Ed Boal speaks to The Legal Helm podcast host Bim Dave to explore how the legal landscape is evolving and delve into the key challenges law firms face. The conversation focuses in on client fund management, data protection, and the role of AI in the legal industry.
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Ed Boal reflects on modern day legal practices, the challenges, the new ways of working and the tools available to reshape how law firms approach managing client monies, deal payments and data privacy.
This episode is all about how to navigate the intricate landscape of legal tech, focusing on the pivotal challenges encountered by law firms in handling client funds, managing transaction payments on behalf of their clients, deciphering return on investment nuances, ensuring data protection and privacy, and delving into the revolutionary world of artificial intelligence software applications for legal technology.
Topics covered:
- Managing client funds and transaction payments on behalf of client: A look at the SRA Accounts Rules, and the opportunity to use a Third-Party Managed Account, Escrow or Paying Agent to support regulatory compliance and streamline client money management.
- Data protection and privacy: Exploring the principal of data minimisation, how it supports compliance with UK data protection law.
- Artificial Intelligence (AI): Reviewing the state of play currently in the legal market, looking at artificial super intelligence, and the opportunities available in identification and biometric identification.
About the Legal Helm Podcast
The Legal Helm is Helm360's podcast on all things Legal and Tech. Each episode explores topics like A.I., application management systems, fully remote law-firm management, legal tech, remote work, and much more.
Bim Dave, Host
Bim Dave is Helm360’s Executive Vice President. With 15+ years in the legal industry, his keen understanding of how law firms and lawyers use technology has propelled Helm360 to the industry’s forefront. A technical expert with a penchant for developing solutions that improve business systems and user experience, Bim has a knack for bringing high quality IT architects and developers together to create innovative, useable solutions to the legal arena.
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This episode of The Legal Helm Podcast can be found on the Helm360 website here: https://helm360.com/tlh-ep-26-navigating-client-funds-data-protection-and-ai-with-ed-boal/
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