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Posted on: February 24, 2022 by Huntersure
Lawyer professional liability has always been a concern with the thousands of details and tasks requiring daily attention. This has become especially problematic in the face of the COVID-19 pandemic and the “Great Resignation, which have left many law firms short-handed.
The good news is that recent advances in artificial intelligence and automation are bringing faster, more efficient ways to accomplish more mundane, but necessary jobs such as document creation, transfer of data, and contract analysis. These new technologies promise to free lawyers to focus on revenue-producing activities while providing greater accuracy and lower costs.
Read on to learn about law trends to be on the lookout for in the coming months, and what impacts these will have on your own law practice.
Automation and artificial intelligence (AI) are freeing workers across industries from repetitive, labor-intensive tasks requiring minimal thought. Nearly one-fourth of the routine jobs in a law office fall into this category, representing approximately 973,000 workers at an average wage of $56 per hour.
Given the mathematics, it is not surprising that half of the lawyers practicing in the U.S. today are taking advantage of new “smart technology.” And it is paying off; for example, contract analysis software reduces the time required to review a contract by as much as 90 percent.
The current pandemic has created challenges when it comes to collaboration between colleagues; according to a Reuters report published less than a year after the start of the pandemic, 15 percent of lawyers said collaboration had decreased as a result of lockdowns and quarantines.
However, using workflow automation such as the aforementioned contract review software has facilitated such collaboration by doing all the legwork and gathering basic information for team members, allowing more time for planning legal strategies and problem-solving requiring human judgment.
Keeping sensitive data secure is an ongoing challenge that is only going to get bigger in 2022. Among the most serious are ransomware attacks, which target banking, health care, and legal institutions in particular. Remote work has exacerbated the problem as law firms must gather data from outside their own firewalls.
Law trends of 2022 in this area include the growing use of cloud-based platforms such as Amazon Web Services and the same end-to-end encryption used by major financial institutions.
One of the major complaints among clients in the past has been poor communication from their attorneys. Workflow automation is again part of the solution, including email and SMS alerts sent out automatically when there are changes in a client’s case file and special client portals on law firm websites allowing clients to see their case documents and submit any questions and concerns they may have.
Huntersure LLC is a full-service Managing General Agency that has provided insurance program administration for professional liability products to our partners across the United States since 2007. We specialize in providing insurance solutions for businesses of all sizes. Our program features can cover small firms (grossing $2.5 million annually) to large corporations (grossing $25 million annually or more). We make doing business with us easy with our breadth and depth of knowledge of E&O insurance, our proprietary underwriting system that allows for responsive quoting, binding and policy issuance and tailored products to meet the needs of your insureds. Give us a call at (855) 585-6255 to learn more.
Posted in: Lawyer's professional liability insurance