Sydney, Australia – Gilbert + Tobin, a leading Australian law firm, recently hosted a delegation of UK lawtech companies in Sydney. The visit aimed to promote the adoption of innovative technology in the legal sector and explore new opportunities for collaboration.
The session was led by Caryn Sandler, a Partner in the firm’s Technology and Digital group. Caryn has extensive experience in advising clients on the implementation of technology solutions and digital transformation initiatives.
“We were delighted to host this visit and learn more about the exciting innovations that are coming to the Australian legal market. It was a great opportunity to share insights and learn from our UK counterparts about the latest trends and developments in the industry,” said Caryn.
The legal sector is being transformed by several key technologies including AI, blockchain, e-discovery, regtech, and digital onboarding platforms. These technologies enable law firms to automate tasks that were once time-consuming and labor-intensive, reduce costs, improve efficiency, and enhance the client experience. Factors driving change and investment in the legal sector include changing client expectations, increasing competition, and the need to adapt to evolving regulatory requirements.
Rudi Kesic, CEO of Lawtech 365 Group with offices in London and Sydney, said: “Generative AI, a type of AI that can generate human-like language, has the potential to transform the legal sector even further. I am certain that generative AI will automate the drafting of legal documents in the future, reducing the time and costs associated with manual drafting. It will also assist legal teams with legal research, case analysis, and discovery, improving efficiency and accuracy.”
One of the key technologies presented at the meeting was Verify 365, a digital onboarding platform that enables law firms to streamline client verifications, e-signatures, e-payments, undertake PEPs and sanction checks, and run global KYB checks.
Rudi highlighted the benefits of the platform for law firms: “Verify 365 is designed to help law firms reduce costs, increase efficiency, and improve the client experience. Our platform simplifies and speeds up the client onboarding process, while ensuring compliance with regulatory requirements. We are excited to have the opportunity to present our technology to Gilbert + Tobin and other leading law firms in Australia, and to bring these benefits to the wider legal community.”
Australia’s legal technology market is growing rapidly, as more law firms and corporate legal departments seek to harness the power of digital technology to streamline their operations and improve the client experience. According to a report by The Legal Forecast, a not-for-profit organisation that promotes innovation in the legal industry, the Australian legal technology market is expected to reach $1.2 billion by 2025.
“The legal industry is undergoing a transformation, driven by technological innovation and changing client expectations. Law firms that embrace digital technology will be better positioned to adapt to these changes and remain competitive in the market,” said Philipp Thurner, CEO at NEXL.
“We are seeing an increasing demand from law firms in Australia for digital solutions that can help them to improve efficiency and reduce costs. Verify 365 is a great example of how technology can be used to enhance the client experience and drive business growth,” added Rudi.
James Odell, VP, Managing Director, Australia and APAC at Elevate, a leading provider of legal consulting and technology services, also highlighted the benefits of adopting innovative technology in the legal sector. “Law firms that embrace technology and innovation will be better positioned to meet the changing needs of their clients and remain competitive in a rapidly evolving market,” said James.
“However, as with any new technology, there are potential challenges and risks associated with the use of generative AI in the legal sector, including data privacy, bias, and ethical considerations,” added Rudi. “Nonetheless, the potential benefits of generative AI are significant and will transform the legal sector in the years to come.”
Gilbert + Tobin, with its focus on innovation and technology, is well-positioned to lead this transformation. The firm has a track record of adopting cutting-edge technology to enhance its legal services, and its partnership with a range of innovative lawtech vendors is a great example of this commitment.
Founded in 1988, Gilbert + Tobin has established itself as a leading transactions, regulatory, and disputes law firm in Australia. The firm has a proud track record of providing exceptional legal services to clients across a range of industries.
In addition to its legal expertise, the firm is committed to outstanding citizenship and has a strong pro bono program and champions important social causes such as reconciliation with Australia’s Indigenous peoples and marriage equality.