Why Digital Market Places Drive The Future Of Business Law
For many centuries, market places have been central locations where supply and demand come together. Besides trading of goods and services, also latest news and useful information have been exchanged there. Hence, market places are not only venues for business but also an important part of daily life. As Digitorney shows, this principle also applies to the legal practice.
Most recently, we launched Digitorney Plus as the world’s first B2B Market Place For Business Law. This integrated platform combines digital lawyer search in more than 50 countries with legal tech solutions and drives the change of a market generating USD 350bn revenues per annum globally:
- Legal advisory has always been and will always be people’s business: in the end, it always needs trust and personal responsibility. Especially business law matters show a high degree of individual solutions which can only be managed by human beings. That’s why digital lawyer search becomes a key factor in order to find the suitable attorneys in a targeted manner.
- The human factor remains decisive: experience, gut feeling, empathy, negotiation skills and creativity are decisive in order to come to customized solutions which play the most important role in business law. The vast majority of executives and general counsels still wants to see a human lawyer working on transactions.
- Software will replace lawyers when it comes to standard legal documents: e.g. NDAs, labour contracts, loan agreements and bond documentations. As a consequence, lump sum fees become standard for many legal services.
- Blockchain will play a pivotal role: communications among lawyers as well as between lawyers and their clients will be executed increasingly via the public blockchain in a highly encrypted manner. In addition, blockchain applications are likely to become market standard for payments and certifications in the legal practice.
- Co-botics will be decisive also for legal work: lawyers and general counsels need to be able to work with digital tools as legal documents will be created more and more by way of automated drafting tools including semantic text analysis and legal data feed from various sources.
- Big data and data analytics will be a key factor: for instance, if we know how long it takes to implement certain transactions in certain countries or regions and which legal hurdles typically occur there, this allows for better strategic decisions.
- Chatbots come into play when companies require quick answers to standard questions without a complex description of the individual case.
- Artificial intelligence will be increasingly important for analytics of standard contracts and structuring of internal legal data.
Bringing it all together
The principle “excellent money for excellent services” will definitely remain valid. Lawyers are able to take decisions based on empathy, gut feelings and pure experience which also comprises of negotiation skills that can and will never be replaced by software.
Fees and hourly rates for the core services of international business lawyers are not the problem and should not be questioned by legal tech newcomers into the law market. Legal tech should bring lawyers and their clients together in a faster and easier way. Furthermore, it should enable law professionals to deliver their valuable advice exactly in their core field of business. Additional costs, like drafting of standard documents, can and should be reduced, not hourly rates for core advice services.
In this context, Digitorney’s market place combines state-of-the-art legal tech solutions with digital-based lawyer search and fact finding. In this manner, we build the bridge between human-centric legal advisory and the digital world.
We strongly believe that this is the future of business law — and that’s what Digitorney stands for.
Dr. Ruediger Theiselmann is a lawyer and CEO of Digitorney Group BV. A digital B2B market place for business law, Digitorney searches suitable lawyers in all areas of the business law on behalf of companies in a digital manner. Additionally, Digitorney prepares written case summaries so that the expert can jump right into the case efficiently. Furthermore, legal tech solutions (e.g. document automation, digital whistleblowing tool, workflow tool) are made available.