Below are four predictions of technology trends that will continue to be important in 2022 and help shape the law firm industry in the years ahead.
Hybrid Remote/In-Office Work Model. A recent MyCase survey found that remote work benefitted the legal profession: 60% of firms in the survey reported that profitability remained stable or increased during the pandemic, while for 73% of firms productivity increased significantly due to the adoption of remote working tools. 70% of respondents also reported their legal office will allow remote work even after fully reopening.
Artificial Intelligence. A recent 2021 Gartner report estimates Artificial Intelligence will generate $2.9 trillion in business value in the US and augment 6.2 million hours of productivity in a year. Currently, in the legal space, AI is being widely leveraged in a variety of ways such as legal research, e-discovery, automated translations, and transcription.
Automation. Formerly a paper document-heavy business, law firms now want every part of the legal process digitized and automated. The digitization of these services will only become more imperative as remote work continues, and there is a positive aspect to a potentially heavy lift: the same 2021 Gartner report mentioned above estimates automation will reduce costs of IT and operations by 30%.
Importance of Cybersecurity. According to Accenture’s Cost of Cybercrime Study, 2021 saw 50% more cyber-attacks per week on corporate networks compared to 2020. Due to the rapid adoption of remote work on less-secure at-home networks and the sensitive nature of their work, law firms are primed as a target for hackers.