Data hacks and security breaches have dominated the headlines in the past few years, and cyber security threats to continue to be a very real concern for law firms. Law firms will always be prime targets for hackers, both in their own right and as the custodians of large volumes of important and sensitive client information. Therefore, remaining vigilant and continually adapting cyber security measures is now a way of life for law firms. This hasn’t changed in 2019 – in fact, the trend has been toward adopting even more stringent cyber security measures and investing in technologies designed to combat the very real threats that firms face.
2019 is well under way, and there’s no time like the present to make sure your firm is on the right path to achieving your goals for growth and profitability. Employing the best growth strategy requires keeping abreast of emerging trends that help to shape the ever-changing landscape of the legal industry.
From cyber security, to data issues, to client expectations, the following are the top legal trends for 2019 that are shaping technology and growth in law firms.
While data may be at the center of the modern cyber security threat, that doesn’t mean it’s going away any time soon. In fact, the opposite is true – law firms are becoming more data-driven than ever thanks to the prominent role of technology in the legal profession. Firms need to embrace the fact that the modern legal profession revolves around data and invest in the infrastructure needed to both benefit from it and secure it. With more data also comes more potential pitfalls. Aside from the cyber security issue, international regulations like the GDPR place a huge burden on law firms to have proper procedures in place for handling sensitive data and preventing breaches.
In order to make the most of their growing data, law firms need to be equipped with the right tools to process it, analyze it, and glean valuable insights from it. The rise of AI and machine learning has made those tasks infinitely more possible, accurate, and affordable, and law firms’ investment in these technologies continues to grow in 2019. AI’s ability to analyze data is also putting firms in a better position than ever before to improve client service and identify new avenues for firm growth.
Technology has irrevocably changed the way lawyers practice law. Today’s lawyers are mobile and require agile work environments that allow them to work from anywhere, any time. The advent of cloud technology has freed attorneys from the limitations of the traditional office environment and made it easier to run a successful legal practice through the mobile devices that everyone already carries every day. The cloud offers the added benefit of increased security for all that sensitive data law firms are handling. In short, law firms should expect to see even more cloud-based technologies on the market as 2019 continues.
With all of today’s emphasis on technology, it can be easy to lose sight of the people involved in the process. Even in today’s technological era, clients are still the driving force behind legal work. Therefore, it should come as no surprise that, while firms are becoming more data-focused, they’re also becoming more client-focused. Clients are one of the biggest drivers of the growth in legal technology as they continue to expect and demand more efficiency, higher quality, and lower costs from firms. Listening to and striving to meet those client demands is the key to success in today’s competitive legal market.
In order to position your law firm for growth and success in the future, you need to be ahead of the curve when it comes to current trends, rather than struggling to catch up. Investing in the right technology today is the only way to ensure continued growth in the future.
As a recognized industry leader in litigation and deposition solutions, Veritext can help you understand today’s market-leading technologies and implement the cutting-edge tools you need to achieve growth and remain competitive. Contact us today to learn more about how you can stay on top of 2019’s top legal trends.