2024 Growing Legal Industry Trends
As we transition into the new year, the legal industry continues to evolve, shaped significantly by advancements in technology changing the landscape of this longstanding industry. Adjusting post-pandemic has placed an immense amount of focus on digital solutions and innovative technologies becoming more prevalent in the legal industry. The following will explore 4 legal trends that are defining the industry and reflect how legal firms and law professionals are taking on new opportunities to differentiate themselves.
PRIVATE CLOUD STORAGE
Private cloud technologies are also being heavily leveraged by legal firms in the new year. This is a version of cloud-based computing and data storage where an online infrastructure solely belongs to the law firm itself. Not accessible to the public, these private clouds normally have specified security measures and protocols in place. Particularly useful for law firms handling large amount of sensitive information regularly. We’ve all seen how cybercrimes are rising lately, and as a result we believe private cloud storage usage will increase across law firms over 2024.
Cybercrime and data/information breaches were riddled across 2023 from the Title Insurance industry to large scale, multiple national law firms. According to the American Bar Association, roughly 30% of all survey respondents noted a security breach in 2020. Information Technology professionals in the legal industry have reinforced the mindset that cybersecurity remains top priority for the coming future. Legal employers are now implementing increasingly treacherous data protection programs to include remote systems and cloud-base storage solutions.
Automation has come to the forefront of the legal industry, expanding quickly. When originally being suggested for routine tasks such as billing and documentation, automation technologies are now being used with larger volumes of data. The global tech market projected to exceed $37 billion by 2026 reflects this high demand in growth. Predictive analytics, legal research, and case strategy development are becoming more and more popular when implementing automated processes. If firms wish to stay competitive in 2024, we will see more user cases in the way legal services are delivered and managed.
FREELANCING INCREASING ACROSS ALL FIRMS
With new technologies, along with budget-conscious clients the desire for remote work is molding the legal profession into more of a freelance format. Obviously, the internet allows firms to break away from brick-and-mortar offices while still practicing effectively. Also, remote work and freelance legal services do allow individuals the freedom to choose specialty areas they want to handle instead of when working from an office. Law firms of all sizes are now finding ways for these paid consultants to work together strategically to improve efficiency and reduce operating costs.