Increased transparency in the legal profession

Assignment Help Business Law and Ethics

Reference no: EM133197500

Business Technology applied to The Legal Profession:

5-7 slides that answer the following 3 points. Slides should be simple (graphics with explanation - no animation) with detailed notes and references in the "Notes" of slides

1. What is the problem? (opinion)

2. Data/ studies that support that the problems exists? Research (most important)

3. Current state of the problem? Are there solutions being applied anywhere?

INTRODUCTION

Blockchain technology aims to create a more secure recording of data, including financial and legal transactions. Blockchain technology is becoming a disruptive force in every business on the planet. Organizations wanting a better level of precision can benefit from blockchain technology due to its capacity to store transparent and immutable data. Some firms in the legal industry are aiming to use distributed ledger technology to transform business.

IMPACT: Increased transparency in the legal profession

Distributed ledger technology creates a shared ledger that all parties to a contract can access. Contracts built on the blockchain have built-in compliance, no surprises, and no possibility for misunderstanding. Non-techies can also better understand the transactions they make and what the smart contract represents.

Administrative chores, such as moving information across software and updating client trust ledgers, can take up to 48% of a lawyer's time. Lawyers can automate non-billable administrative activities and transactional labor using a legal agreement repository and pre-fabricated smart contracts. Cutting back on excessive physical work will help speed up legal proceedings, lowering customer expenses.

Many legal processes can be streamlined, re-engineered, automated, disintermediated, and secured using blockchain technology without compromising judicial authority. As a result, the legal and financial industries will become more efficient and productive as numerous industrial aspects are optimized, cutting friction and expenses.

Ill-intentioned hackers who wish to benefit from the valuable secret information collected and managed by lawyers use legal documents as a honeypot. Lawyers can choose to store legal information on a decentralized, distributed ledger for append-only feeds instead of emailing sensitive material back and forth, which improves data integrity. In addition, if the evidence is tampered with or altered, the hash value linked with it will not match, indicating that something has changed.

Lawyers may use blockchain technology to streamline and simplify their transactional work, as well as digitally sign and store legal agreements in an immutable manner. Scripted language, smart contracts, and automated contract administration cut down on time it takes to prepare, personalize, and maintain ordinary legal agreements.

Many manual tasks can be automated, reducing the amount of time spent preparing and modifying legal papers dramatically. This cost is typically passed on to customers, resulting in exorbitant hourly lawyer fees. Smart contracts will help speed up and lower the cost of transactions between parties. For example, a cost-effective algorithm can maintain escrow accounts automatically and transparently for a fraction of manual labor expense. Lower legal service costs will enhance overall demand and accessibility.

Most legal contracts are now written with physical signatures, which takes a long time to complete for a legally valid agreement and is prone to human error because it is processed manually.

Reference no: EM133197500

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