High levels of competition in the legal industry are a common topic in our material, which is expected given that Brazil has the highest ratio of lawyers to population globally. This vast number of lawyers also contributes to intense competition in the corporate sector.
We have compiled some trends that are expected to influence the legal sector in 2024 to assist businesses and professionals looking to differentiate themselves.
Learn how to get recognized using our solutions.
1. Transition to digital technology
The digital evolution of law firms and legal departments has become more pronounced in recent years and is expected to continue growing.
Legal professionals utilize technology, particularly automation, to enhance efficiency. The automation of various processes like document management, surveys, analyses, transcripts, and billing is anticipated to increase in the future, with numerous other potential applications to be explored.
Artificial intelligence should also be utilized in the legal field, particularly in providing assistance with legal references and doctrinal citations.
Legal Artificial Intelligence is the topic of discussion.
Artificial intelligence, or AI, is not just one tool but a collection of technologies, including voice processing and machine learning, working with various data configurations to achieve different objectives.
The law firm or legal department plays a crucial role in identifying the issue to be addressed in your environment, increasing the likelihood of utilizing AI for problem-solving.
AI can streamline data-related tasks like research and pricing, but it’s important to note that it doesn’t aim to replace human work entirely, rather enhance it.
Legal teams will not consist of lawyers who are expressive.
In the future, standardizing procedures and implementing new strategies with modern tools may result in half of legal teams not being comprised of lawyers, according to global business consulting firm KPMG.
Automated solutions and chatbots are expected to rise in usage, requiring the assistance of lawyers and a diverse workforce with varying skills, as stated by the organization.
The company aims to have non-legal professionals like paralegals, data analysts, and operational experts handle a larger share of legal work, reducing the reliance on legal professionals.
Customer experience at the forefront
In the field of advocacy, the traditional intimate relationship between lawyers and clients has evolved in recent years.
Several recent developments have prompted this shift, and in the coming year, the significance of engaging with customers should not only continue but also expand.
The legal field is being motivated by technology, interdisciplinary teams, and insights from other sectors of the economy as it navigates new trends.
Legal Tech and Tech will merge without boundaries.
It is conceivable that in 2024, the boundaries between Legal Tech and Tech will continue to diminish or disappear altogether due to technological advancements and platforms’ flexibility in meeting customer requirements.
Contract negotiations should move to digital platforms that allow for quicker communication, improved teamwork, and immediate access to market data, as suggested by the KPMG study.
Online platforms enable legal teams to establish consistent procedures across the organization, ensuring uniformity in contract drafting, internal approvals, and agreement signing and filing.
It is crucial to oversee the company’s culture and promote a shift in employee thinking to navigate forthcoming changes in 2024 and beyond.
Professionals must invest time, effort, and resources to ensure that the adoption of unfamiliar technologies or processes occurs as anticipated.
Learn more about the current and future aspects of advocacy in our article “Advocacy of the Present and the Future: Key Skills and Perspectives,” influenced by the study conducted by the Getúlio Vargas Foundation and supported by Thomson Reuters in the report “Shaping Present and Future Advocacy: Essential Skills and Action Perspectives.”