By Legal Futures Associate SearchFlow
More than two thirds (67%) of senior commercial property law professionals believe it will be very likely that administrative tasks relating to the legal transaction process for commercial real estate deals will be fully automated within the next three years.
In a Commercial Real Estate Lawyers of the Future report, published by SearchFlow, the study probed the anticipated and most likely scenarios for the industry in 2025. Almost all of the 42 senior legal professionals interviewed said automation of administrative tasks will enable lawyers to concentrate on more revenue-generating activities (67% very likely and 31% quite likely).
95% also felt that greater access to more due diligence data insights upfront will support buyers and investors in making more informed decisions, reducing the element of surprise later in the process.
The report also explores the opportunities presented to real estate law professionals through the uses of automation and AI. 52% believe the advancements in technology mean that they will spend a larger proportion of time on fee-earning activities, while almost half (48%) specifically suggested that it will help reduce human error.
Dr Thomas Quirke, Managing Director of SearchFlow said, “The Commercial Real Estate Lawyers of the Future research report has been a really useful exercise. It not only shows how firms are already embracing LegalTech today but considers what additional steps are likely to take place in the near future to further enhance real estate transactions. A clear majority agree that by 2025 the automation of specific administrative tasks in the legal process will result in faster completions, reduced risk of human error and primarily mean that lawyers can spend more time progressing deals.”