In today’s digital revolution, legal sector are experiencing increased pressure to keep up with the transformation and trends. This means law firms and professionals are needed to adapt their work and become more efficient. Unlike other industries, the legal industry lags behind in adopting technological changes, largely due to cultural reasons. However, the changing customer behaviors and growing their expectations has led the sector to take essential steps to meet this rapid transition.
Consider industry reports, only 10 percent of the top 100 law firms were using AI just two years ago, to advance the accuracy and pace of processing vast amounts of information. But now, the has raised to 40 percent indicating that the sector has made significant strides with new, advanced technologies. Despite this, there are still things that are yet to be unbarred.
Advances in legal tech provide law firms with various solutions such as e-billing, e-signature, dashboards, workflow automation tools, and general compliance. These solutions have become the major adoption for the legal industry as the use of technology stacks and application integration picks up momentum.
The hype around AI, Robotic Process Automation (RPA) and other technologies are also gaining a lot of attention from legal practitioners to manage partners, practice group leaders and general counsel. It is found that RPA in law practice can lessen costs by 20-40 percent, while minimizing human error and increasing compliance.
Capabilities of RPA
The use of RPA can be beneficial in reduction in time and costs, particularly when the most common method of charging used by law firms is by the hour. Leveraging this solution strategically can more effectively help analyze the risk of taking on a new client and cut the cost of managing civil cases within FRC guidelines.
There are a wide range of daily time-consuming, monotonous processes that are compulsory, but do not necessarily need to be acted by a lawyer. This is where the robotic process automaton comes in and can handle that task. By automating repetitive tasks to software robots, lawyers’ time is freed up to significantly concentrate on what really matters.
RPA can also assist with legal functions in the public sector which faces issues that require easy-to-deploy, cost-effective solutions, from a high volume of work that carries out productivity to employee shortages, cost optimization, recurrent changes in regulations and policies and department siloing.
RPA in Ensuring Legal Compliance
A firm can protect itself against sanctions and fines by keeping up with compliance checks before or after a trial. And software robots here can automatically perform periodic due-diligence checks and flag dubious activity with 24-hour vigilance and 100 percent accuracy. RPA’s software robots can fill out the Suspicious Activity Report and notify it when finished. By crawling the law firm’s records, RPA can also automatically place information required in the subject details and transaction details. RPA can essentially automate business and people requests to ensure consistency and reliability across multiple systems and formats.