ISSUE No.17
Despite some claims to the contrary, not all law firms want a “one-stop shop” legal tech platform. For one thing, they see it as nearly impossible for any one platform to meet the needs of every practice group or client. Instead, they expect and prefer vendors to provide third-party interoperability that expands a platform’s capabilities.
While legal market trends do fluctuate, more vendors are embracing open platforms as an “access gateway” for various software in a platform, said Benesch chief information officer Jerry Justice.
Source: Law.com
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“We have the opportunity today to build towards that third horizon or slouch back towards that first horizon,” said Ed Walters, CEO and co-founder of legal research company Fastcase. He enthusiastically encouraged attendees to “build the legal services and law firms of 2022, not rebuild what was broken in 2019.”
Jack Newton, CEO and co-founder of cloud-based Clio, said one way attorneys and firms can succeed in the rapidly changing marketplace is by adopting a client-centered approach rather than a lawyer-centered one.
Source: ABA Journal
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The need for this fundamental mindset shift resonated throughout the Centre for Legal Innovation (CLI)-Australasian Legal Practice Management Association (ALPMA) Innovation and Legaltech Week 2021 in February – it was evident in every session. This was not surprising since this was an event conceived to support the transformation of mindsets after all!
Source: LinkedIn
Photo: iStock
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LOD forms alliance with legal tech specialists SYKE to target digital transformation
UK alternative legal services providers LOD and SYKE have announced a strategic partnership that will enable them to combine their expertise in providing flexible legal services and legal technology to help clients revamp their operating models and drive digital transformation.
As part of the alliance, LOD – which is backed by private equity firm Bowmark Capital – will invest in SYKE to further grow and develop its legal tech business. SYKE, which launched in 2016 and is based in Leeds, will remain a separate company and brand, led by founder and CEO Alistair Maiden, former head of contracts, data protection and privacy lead at supermarket giant Asda. The size of the investment was not disclosed.
Source: The Global Legal Post
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But with the hype around legal tech soaring, it’s easy for teams to make mistakes when buying legal tech solutions for their business. These mistakes lead to poor adoption of the solution in the company, and frustration for all involved – not to mention the wasted money, time and effort of the lawyers who introduced the tech in the first place.
Source: Business Matters
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Legaltech has transformed the way law professionals and attorneys work. Implementation of technology in the legal sector has brought forth better opportunities to streamline efficiency and meet clients’ demands. Numerous VCs are ready to fund startups after seeing the promising results in the legal tech space.
Legislate Technologies, an early-stage legal tech startup, is the latest one to get funded. Oxford-based company has secured a £1 million funding in a seed round led by Parkwalk Advisors along with Perivoli Innovations and private investors.
Source: UKTN
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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.”
Source: Bdaily news
Image: fsse8info
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What Do Legal Professionals Expect To Be The Biggest Legal Tech Trends in 2021?
What are the biggest trends in legal tech in 2021? What are the types of technologies organizations planning on investing in? And what are the metrics we all might want to start measuring?
Those are exactly the kinds of questions we asked top corporate legal leaders in a recent survey commissioned by Mitratech It revealed insight, predictions, and expert opinions from Legal Operations leaders and lawyers on the challenges, changes, and new legal tech coming to legal teams in 2021.
Source: Law Fuel
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The report also summarizes the various types of Global Legal Tech In Ecosystem Market. Factors that influence the market growth of particular product category type and market status for it. A detailed study of the Global Legal Tech In Ecosystem Market has been done to understand the various applications of the usage and features of the product. Readers looking for scope of growth with respect to product categories can get all the desired information over here, along with supporting figures and fact.
Source: The Courier
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The LegalTech boom has transformed the way in which lawyers think and do business. Be it AI, technology-driven data analytics or machine learning, the use of these tools is a clear indicator of the potential that disruptive technology has on revolutionising the legal sector.
Join an interactive discussion on the future of law as our panellists explore ways in which data and analytics can be used to solve problems, not fight them and, to what extent can technology help today's lawyers avoid a dispute before it happens.
Source: Thomson Reuters
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In an effort to keep up with growing cybersecurity pressures, more law firms are using threat intelligence as a means to improve visibility into threats and strengthen cyber defenses. However, threat intelligence brings its own challenges. There’s lots of it, it can require significant resources to consume and manage, and taking action with threat intelligence can be challenging due to the fact that existing security controls don’t play nicely with third-party threat intelligence data.
Source: ILTA
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Under pressure! Satisfying Regulatory and Client Security Demands
This live virtual roundtable will explore the balancing of regulatory and client security demands and the critical role that technology offers. Speakers will offer insight into maintaining operational efficiency, whilst striving to achieve and ensure the primary goal of excellent client service delivery.
Source: NetLaw Media
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With a specific focus on Cloud and Cyber technologies for the legal sector, this Spotlight series will provide you with all the insight and tech you need to ensure your practice remains as efficient and relevant as possible in an increasingly digital world.
Choose from 7 bitesize, 25-minute sessions led by industry experts - or attend them all over the course of the day.
This event is free to attend and CPD accredited.
Source: LegalEx
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