The top 5 misconceptions about legal tech

The top 5 misconceptions about legal tech

The pace of change in legal technology has been dramatic, but as with any hype-heavy topic, misconceptions and myths stubbornly persist. It’s the responsibility of tech companies, providers and publishers in this space to keep everyone’s feet on the ground - with that in mind, here are five of the most common misconceptions we hear about legal technology.

 

1.  AI is taking lawyers’ jobs

 

Arguably no term has attracted more column inches, when it comes to the business of law, than ‘AI’. The rush to deploy machine learning algorithms, natural language processing and other technologies to legal isn’t new - it started decades ago - but the difference between what’s promised and what’s possible has created uncertainty when it comes to its impact on headcount.

 

The reality is different. Mercifully the streets aren’t filled with lawyers who’ve been replaced by artificial intelligence. Instead, AI’s transformative power is being leveraged primarily to tackle low-value process work: reading PDFs and searching through emails. No lawyer underwent the stress and the debt of law school to spend every day searching through emails: where AI is having an impact, it’s freeing up lawyers to ditch this process work and focus on actually adding value and being a strategic partner to the business.

 

 

 

2.  Legal tech will solve all your problems

 

This is another consequence of excess hype: overzealous marketing can lead legal tech companies to make outlandish promises about what AI or blockchain can do. Legal innovation teams in law firms or large companies often have mandates to transform processes top to bottom, which similarly can involve selling

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About the author:
Richard Mabey is CEO and co-founder of contract collaboration platform Juro, which helps high-growth businesses in 45 countries manage contracts. Previously Richard was a corporate and M&A lawyer at Freshfields Bruckhaus Deringer. FT Intelligent Business named Richard one of the global top ten legal business technologists in 2019.