As many legal professionals know, the legal industry has been affected by many changes over the years. The legal world is always evolving with new legal challenges, opportunities and innovations—as well as new ways for lawyers to serve their clients even more efficiently and effectively.
Given how rapid the legal industry is changing right now (thanks in part to legal technology), it is crucial that legal professionals stay ahead of the curve in order to be successful today and into the future. In addition, legal students will play a pivotal role in both legal operations and client service within legal firms.
In this article, we will take a look at some of the latest developments in the real estate legal industry in 2022, as well as what will be important as far as legal information in the real estate industry in 2022.
Technology and Legal Operations in 2022
In just a few years, there will be technological advancements that will allow legal professionals to provide even more value for their clients than ever before. Developments like Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR) and Blockchain will benefit legal professionals in many ways.
In real estate legal operations, some legal professionals envision utilizing legal AI technologies to speed up the review process of contracts so lawyers can spend more time on other important matters for their clients. Also, AR might be utilized to examine properties that a real estate investor is considering for purchase. For example, an investor who wants to buy properties in Detroit may be able to use AR to look at different buildings throughout the city and get a good sense of their value before making any decisions. This could help legal professionals sell more real estate by helping investors make better informed decisions.
Developments in Real Estate Law
Technology will play a major role in legal operations, but legal professionals must also stay up-to-date with legal developments. Some legal issues that are expected to be common themes in real estate legal disputes include:
1) Accessibility & Universal Design—selling or leasing commercial space to businesses should be made as accessible as possible for people with disabilities. A legal professional should also verify that the design of these commercial spaces are safe for people with disabilities before signing off on any legal contract.
2) Litigation—the legal process will still be very important in real estate law, but legal professionals can reduce litigation by utilizing legal technology to better communicate with clients and provide a more streamlined experience.
3) Taxability—taxation issues are also expected to become more common in real estate legal disputes. A legal professional must stay on top of tax laws and advise clients accordingly when it comes to buying, selling or leasing real estate.
4) Cybersecurity—in 2022, legal professionals will need to be even more diligent about security measures than they are today. Specifically, legal professionals must be aware of ransomware and other kinds of cyber-attacks so they don’t fall prey to hackers.
5) Landlord/Tenant Law—landlord/tenant law will still play a big role in real estate legal disputes, especially with the large share of people renting instead of buying property.
Contact The Mellor Law Firm Today
For any other questions you have regarding real estate law in 2022, contact the experts at The Mellor Law Firm. They will be able to provide you with the most up-to-date information regarding your questions and possible concerns.