Legal Tech Too Enable Banks To Cut Costs And Boost Efficiency

Smart technologies are maturing and set to disrupt the traditional conservative legal market. Banks in particular can leverage these to dramatically reduce their costs and boost efficiency, according to a new report. Technology is expected to fundamentally change the legal industry, a space that is still attached to manual and paper-based processes. According to McKinsey, 22% of a lawyer's job and 35% of a law clerk's job can be automated. "If I was the parent of a law student, I would be concerned a bit," Todd Solomon, a partner at the law firm McDermott Will & Emery, based in Chicago, told the MIT Technology Review.