We are witnessing a real revolution in business law.
On the one hand, the main technological trends of our times (robotics, artificial intelligence, bitcoin and blockchain, industry 4.0,...), represent a challenge for legal firms to be able to advise their clients in these sectors, and require constant investment in training and new technologies.
But, even more importantly, these technological trends, especially artificial intelligence, have a direct impact on the sector, mainly by automating repetitive processes with little added value. A new wave of startups has arrived to create a new sector, legaltech, made up of companies that generate technology for the legal sector (according to Thomson Reuters, in recent years the number of patents in the legal field has multiplied by 5), and tech-centric alternative legal providers (Axiom Law).
All major firms worldwide have their own developments in artificial intelligence. And even the Big Four are adopting certain strategies in this field (for example, the recent acquisition of Riverside Legal, a technology-based legal advisory firm).
Post by A. Arteaga