According to an expert in the field of international law Konstantin Krypopust, the legal industry in Ukraine and in the world is becoming more dynamic every year. Lawyers are introducing new practices to withstand competition, reduce costs and meet the growing expectations of clients. And technology is a key component to staying one step ahead.
We analyze the main international trends – 2024, which will significantly affect the legal sphere in Ukraine.
Generative artificial intelligence (AI) and big data
Artificial intelligence has been a legal trend for some time.
For example, around half of UK firms were already using some form of artificial intelligence in 2020. At the time, most of the tools were represented by machine learning technologies that lawyers used for eDiscovery (scanning large volumes of data). Predictive analytics and other tools were rarely used.
This year, the surge in popularity of ChatGPT was reflected in the legal world. And although it is still too early to say that AI will replace lawyers, in the near future we will probably see the appearance of digital “co-pilots”, “co-consultants” and “digital assistants”.
With the development of technology, lawyers can make more informed decisions, provide better services to clients and automate routine tasks. This will help firms save money as they do not need to hire additional staff or delegate work to expensive external consultants.
The problem of technology regulation
As with any new technology, AI and data analytics bring with them new challenges and concerns. Experts are currently asking questions about the possible implications of AI for intellectual property and data privacy, as well as how this should be reflected in regulatory policies around the world.
Most likely, the EU will remain at the forefront of regulating IT technologies, and the legislators of other countries, in particular in Ukraine, will be guided by their development.
In the near future, the issues of AI functioning in European countries will be defined in the following 2 documents:
- The General Data Protection Regulation (GDPR), which has been in effect since 2018,
- The EU law on AI or Artificial intelligence act (AIA), which is expected to be adopted soon. You can read about the latest updates here.
Cyber security and data privacy
The number of cybercrimes is constantly increasing. And they are becoming more complicated and expensive.
So, in 2023, the average value of a data leak in the world reached a record level – $4.45 million.
Therefore, states and private companies are taking measures to improve security. Countries are introducing new regulations and programs to adequately respond to the growing threats.
Not the last role in the trend was played by the war with the Russian Federation – and its cyber attacks on Ukraine and EU countries. Thus, in 2024, organizations are likely to implement additional steps to protect themselves. For example, staff education and training, as well as technology improvements, can be implemented to reduce cyber risks.
The growing role of ESG
ESG (environmental, social, governance) is an international term that means the company’s compliance with the goals of sustainable development. Primarily, it concerns environmental, social and governance (ESG) issues:
- How much does the business care about the environment?
- To what extent does it support social initiatives?
- Is it transparent? How are staff, customers and partners treated?
The bigger the company, the more ESG factors come into play. But even a small business can lose customers, cooperation opportunities and investment attractiveness if it does not meet the criteria.
New approaches in work
The pandemic has forced businesses to adopt more innovative approaches to work. In particular, the trend towards remote work and virtual collaboration has increased in jurisprudence. Lawyers have become more involved with technology, adapting to new economic and work realities.
What to expect this year?
The use of technology will continue to grow.
In the pursuit of efficiency, law firms are trying to do more work while cutting costs – and technology may be the only answer.
Very soon, we will probably see that teams are freed from many routine duties that can be delegated to computers: in particular, in matters of automating contractual work, legal research, compliance procedures, etc.
