legal insights. Lawyers are very bad at reading 100 documents to see if they meet a checklist of criteria. When the documents rise into the thousands or tens of thousands, the accuracy of the average lawyer is terrible. However, computers actually get better as the numbers rise.
Law today is filled with frustration. It takes forever to plow through documents and wait for your day in court, and every day there are fewer citizens who can afford to pay for their day in court. LegalTech is spreading the best practices and new technology that will be practiced today and perhaps for the rest of the 21st Century. Stop by LegalTech and take a peek into the future!