30 June 2021
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1st Annual Study of Juridical Technological Innovation (JTI): The law firms with the highest technological projection in 2021

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Over the last year and a half, lawyers have become aware of how important the use of technology is in their professional work.

Terms such as "Blockchain", "Artificial Intelligence", "Smart Contracts" or "Digitalisation" are used by today's most relevant law firms. 

The quality of professionals is no longer enough to guarantee the effectiveness of lawyers' work. More than ever, the help of technological tools is needed to assist in the most primary and time-consuming tasks for lawyers, such as jurisprudential research. 

For this reason, The Impact Lawyers has published this study, which analyses the most innovative technological and digital tools created, or supported, by leading international law firms.

 

reimagine baker mckenzie

 

Reinvent (Baker McKenzie)

Description 

Reinvent, developed together with SparkBeyond and powered by Artificial Intelligence, predicts what kind of services law firms' clients will require.

Problem 

Through this predictive tool, law firms ensure better client care by analysing which aspects and businesses can benefit them in the future.

Target audience

Law firm's clients.

Solution

The tool, which is based on data collected from the firm's previous and current work as well as from third party sources, generates a high level of interest from law firms.

 

LUPL CMS

 

LUPL (CMS*)

*CMS was part of the test group for this tool.

- Description 

Lupl is a collaborative legal platform, built with the support of a global community of legal departments and law firms.

- Problem

Through Lupl, a huge amount of information useful for lawyers' professional services scattered on the Internet is condensed and collected on this platform. 

- Target group

Lupl serves as a tool for lawyers in law firms as well as in legal departments of companies.

- Solution

It serves as a community where participating lawyers share information, as well as provide advice on the challenges shared by the legal profession. 

 

Virtual Learning Program Linklaters

 

Virtual Learning Program (Linklaters)

- Description 

This virtual programme, developed by Forage, serves to engage students in the day-to-day life of a Linklaters associate lawyer

- Problem

Real-world experience of the legal profession is rare. Generally, law students do not have practical experiences related to the practice of law and are left with more theoretical aspects of the law. 

- Target audience

This virtual programme is aimed at law students, or anyone interested in pursuing a career in law firms.

- Solution

Through this programme, stakeholders are provided with vital information that will allow students to live a real-life experience.

In turn, this tool helps Linklaters to identify young talent. 

 

eba outsourching solution hogan lovells

 

EBA Outsourching Solution (Hogan Lovells)

- Description 

EBA Outsourching Solution, developed by Kira and powered by Artificial Intelligence, helps European companies to meet the challenges posed by the EBA (European Banking Authority) guidelines.

- The problem

Lawyers and companies need to be constantly updated on the EBA guidelines

- Target group

European and foreign companies and lawyers.

- Solution

This tool constantly updates current regulations on European banking issues and processes outsourcing agreements. In turn, it identifies any terms that need to be updated to comply with the new guidelines: increasing efficiency and reducing costs in a project-managed environment.

 

Signal ai allen overy

 

Signal AI (Allen & Overy)

- Description 

This is a tool, based on artificial intelligence, that monitors external content that may be relevant to the firm (search for new opportunities), as well as alerts other companies or partners that mention the firm in their articles

- Problem

In this case, Allen & Overy wants to be informed about relevant topics in the most innovative sectors, in order to search for new business opportunities.

- Target audience

Law firms and other firms looking to innovate in new markets.

- Solution

This tool informs about key international publications through a global reading list that has been created for Allen & Overy. It also visualises the most relevant topics at present, with the aim of finding new business opportunities.

 

emerging companies virtual experience program latham watkins

 

Emerging Companies Virtual Experience Program (Latham & Watkins)

- Description 

The virtual experience programme provides an opportunity to learn more about Latham & Watkins and the type of work the firm does. Through it, meaningful mentoring and training is developed and offered to its lawyers, as well as to those who are just starting their legal careers

- Problem 

This programme covers the problems of law students or those professionals interested in working in a large law firm who are completely unfamiliar with the day-to-day work in one of its offices.

- Target group

Law students and lawyers.

- Solution

This tool informs about the daily work of lawyers in a relevant firm such as Latham & Watkins. In addition, it measures the problem-solving skills of the participants and allows to identify future talent

 

Global Edge

 

Global Edge (Squire Patton Boggs)

- Description 

Global Edge is an application that provides legal information relating to labour, immigration and data privacy issues in many countries, details employment law developments and highlights future change.

- Problem

There are countless legislations relating to labour issues and there are firms working for foreign clients who find it difficult to keep up to date with all the legislative updates in this area of law.

- Target audience

 General Counsel, In House Legal and Senior HR professionals.

- Solution

Through this tool, Squire Patton Boggs is able to be informed about labour legislation in different countries at the click of a button, speeding up the legislative research work for lawyers and senior HR professionals and informing subscribers of changes directly.

 

toko dla piper

 

TOKO (DLA Piper)

- Description 

TOKO, in collaboration with Aldersgate DLS, is a fast, secure and cost-effective tool for buying and selling high-value assets using blockchain technology. It is a unique tokenisation engine and a vital component in the digital asset ecosystem.

- Problem

Many companies use the latest technology tools to buy and sell a large number of assets and can detect potential fraud.

- Target audience

Investment firms specialising in buying and selling assets

- Solution

This tool helps asset owners to create unique product offerings, improve asset liquidity and provide clients with access to a wider pool of investors. Tokenisation reduces the risk of fraud through strict audit trails created through blockchain functionality.

 

whistleblower system dentons

 

Whistleblower System (Dentons)

- Description 

This tool compiles the whistleblower legislation of more than 30 countries in North America, Europe, Latin America, Australia, Asia Pacific and the Middle East.

- Problem 

Legal departments and law firms need to recognise the main disclosure issues in different countries in order to quickly and effectively advise their clients.

- Target Audience

Law firms and in-house lawyers.

- Solution

By means of this tool, lawyers will be able to access a significant amount of international legislation on disclosure of secrets, speeding up their legislative research work and providing effective solutions to their clients.

 

E-Discovery reedsmith

 

E-Discovery App (Reed Smith)

- Description 

Mobile app developed in-house by Reed Smith's Records and E-Discovery Practice Group in collaboration with the firm's legal technology subsidiary, Gravity Stack. Serves as a digital community for E-discovery practitioners.

- The problem 

Lawyers and the legal profession have a need for massive documentation in order to prove certain facts in court

- Target audience

Lawyers in law firms or in-house lawyers.

- Solution

Search engine for legal terms and legislation related to E-discovery. Calendar of events on E-discovery. Foreign legislation that may be relevant to E-discovery actions. List of E-discovery software and service providers.

 

Magnitude schiff hardin

 

Magnitude (Schiff Hardin)

- Description 

This tool, powered by artificial intelligence, sets the value of complex claims to be made by lawyers.

- Problem

Lawyers deal with thousands of claims from their clients and many of them are difficult to quantify economically. Through this tool, it will be possible to quantify the claims.

- Target audience

Lawyers in law firms and in-house lawyers.

- Solution

Magnitude streamlines the value analysis of claims. It also makes it easier for lawyers to quantify claims, many of which are difficult to evaluate economically. In turn, it quantifies the changes and eventualities that occur in legal proceedings.

 

the observatory orrick

 

The Observatory (Orrick)

- Description 

The Observatory provides the information and data you need to make the right technology decisions for your organisation. It allows you to make a preliminary analysis of more than 600 legal technology tools.

- Problem

Lawyers have a huge number of digital tools at their disposal, but many of them are not necessary for their purposes, or they cannot make the best use of them due to current circumstances. Lawyers need to know which tools are necessary for their business.

- Target audience

Lawyers or legal professionals.

- Solution

Through this tool, lawyers learn about the characteristics of legal tools, analyse the main categories of legal technology (from artificial intelligence to workflow automation). They learn how to use technology in legal proceedings

Moreover, this tool allows them to identify companies that provide technological tools for lawyers.

Copyright © The Impact Lawyers. All rights reserved. This information or any part of it may not be copied or disseminated in any way or by any means or downloaded or stored in an electronic database or retrieval system without the express written consent of The Impact Lawyers. The opinions expressed in this article are those of the authors and do not necessarily reflect the positions or policies of The Impact Lawyers.
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