The legal industry, long known for being tradition-bound and averse to change, is now experiencing a wave of innovation driven by the rise of financial technology or “fintech.” From e-discovery software to online dispute resolution platforms, fintech is revolutionizing how legal professionals deliver services, manage their practices, and interact with clients.
The Discovery and Research Process
Legal research is a major area being disrupted. In the past, lawyers spent countless hours digging through law books and case files. Now, advanced AI-powered legal research technology allows lawyers to get answers in seconds rather than days. Platforms like ROSS Intelligence leverage natural language processing to instantly provide lawyers with relevant case law citations. This dramatically improves law firm efficiency and enables lawyers to devote more time to higher-value work.
Contract Review and Management
Contract review and management is another area undergoing modernization, thanks to fintech—manual contract reviews used to be extremely tedious and time-consuming for lawyers. Now, contract lifecycle management platforms use AI to automate parts of this process. LawGeex, for example, uses proprietary AI algorithms to review contracts for errors, risks, and compliance issues in a fraction of the time. This technology frees up lawyers to focus on high-level strategic tasks during deals and negotiations.
Additionally, fintech is providing easier access to basic legal services. Online legal service platforms like LegalZoom and Rocket Lawyer are using technology to create affordable, transparent self-service options for common legal processes like forming a business, filing patents and trademarks, or creating wills. While these platforms don’t replace lawyers, they are increasing access to fundamental legal services for individuals and small businesses.
The innovative technology powering many fintech platforms comes from companies like ThoughtRiver, which leverage AI to deliver legal risk analysis to improve decision-making. Major law firms increasingly collaborate with or acquire AI startups to integrate leading-edge tech capabilities. For example, global firm Allen & Overy established an innovation hub called Fuse to foster technological innovation within the firm.
Transparency and Innovation
As fintech drives greater efficiency, transparency, and innovation across the legal sector, lawyers no longer have to choose between providing an excellent client experience and running a profitable practice. Forward-thinking firms are actively training lawyers to leverage legal tech. Old-school firms that resist change risk being left behind.
For aspiring lawyers and legal professionals, having fintech skills is becoming crucial to thrive in the modern era. Law schools now offer courses in blockchain, AI, and legal analytics. Hands-on fintech training teaches vital capabilities like data analysis, problem-solving, and critical thinking.
Enroll in TI:GER Today
The future looks bright for tech-enabled lawyers who embrace fintech’s potential. The old ways of practicing law are fading as fintech propels the industry into the 21st century. Don’t be left behind—enroll in TI:GER’s innovative fintech certificate program today to gain a competitive edge.