LegalTech Artificial Intelligence Market is Booming Worldwide | LexMachina, Blue J Legal, FiscalNote, Everlaw
The latest version of The 2021 market study on LegalTech Artificial Intelligence Market comprising 114 with market data Tables, Charts, Graphs, and Figures which are easy to understand with showcased in-depth analysis.
The Coronavirus Pandemic (COVID-19) has affected every aspect of life worldwide. This has led to several changes in market conditions. The report covers the rapidly changing market scenario and the initial and future impact assessments.
KPMG reveals alliance with legaltech startup SirionLabs to boost contract offering
KPMG has partnered with legaltech company SirionLabs to help in-house legal teams improve the way they manage their contracts.
The strategic alliance will give KPMG customers access to Seattle-based SirionLabs’ AI-powered contract lifecycle management technology, which digitises the entire contracting process from drafting and performance tracking to risk management and analytics.
Nicola Brooks, head of contract management transformation at KPMG Law, said: “We see contract management as a strategic enterprise capability that delivers commercial value. All too often we find that contracting is siloed and an administrative burden on sales, procurement and legal. We challenge leaders to think about contracting in a new way.”
New South African-founded legal tech platform launches for SMEs
A new South African-founded legal tech platform, LegitLaw, is an automated technology system that allows users to file their trademark and patent online, draw up a customised partnership and employment agreements, as well as draft day-to-day legal documents like antenuptial contracts and wills.
As a first for South Africa, this innovative legal service provides a range of customised legal services to the South African public.
Elaine Bergenthuin, co-founder of LegitLaw explains that this is a much-needed service for startups and SMEs in South Africa.
Law firm begins work with entrepreneurs to build lawtech start-ups
Six entrepreneurs looking to develop lawtech start-ups have joined a new programme at the incubator MDR LAB, created by London law firm Mishcon de Reya.
‘Launch’ is a six-month programme that helps individuals build new ventures in or “adjacent to” the legal market.
Run in collaboration with Founders Factory – which describes itself as a pre-seed to series A venture studio and accelerator – the group is following “an immersive learning experience to access the tools, frameworks and support needed to build a backable business”.
Growth of ‘lawtech’ could bring down Irish legal costs and boost growth
Greater adoption of cutting-edge technology in the Irish legal services market could bring down costs and boost economic growth, a new report suggests.
The issues raised by the rapid development of “lawtech” are explored in a new research paper drawn up by Dr Rónán Kennedy BL of NUI Galway for the Oireachtas Library & Research Service.
Exploring the economic, social and ethical implications of lawtech separately, Dr Kennedy warns that AI-based tools can entrench existing biases and prejudices, and new technology could widen the “digital divide”.
Time to consider regulating lawtech firms, report says
The time has come for the Ministry of Justice (MoJ) to consider whether lawtech companies, along with other unregulated legal services providers, should be regulated, the Association of Consumer Support Organisations (ACSO) has said.
ACSO said concerns had been raised that tech start-ups were beginning to flood the market with products provided directly to consumers “with a disregard for established legal practitioners and the constraints of regulation”.
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