The accelerated technological evolution is a reality that impacts all sectors. Its rise is a clearly marked trend that is also reflected in the estimates for the year 2020 in the legal sphere.
One of these evolutionary processes that are being experienced is the growth of Regtech, i.e., companies that use blockchain, big data and cloud technologies to create solutions that support companies in complying with regulatory systems. As these tools come into play, the legal system must be adapted to regulate and make the use of technology legal, as in some cases these tools are used to commit crimes.
What we see as trends for law in 2020
Undoubtedly, as long as laws are not established to regulate the new technological processes, collateral law will be applied with the existing legal system. However, there are no limits to the possibilities of changes in business models, in the ways of relating with clients and other professionals in different areas, the use of information and the conscious use of technological tools to optimize processes and guarantee a higher quality service.
The document "Future Advocacy 2020," noted: Emerging business areas, it was considered that "the globalization of the provision of legal services, the marked tendency towards specialization, the increase in multidisciplinary practice, the intensive use of legal technology and the commitment of large companies and startups to new disruptive business models, will produce significant changes in the practice of the profession". This reality forces the evolution and adaptation of procedures, as discussed at the XII National Congress of the Spanish Legal Profession, held in May of this year.
Among the most significant trends on the horizon for 2020, the academic event pointed out:
1-. Artificial intelligence:
The use of artificial intelligence is booming. by becoming a tool for evaluating legal situations and even ruling on sentences, thanks to the use of statistical systems. The use of it involves ethical dilemmas that must also be addressed by professionals in the area and analyzed in the light of the particularities of each legal event. Currently, tools are being designed that have the capacity to make predictions to solve cases.
Smart contracts, cryptocurrencies and digital identity are areas in which the law has had to make its way. Not only to take advantage of the facilities offered by technological optimization, but also to regulate the activities subject to these tools, in order to avoid risks that affect the fulfillment of justice or impact on the personal integrity of clients.
3-. Connected objects:
Thanks to connected objects, it is possible to record, automate or facilitate processes that generate useful information for specific purposes. The growth of these systems requires the legal field to be vigilant of the privacy and confidentiality of the data that is created and shared, which implies guaranteeing a statute that regulates these procedures, and it has even been considered that legal professionals could become specialists in the protection of digital data.