ISSUE No.25
“There’s so much that can be dramatically improved around document workflows for both clients and lawyers,” Newton says. “Clio and Lawyaw are going to be a compelling combination that will allow us to transform an essential portion of that workflow.”
Newton points out that Lawyaw and Clio have had a “productive working relationship” for several years and are already well-integrated into the Clio infrastructure. It was the first document automation company to offer an app inside of Clio’s app store.
Source: Canadian Lawyer
On photo: Jack Newton, CEO and founder of Clio
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Legal tech companies have already seen more than $1 billion in venture capital investments so far this calendar year, according to Crunchbase data. That number smashes the $510 million invested last year and the all-time high of $989 million in 2019.
Industry insiders say the increased investment is due to challenges brought about by the COVID-19 pandemic and what was already a plodding, but steady, change in the legal world to accept cloud and other technologies that are attempting to bring the sector into the 21st century.
Source: Crunchbase
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When asked to select what barriers to using legal technologies exist at their organizations, respondents to Bloomberg Law’s 2021 Legal Technology Survey indicated that the top obstacles are a lack of tech savvy, a lack of familiarity with available technology, and not enough time to learn the technology.
Source: Bloomberg Law
Photo: Maurice A. Deane School of Law at Hofstra University.
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Apart from this, AI is projected to have a deep impact on legal research, eDiscovery, and legal analytics. Though AI in legal domain is in nascent stage, it can help individuals conduct research, expedite digital discovery, and support diligence. Furthermore, law industry has adopted AI to improve contract analysis at time of litigation for ensuring relevance and quality of legal suits to clients. With launching of machine learning data models trained for predicting outcomes of law suits, there is massive demand for AI in LegalTech business, thereby driving market trends.
Source: Cision
Photo: The Economics Times
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The role of General Counsel and in-house lawyers has expanded dramatically over the past few years. Whilst before, GCs were considered specialists to be consulted on specific legal issues, now they are seen as business enablers, helping to navigate complex legal and regulatory issues for their organisations. Indeed, the 2020 ACC Chief Legal Officers Survey found that 93% of GCs are now members of their company’s executive management team. To keep up with this vastly expanding mandate, many GCs and their in-house legal teams are turning to new technologies to enable them to proactively solve complex business issues.
Lawyers now need to be embracing innovative technologies to ensure their businesses remain compliant with external operating requirements. For example, manipulation of the LIBOR rate following the 2008 financial crash has resulted in its phasing out by the beginning of 2022 – a contractual nightmare for in-house teams that need to assess their organisation’s LIBOR exposure manually but made manageable with AI that can read vast datasets and identify LIBOR provisions
Source: Lawyer Monthly
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DISTANT & DIGITAL 2021 raises questions: what can be considered as a global trend in the digital world today, where are the points of business growth and competence development?
Source: Distant & Digital
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