Law Joining Forces with Tech: How to Target Two Polar Audiences with One Product?

The present and future of the legal industry are actively filled with innovative technologies. Artificial Intelligence (AI) has become a fundamental trend for many legaltech products that help legal professionals automate mundane tasks and dedicate more time to their clients.

Other key 2024 legaltech trends are enhanced cybersecurity, the transition from on-premise software to cloud, the growing number of freelance lawyers, etc. Plus, alternative or DIY legal services are gaining more popularity among people with urgent legal matters.

The list of legaltech trends for lawyers and individuals seeking legal advice is non-exhaustive, which proves that all these customers need a one-size-fits-all solution. Can it possibly match the needs of two opposite audiences? Yes, if this product is powered by AI technology and extensive legal expertise, helpful for both groups of customers.

Let’s navigate through today’s legaltech market and the arsenal of a prospective legaltech product for all.

Legaltech Market Today

In 2022, the global legaltech market was valued at $23.45 billion, and the need for legal software and services will only be rising by 2030.

North American region is the largest market as it shares 49% of the worldwide legaltech market revenue. Asia Pacific region is considered the fastest-growing market due to the rapid adoption of AI-powered legal software applications. Even despite these promising numbers, there are particular legaltech obstacles that lawyers and non-lawyers come across.

The biggest dealbreakers for attorneys are limited budget and reluctance to try any tech innovations. Other reasons against legaltech adoption are private data breaches, compromising legal software compliance, and limited integration with other software applications. All these factors cause the need for a secure and easy-to-install legaltech product, able to handle even the most challenging tasks.

As for legal consumers, the most common challenges happen with them while searching for a lawyer. The most crucial search criteria are professional experience, lawyer’s rating, recommendations, and client reviews. It usually takes two to five websites before individuals contact attorneys, which means that online presence should matter to legal professionals a lot.

Finally, Thomson Reuters shows that 50% of individuals with legal needs expect the lawyers they contact via phone to respond on the same day. Due to the growing number of tasks with legal documents, it is hard to balance between engaging potential clients and retaining the current ones.

Technology is key to tackling the major pain points of legal consumers and legal professionals. Both these groups of customers need a dedicated solution working on an AI basis. As a group of legaltech products, Lawrina presents a “pain killer” for lawyers and non-lawyers nurtured by vast experience in US law and technology stack.

Law & Tech Alliance in One Product

Lawrina is a complex legaltech product that covers the needs of attorneys and non-lawyers. It is a space where a lawyer can promote their legal services and find potential clients, while a non-lawyer can create a legally binding document customized to their situation or find a professional attorney in their locality.

Lawrina includes the following products divided by the target audience:

Let’s begin with the non-lawyer segment and take a look at another kind of legal assistance people need apart from reaching out to an attorney.

DIY Creation of Legal Documents and E-Signature

Making legal document templates without a lawyer’s help can be tricky. Here are the common risks of choosing the wrong contract or completing it without proper guidance:

1. Nonadherence to law regulations
2. Unawareness of legal terms
3. Legal disputes
4. Financial losses
5. Ruined reputation

Online legal template services like Lawrina provide a collection of up-to-date legal document templates for business, real estate, and personal matters. Drafted by a team of professional lawyers, every template includes a list of questions explaining what information users should write in their future document.

After answering these questions, a customer gets a complete legal document ready for signature by both parties. If users need more expertise on their legal matter, they can search for a professional attorney in their area within the same space of legaltech products.

Search for a Professional Lawyer

A recent survey among legal consumers showed that 50% of them act promptly to find an attorney for their matter and thus avoid potential legal difficulties. Also, 50% of legal consumers expect the lawyers they contact via phone to respond on the same day.

This proves that non-lawyers are highly motivated to find the right lawyer for their legal issues. An online legal directory is a win-win for legal professionals and people in need of legal assistance because both sides can quickly find each other in the same area.

Let’s see how these listing platforms work for lawyers and how the pros can benefit from online presence.

Legal Online Marketing for Lawyers

Since 74% of legal consumers seek legal advice on search engines, every lawyer should consider promoting their services online. Various marketing strategies and tools can greatly help boost a personal or a law firm’s reputation, and a legal marketplace is no exception.

Having a complete directory profile can help lawyers present themselves to potential clients with peace of mind. Legal professionals can share their work experience, education, certifications, and contact details on their profiles to let potential leads get a feel for the lawyer’s expertise.

Another considerable benefit of a lawyer listing platform is top search results can help lawyers get seen by more qualified leads. This information is available in accurate analytics that is clear and insightful for every legal professional aiming to be visible online.

AI & Legal Contract Drafting and Review

Another way to grow as a lawyer is to optimize legal paperwork and rely on specific AI technologies. These include Machine Learning (ML) and Natural Language Processing (NLP), which easily learn from humans and can process far more information in less time. Thus, automated contract management workflow has saved the respondent lawyers 82% of their working time, and the number is only about to grow in the future.

When legal contract drafting and review software is easy to install, and it seamlessly integrates with other software applications, lawyers do more in less time. Whether it’s only the first clauses, the negotiation step, or the final revision, ML and NLP algorithms are launched instantly and generate immediate reports on how to improve the document.

This information will help legal professionals detect and fix critical errors and typos in the contract, plus add relevant clauses or remove unnecessary provisions in the document. These features under the hood are developed together with the legal team’s knowledge and vision of modern legal contract types.Conclusion

AI technologies will continue to drive the legaltech market in the upcoming years. This strongly developed tech functionality can help legaltech companies stay competitive and promptly meet the needs of legal professionals and legal consumers.

When technologies work in tandem with law expertise, products greatly affect the cooperation between lawyers and their prospective clients, making it more efficient and long-term.
Sources

1. https://www.lexagle.com/blog-en-sg/legal-tech-2024-top-trends-shaping-the-future-of-law
2. https://www.grandviewresearch.com/industry-analysis/legal-technology-market-report
3. https://www.legal500.com/gc-magazine/feature/challenges-to-the-implementation-of-legal-tech/
4. https://www.findlaw.com/lawyer-marketing/blog/key-takeaways-from-the-2023-us-consumer-legal-needs-survey/
5. https://legaltrunk.com/risks-of-using-the-wrong-legal-document-templates-for-your-business/
6. https://legal.thomsonreuters.com/en/insights/articles/document-automation-saves-time

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