{"id":632,"date":"2020-03-10T07:49:52","date_gmt":"2020-03-10T06:49:52","guid":{"rendered":"https:\/\/advokatskafirmasajic.com\/blog\/?p=632"},"modified":"2020-03-10T07:49:52","modified_gmt":"2020-03-10T06:49:52","slug":"legaltech","status":"publish","type":"post","link":"https:\/\/advokatskafirmasajic.com\/blog\/legaltech\/","title":{"rendered":"LegalTech"},"content":{"rendered":"\n

The\nfinancial-market development as well as user preferences to obtain more efficient,\nfaster and simpler services, have created a favourable environment for\ninnovation in this sector in the form of alternative business models based on\nthe digitalization of financial services. It further has contributed to the\nemergence of financial technology companies (FinTech<\/em>), along with\napplication of advanced analytics technologies, Blockchain Technology,\nInternet of Things<\/em> (IoT), Artificial Intelligence (Al), Robotic Process\nAutomation (RPA),<\/em> and these companies have already positioned themselves in\nthe market, disrupted the concept of traditional business and have assumed\ntheir position in the financial world with the offer of more economical, mobile\nand simpler services.<\/p>\n\n\n\n

Given\nthat digitalization is implemented in all aspects of business, it is logical to\nraise a question whether new technologies can be applied in the legal world (LegalTech<\/em>),\ni.e. whether the importance of LegalTech can be or at least tends to be at the\nsame level as the importance of FinTech is in the financial world.<\/p>\n\n\n\n

Although\nthe essence of law and the legal profession has not changed significantly for\nhundreds of years, the emergence of innovative technologies made a path for a\nprofound reform of the legal profession, including drafting, processing and\nsigning contracts, then analysing legal documents, as well as of all segments\nof corporate, criminal and other areas of law. Automation in the provision of\nthese services will surely result in more expeditious and cost-effective\nresults, but it is not yet clear to what extent the application of technology\nwill be possible in the legal world. So far, artificial intelligence, software\nsolutions with set algorithms, platforms, various applications, as well as all\nfurther digitalization and automation of legal services can be put in the\ncontext of collecting legal practice, processing and managing billed hours,\ndrafting and analysing contracts, making offers, chat bots<\/em> for legal advice,\neven the provision of consulting services in all areas of law, but still\nremains a part of legal practice that cannot be achieved through digitalization,\nsuch as the art of negotiations with\/for the client, as well as the\nclient-lawyer relationship that is primarily relationship based on trust. There\nare certain standard legal mechanisms that simply raise doubts as to whether\nthe use of algorithmic software can secure the right to a fair trial, or\nwhether it can be a satisfying regulator of court decisions.<\/p>\n\n\n\n

Despite\nour dilemmas, the fact is that LegalTech has already found widespread use, and\nwhile FinTech is still culminating in development and application, LegalTech is\ndefinitely in exponential development phase especially in countries with a considerable\nnumber of start-ups, such as the USA or Spain.<\/p>\n\n\n\n

One\nof the outstanding\nexamples of the use of LegalTech is the Mexican Federal Court of Justice, which\nestablished a system for managing information technology through an online\ntrial, thus speeding up the procedure itself and therefore became the first of\nthose who is facilitating an online trial. Likewise, an example of technology\napplication is the US platform Wevorce.com<\/em>, which offers online 5-step\ndivorce services with significantly less attorney fees. By signing up to the\nplatform, you obtain all the necessary forms, advices and the one can even go\nthrough the mediation process. In addition, some platforms such as IPNexus<\/em>\nprovide intellectual property rights protection in an automated, with software whose\nalgorithms can determine the type of intellectual property and implement the\nproper protection procedure.<\/p>\n\n\n\n

The\ndirection in which LegalTech will continue to evolve will certainly raise new\nquestions regarding cybersecurity risks, responsibilities for services\nprovided, data privacy, as well as the regulation itself but also the need to\ncreate a controlled and structured environment that would enable use of all the\nbenefits of LegalTech in its full capacity. This is why a parallel development\nof regulatory technology (RegTech) is required. It is a combination of regulations\nand technology, which ensure regulatory monitoring, reporting and compliance.<\/p>\n\n\n\n

Unlike\nFinTech, which confronts no other ethical dilemmas but with regulations and regulators,\nLegalTech nevertheless raises certain doubts and defies the way legal services\nare rendered so far, mostly because technology is not ethically determined but\ndetermines one’s attitude towards it. That is why we need to get the best out\nof all these technologies, automate repetitive jobs, facilitate use of new\ntechnologies in judiciary, since LegalTech will, to a greater or lesser extent,\nchange the paradigm of legal practice and redefine the definition of lawyers\nand attorneys.<\/p>\n\n\n\n

LegalTech is something that the legal profession should not retreat from because as long as the focus is on the client, all these innovations should be used to improve services in terms of efficiency and speed. The legal profession has faced a number of challenges so far, and this is precisely the one that should be used to its advantage because LegalTech, will not distance us from clients regardless the way it seems so but, on the contrary, it will make us just a click away<\/em> from the client.<\/p>\n\n\n\n

Author: Tijana Milacic, e-mail: mtijana@afsajic.com<\/p>\n","protected":false},"excerpt":{"rendered":"

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