Legal Technology: Concepts and Opportunities
Legal Technology: Concepts and Opportunities

Summary/Abstract: Legal technology is commonly defined as the use of technology and software to assist individual attorneys, law firms, and medium- and large-sized businesses with practice management, document automation, document storage, and legal research. The paper examines the concept of legal engineering and the application of legal tech tools in legal practice. As technology advances, LegalTech methods such as artificial intelligence, machine learning, and automation are transforming many aspects of the legal profession. This paper focuses on the benefits of LegalTech, such as faster legal processes, improved document management, and increased legal research accuracy. It also investigates the potential stumbling blocks and ethical considerations associated with the usage of LegalTech. Legal technology startups have drawn significant investment around the world. According to Grand View Research, the worldwide tech industry was worth $17.02 billion in 2020 and is expected to grow to 39.6 billion by 2028. In short, LegalTech promotes technological innovation while offering up new prospects in the legal profession.

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