Quantum Computing and Other Disruptive Technologies to Impact Legal Industry
Legal Technology, Today and Tomorrow: Don’t Get Left Behind
Key points…
+ The legal services industry in the United States approaches nearly $300 billion annually. It is therefore not surprising that legal technology companies are increasingly developing tools to gather a larger slice of this pie. Venture capital funding for developing legal technology tools continues to increase.
Staying on top of these developments is no longer enough to “future proof” your practice or your firm. It is imperative to look forward to avoid falling behind.
+ The pace of development of AI and other advanced technologies is moving at an unprecedented pace. Not surprisingly, future use cases for AI in the legal industry are constantly developing. Already, legal tech companies are developing AI-powered tools that can, purportedly, analyze organizational data and assess potential litigation risk and predict (and possibly prevent) future litigation. If this technology continues to develop and ultimately becomes widely adopted, it would lead to significant changes in the scope and dimensions of both in-house and outside lawyers’ work. The work of the judiciary is also at risk of significant future technology-induced disruption. Indeed, in late 2019, China unveiled a “digital justice” system, complete with AI judges, cyber courts and verdicts delivered on apps.
+ Another evolving form of technology predicted to have significant impact on the legal industry is quantum computing. In late 2019, Google researchers reached “quantum supremacy,” creating a quantum computer that required only three minutes to perform a task that current computers could not complete in 10,000 years. Quantum computers utilize principles of quantum laws in a way that greatly enhances computing power and speed. We are many years away from widespread adoption of quantum computing, but predictions suggest it could be well developed within the next 10 to 15 years, helping to expand the speed and power of modern computing abilities.
Source: LAW.COM. Jenn Betts, Legal Technology, Today and Tomorrow: Don’t Get Left Behind…
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