How can legal tech save businesses money?

In the modern age, all businesses are going to need to rely on technology to some extent. What’s more, the need for airtight legal running and compliance has never been more critical. Therefore, all business owners must make sure they are on top of the legality of their operations.

But how can legal tech and online services help to support businesses in their pursuit of savings and overhead reduction? Do services such as genuinely help to bring costs down for European companies? Moreover – are there any large movements in legal tech which all businesses should invest in?

a gavel on microchip is legal techOnline consultation saves on lawyer investment

Many business owners now find that they can seek legal advice without having to pay out for lawyer meetings. Consultations in the New 20s – at least in person – have never been more expensive. However, through both virtual conferencing and AI, business owners can now access legal support and guidance through online self-serve.

For example, business A may wish to access an online repository for legal advice. They could do this through a law firm which has developed tech to answer questions via chatbot. However, business B may prefer the human touch. This, too, is possible.

Business B could save money on room hire, travel costs and lawyer expenses by setting up a video conference. That allows both sides of the conversation to take place on opposite ends of the globe, potentially. This is instant cost reduction for the business.

Automated auditing

There is also the growing need to make data auditing more efficient. With the rise of GDPR, for example, businesses need to ensure that the way they handle customer data is clear to all they come into contact with.

Emerging legal tech can help to reduce the cost of auditing in multiple ways. One of the most interesting, emerging approaches to manage data, again, is through AI and associated algorithms. It’s potentially possible for a business to set up an automated auditing service to ensure that GDPR KPIs are kept in clear sight.

Alternatively, rather than pay out for legal auditing through normal channels, businesses, could go the managed IT route. It’s entirely possible for small to larger firms to delegate data management and close auditing off-site.

By employing specialists and their leading tech, businesses could stand to save money on setting up in-house teams and developing their own software. Delegating, whether directly to machines or a managed team, is the way forward for savings costs.

The future of legal tech

Of course, all of this goes without mentioning specific tech developed and used in the legal sector itself! However, it makes logical sense for all businesses to harness tech to lower costs.

With legal advice being so specific and so sensitive, it’s surprising that so much of it is heading to automation. However, self-service is nothing new. For even the biggest of businesses, using tech to help themselves is only going to drive costs downwards.