NEWS
Joseph Raczynski Embarking on an Era of Abundance in the Legal Industry: technological shift creates immense opportunity for lawyers who embrace technology, writes Joseph Raczynski, Technologist and Futurist, Thomson Reuters Legal. Over the course of the next five years, the legal industry will be flush with opportunity. While much of the rote legal work will be done by automation, producing a period of interstitial angst at law firms, burgeoning areas of technology necessitating legal counsel will flourish. As a brief preface, I will bypass the normal discussion surrounding how tools are making lawyers more productive and law firms more profitable. That is a given. These tools are plentiful; including research services that coalesce information intuitively tools that comb through millions of documents seeking relevant words; or, artificial intelligence (AI) enabled applications reviewing 10,000 contracts in hours compared to months required when done manually. While these applications constantly improve, they are becoming commonplace for law firms. This article’s focus is preparing for the next legal transformation for law firms—prompted by technological advances.
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