Legal Digital Technology and the corresponding effect on the trust's market

Legal digital technology and its advantages:

The era of digital technology is now, and most legal firms or businesses are taking advantage of the:

a). Economies of scale;

b). Ease of delivery;

c). Effectiveness and efficiency of delivery;

d). Cost-effectiveness; and

e). Faster turn around times that the era of digital technology has brought.

Digital technology and the changes it has brought to the law firms and trusts market:

Digital technology has brought about changes in how law firms operate, their operational structures, their set up and the corresponding regulatory requirements that are associated with firms. The era of digital technology has brought about new products that are faster to implement but can be complex to understand and regulate.

A good example is a recent implementation of the vLex Justis, an intelligent platform that allows for:

a). Ease of access to information to all team members at the same time;

b). Faster processing of data;

c). Consolidation of data from both secondary and primary sources into one available platform; and

d). Quicker and efficient processing reducing the case processing times and backlogs.

Current examples of digital technology and their effect on the trust's market:

Several products are available on the market that uses the principles of:

a). Artificial Intelligence;

b). Blockchain; and

c). Digital scripts and robotics; to name but a few.

These products enable:

a). Insight into the strategic alignment of the firms' activities;

b). Provide information to key decision-makers;

c). Provide an overview and high-level visibility of the businesses operational structure;

d). Increase productivity for the company or firm, and

e). Allow financial management integration to the day to day operations, refer to Thomson's Reuter's white paper on tax technology, and

f). Enhance the firm's capability.

Increased productivity, efficiency and customer services has a corresponding effect of increasing productivity, growth and revenue, resulting in an expansion of this market.

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