- In February, 2022, leading Law Firm, ArentFox Schiff became the first US one to join the Metaverse and acquired a land site in Decentraland.
- Richard Eric Susskind Professor, and Independent Legal Advisor,is an advocate of immersive VR training in the global legal practise market and trainees should prepare to become 21st-century lawyers. (XR Today)
The metaverse becoming the most followed technology trend.
- It recorded 84,000 mentions on Social Media Posts in 2021! (*social).
Organisations are investing in the metaverse and looking at ways to capitalise on its benefits. Healthcare Metaverse, Food Metaverse, and Education Metaverse– you name it and all sectors are making a beeline to enter the metaverse.
In this post, we will consider the impacts of the metaverse on the legal sector and how lawyers and law firms stand to gain from the metaverse.
Metaverse Facts and Statistics
- $10 billion- investment into metaverse technology by Reality Labs (evoclique.)
- $800 billion by 2024- the valuation of the global metaverse market (Soocial)
- $2000- the average sale value of Metaverse land (Soocial)
- $2.4 million- the highest recorded property sale value in the Metaverse
- $1 trillion – the metaverse market size in the near future ( JP Morgan)
- 12 Million – Participants of the online Fortnite Concerts (wpdevshed)
These market size predictions point out how huge the metaverse can become. The use cases and applications are rising every day. With advancements in related technologies like Augmented and Virtual Reality, Artificial Intelligence, Blockchain and NFTs, the metaverse will hugely impact work processes.
Moreover, a specialised and skilled force to navigate the metaverse from every sector will become a priority. Undoubtedly, the metaverse is happening and booming. We can expect many interesting uses in the near future.
VR Training for the Legal Sector
Technology is offering advanced training solutions for the legal sector. VR legal training is being adopted rapidly to enhance learning outcomes for law trainees. VR scenarios can be developed for crime scenes to courtrooms. Legal Officers can visit the crime scenes and absorb all the information, view minute details and interact in the simulated environment. This helps them get a better perspective on what could have happened.
Also Read: Metaverse Learning
Lawyer- Client Relationship
Lawyer- client engagement can be strengthened. Meetings held in as close to real environments over simple video meetings will be more impactful. Immersive experiences through simulated scenarios can help law firms or lawyers prepare their clients and witnesses. Clients can practice repeatedly in a courtroom setting to remove any anxieties or apprehensions they might have. For global clients, law firms need not depute lawyers to travel. Time bound meetings can take place effortlessly from anywhere across the world.
Legal Education and Training
AR/ VR offers immense benefits for legal education and training. The quality of education and training imparted in the metaverse will be more relevant and also create a future ready law workforce.
Mundane topics that law trainees have to deal in can be converted into engaging topics through VR experiential learning solutions. Legal trainees have to learn many laws and acts, which can be bookish and boring. They sometimes do not seem relevant when crammed out of a text book.
Experiential learning can however, offer a new twist to it by bringing it to life in an immersive environment. It serves an important tool for empathy training in the legal sector. Lawyers can understand the trauma of victims when they experience their plight upfront.
Legal Marketing and Promotion
AR-VR based Legal marketing can help lawyers and firms to showcase their services and offer clients an in depth perception and expertise. Legal representative would have greater freedom and flexibility to address multi-jurisdictional cases. AR-VR technology can help to reduce costs of litigations by reducing travel.
Transformed Legal Offices
The metaverse will impact how law offices are run and maintained as well. Virtual offices, virtual arbitrations, virtual courtrooms, inhabited by avatars will become more commonplace. Lawyers could argue cases and present witnesses and finding in 3D simulated recreated environments.
To summarise, the metaverse is a can of opportunities waiting to be opened. The legal sector stands to gain immensely from metaverse solutions.
Why Should the Legal Educational Sector Consider Metaverse Education?
– The global metaverse in education market will reach $94.9 billion by 2030 as estimates put out by Globe News Wire.
This is primarily because the education sector has been at the forefront of adopting technology and harnessing its potential to offer better learning systems. The responsibility of equipping today’s students to be future work force ready lies with the education sector. The sector has to constantly upgrade to meet the new age requirements. With metaverse applications, education is undergoing a revolutionary transformation. It is taking learning to newer dimensions and allowing for more inclusivity.
The Future landscape
The metaverse is the next iteration of the internet. It will change the way we live, interact, learn and work. People will use the metaverse for health diagnosis, to practice and perfect their skills, upskill, travel, attend meetings and learn. Users will enter the online world and carry out their choice of activities.
Investors and developers are working on making the metaverse more accessible and enhancing interoperability between metaverse applications.
The new world is dynamic and prone to changes. Technology, Devices and Communication Networks are the driving forces of this next phase. The metaverse will amplify the opportunities to collaborate, network, learn and work as never before.
Every profession will have to adapt to the digital transformations to stay relevant in the new economy. There is tremendous scope for the legal sector to reap the benefits of the metaverse.
Edverse- A Unique Educational Metaverse Platform
The education metaverse and Metaverse School are attracting immense interest from all sectors. From pre-primary to K-12, to higher education, vocational education and corporate trainings, it is revolutionising the dynamics and helping to create a more efficient work force.
Edverse is the most insightful educational metaverse offering. Edverse aims to help the growth of the knowledge economy through decentralising and democratising education. Visit Edverse to know more about innovative metaverse solutions.