AIFC Lawtech advisory council
Stay updated, stay informed about legal technology news and events with AIFC LawTech Advisory Council's Fortnightly LegalTech Digest
6th episode of the AIFC LegalTech Podcast is out!
The AIFC LawTech Advisory Council is delighted to release the fifth episode of ‘AIFC LegalTech Podcast’ – your easy to learn podcast about legal technology and innovation in the legal industry.

The podcast’s host, Mr Mark Beer OBE talked to Mr David Tuganov, Director, Neirostorm about design thinking, the use of a human-centered approach in the public sector, and implementing design thinking in a startup.

Source: AIFC LawTech Advisory Council
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Legal Tech Traditionally Favored Law Firms. That May Be Changing
Ironclad's "State of Digital Contracting, Winter 2020: AI and the Elusive Promise of Smart Contracting" virtual event delved into how changes in service delivery models could help to drive a new wave of legal tech directed toward in-house attorneys and nonlawyers.
The future of the legal industry was up for discussion throughout Ironclad’s “State of Digital Contracting, Winter 2020: AI and the Elusive Promise of Smart Contracting” virtual event Thursday. Spoiler alert: technology is expected to play a big role. 

Photo: elenabsl/
Legaltech can bring empathy to life’s hardest situations
The year 2020 has put unimaginable strain on people’s lives, livelihoods and wellbeing. For every count in the daily roll call of death, there is a long list of people who loved and will grieve for a lost life.
Confinement has acted as a pressure cooker for many relationships. Citizens Advice reported a surge in divorce guidance searches during the first lockdown and new data from the Office for National Statistics shows the largest percentage increase in divorce in nearly 50 years.

Source: Raconteur
DISCO Closes $100 Million Q4 Funding Round
DISCO announced the completion of its $100 million fourth-quarter financing, bringing total investment in DISCO to $235 million and valuing the company at $785 million. The financing includes the previously announced $60 million in equity from Georgian, LiveOak Venture Partners, Bessemer Venture Partners, the Stephens Group, and Breyer Capital, and an additional $40 million in debt from Comerica, closed this week.

Legaltech on blockchain is set to be the next hot investment sector. Here's why
As law firms become a major consumer of legaltech, investors are placing the largest slice of their money in legaltech solutions for law firms.
Peak into the private members club in any city and you will find a room full of lawyers and financiers drinking fine port. Little investment business is done, however. Investors want to place their money in fast-growing startups, not stodgy, conservative law firms. But that’s all changing. With the rise of legal tech startups, investors are hungry for deals in the high growth legaltech sector. 

Source: e27

Brightflag secures $28m investment as legaltech firm eyes global expansion

Legaltech company Brightflag has raised $28mn from investors as it seeks to expand its international footprint and fund further product innovation.

Brightflag – which provides AI-powered legal spend and matter management tech to in-house teams – currently has 90 employees spread across Dublin, New York and Sydney, with the company expected to add 60 new jobs globally by the end of next year. Growth investors One Peak led the deal, with existing investors Sands Capital Ventures and Frontline Ventures also taking part in the transaction.

Source: The Global Legal Post

COVID-19 ups demand for AI-powered legal tech, but adoption is uneven: lead consultant, Kira Systems

Research shows legal tech integration still dominated by older, well-established products

A soaring demand for AI-powered legal tech has occurred alongside the COVID-19 pandemic, but a closer look at its adoption shows it is the older, dyed-in-the-wool tools seeing most of the uptake and legal organizations are “just scratching the surface” on legal tech’s potential, says Daniel Himmel, lead consultant at Kira Systems.

Source: Law Times
Legal Tech Trends from 2020 and How to prepare for 2021
Legal tech was no match for 2020. Everyone’s least favorite year wreaked havoc on almost every aspect of the industry, from data privacy upheavals to a complete change in the way employees work and collaborate with data.
With the shift to a remote work environment by most organizations in the early spring of 2020, we saw an acceleration of the already growing trend of cloud-based collaboration and video-conferencing tools in workplaces.

Source: JDSupra
Championing diversity in legal tech
Monica Goyal, the founder of the legal tech firm My Legal Briefcase, noticed a pattern while she and other lawyers were deciding who would win at a legal tech competition.
"I remember how we talked about how people presented," says Goyal, Director of Legal Innovation at Caravel Law. "The judges were saying, 'these people could be successful,' and they just also happen to be young white men. I was trying to advocate for others who had good solutions but didn't present the same way. Maybe they presented differently because they have a different background, but I thought their ideas were good."

Source: National Magazine
LegalTech Talks  live 15th January 2021 at 11:00 (GMT)

Collaboration – Unleashing a New Wave of Data-Driven Innovation

This session will explore a new cross-sector consortium of major businesses and universities set to provide the key to the suffocating challenge of data access for regulated industries through a Responsible AI powered industry-agnostic platform; the AIR Platform.

Source: NetLaw Media


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