How Legal Tech Companies Are Re-Shaping the Legal World
Legal tech includes software and other tools that help attorneys and their support staff to provide legal services to clients. Many new applications empower reputable firms to improve their efficiency and adapt to mobile working environments. However, legal tech also allows smaller firms and sole practitioners to compete with the leading names in the field, giving them access to powerful research tools. High street firms struggling to acclimatise their practice are already falling behind, and so the rise of legal tech has substantially influenced the contemporary legal market. So let’s look at the important areas:
Who are Legal Tech Companies?
While there are many legal tech companies in the world, what we are looking for is to be provided with technology that genuinely stands out in a crowded market. For instance, Relativity gives specific technology to lawyers. With the Relativity tech, lawyers can store and search for documents, automate contract reviews, and perform other regulatory work and due diligence. Major U.S. law firms use the service. Some large firms and in-house corporate legal departments have hired experts from Relativity to help them set up eDiscovery departments. Other essential legal tech companies are Apttus, Everlaw, HighQ, and iManage. These companies produce software that simplifies the way companies manage their sales processes and contracts, collaborate on litigation, and handle important documents. The legal technology allows lawyers to focus on their cases and reduce their time in document review and management.
Global firms: Firms are now able to operate globally, collaborate with other lawyers, and improve service delivery. They are no longer stuck in the limited geographic markets established long ago by significant law firms. Now lawyers can provide services to clients on a more global scale, which benefits clients who conduct business internationally. The expansion of law firms into global markets has also made legal services somewhat more uniform. Furthermore, clients can now review their lawyers online, forcing attorneys to perform at a consistently high level.
AI Technology: The arrival of technology in the legal world is transforming the profession from a pedigree-centric, tradition-bound, labour-intensive field into something entirely different. Tech has made legal services more flexible and given lawyers access to effective automation. With new delivery models and methods, practices are shrinking while clientele is expanding. The result is the promotion of efficiency, risk prediction, enhanced value, and cost reduction. With this expansion comes the availability of legal services to everyone. Moreover, the use of legal tech and software can automate many parts of a lawyer’s job. Many legal tech tools have begun incorporating artificial intelligence, cloud computing, legal research and automation. The rise in automation has caused some lawyers to fear it’s only a matter of time before tech disrupts the delivery of legal services. Despite this worry, thus far, legal technology has not taken jobs from human attorneys. Instead, it has improved the work for those who are willing to accept it.
Legal-tech incubator: General tech incubator involves a larger business providing support and mentorship to small start-up tech companies. Legal tech incubators include well-established law firms creating space for the rapidly increasing number of start-ups providing legal tech. For instance, global law firms such as Allen & Overy, Clifford Chance, and Mischon de Reya have each created incubator programs for up and coming legal tech companies. These incubators help member businesses grow and succeed.
Some legal start-ups:
Relativity, founded 2001: Has technology used by lawyers to store, index and search various documents, automate contract review, due diligence and regulatory work. It’s used by almost all the 200 biggest US law firms by revenue. Law firms and corporate legal departments have hired Relativity experts to build their own internal eDiscovery departments and created new businesses in partnership with them.
Apttus, founded 2006: This management software has changed the way companies manage sales processes and contracts, removing the need for lawyers to be involved at every stage.
Everlaw, founded 2011: Relatively easy to use and its speedy abilities have helped Everlaw expand their market share and they allow lawyers to work collaboratively to build arguments for litigation cases together.
HighQ, founded 2001: This is used by over half of the top 100 global law firms and by professional services firms and company clients.
iManage, founded 1998: This has become the essential tool for document management at law firms, and is also used by other professional services.
It shall be interesting if these technologies are adapted by law firms with the speed that it seems consumers are using innovations that allow for easier access to the legal system. Although the two worlds of big law firms and landlord-tenant disputes can appear miles apart, start-up technologies are re-shaping the legal landscape at both ends of the spectrum is always a good thought. Stay connected with us for more. We shall be back soon. Stay safe and healthy.
