Historically, lawyers and legal advisers have worked "with the clock" and invoiced in accordance with time spent. But this is going out of style. Legal fees are increasingly becoming either capped/fixed, which means that time is now a challenge. This is where technology can help.

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Better advice with real-time red flagging

Legal service providers are becoming increasingly digital. Concurrently with the introduction of technology in the legal sector, it is expected that clients will expect changes to cost and risk as well - especially in relation to costs and risk. But how can technology help you mitigate this?

For the modern adviser, alleviating risk has become a key function. But with more regulation and heavier compliance requirements comes higher risk. And it takes vastly more time to be compliant.

Legal risk is usually defined as either:

  • Financial risk
  • Reputational risk

A classic example is how an client's fraud can lead to both great financial costs as well as a PR nightmare for a company and its legal advisers.

While it is - unfortunately - never possible remove risk, it it possible to minimize it with Juristic's Smart Assistance features. Most importantly, the Juristic platform can scan structures or transactional flows illustrated in a workspace and highlight common or specific legal risks. Please see an example here.

Imagine planning a transaction and - while working - the software you are using tells you that recently published legal practice could lead to an undesirable outcome for the client.

The best part? We are working very hard to connect it to official legal sources, so our platform can help legal advisers with finding the correct legal basis in every situation.

Some also see the value of Juristic as an educational tool - a practical way to educate new employees in even highly complex legal situations and concepts.

We think the future of legal is digital - and so is risk mitigation. Do you have time to be in doubt?