Commercial law firms stand to significantly increase the quality of their practice by adopting legal technology. Commercial law firms stand to significantly increase the quality of their practice by adopting legal technology. This is especially true when it comes to the consultation of international companies and investors. One example would be the use of IT-supported project management in cross-border M&A Transactions and complex permit applications. Another example is the use of data analysis software to perform due diligence reviews. Also significant is the use of e-discovery software within anti-trust and competition law reviews and bank supervision procedures. In the area of conflict resolution, IT-supported processes and electronic data collection software provide a high added value to complex arbitration and litigation proceedings as well as large class-action suits. Finally, modern document automation is today considered best practice for frequently recurring contracts such as employment and borrowed-worker agreements. In recent years legal tech has found important applications in every field of the law. Even the interaction of different specialists within a law firm (and on the client-side) is unthinkable without some kind of collaboration software.
The law itself has also evolved through the digital transformation of the economy. Commercial law firms will only be able to provide high level guidance to mid-sized and large companies in their transformation processes and digital business models if they are able to build their own legal expertise.
Visit law firms that take a leading role in the digital transformation of commercial legal services on the international or domestic legal market.