AIFC Lawtech advisory council
Stay updated, stay informed about legal technology news and events with AIFC LawTech Advisory Council's Fortnightly LegalTech Digest
Rejecting ‘One-Stop Shops,’ Firms See Legal Tech Interoperability as Key to Innovation
While 'one-stop-shop' platforms offer a common interface and the convenience of dealing with one vendor, law firms argue that integrating a variety of legal tech tools is the only realistic way to meet clients' needs.
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.

Legal tech CEOs urge lawyers to keep innovating beyond the COVID-19 pandemic
Lawyers should continue to embrace and further develop the technological and business innovations they have adopted in recent months even after the COVID-19 pandemic subsides, two prominent legal technology leaders said Tuesday at the ABA Techshow 2021.
“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
Are we building the next legal practice?
It’s easy for us, as lawyers, to get caught up in the detail. It’s what we were trained to do. It also used to be helpful for much of the work we used to do. But, it can also prevent us from thinking more strategically, stuck in a loop of “yes, but” responses rather than “yes, and” making our world of opportunities smaller when it could be so much bigger.
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

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
5 questions in-house legal teams should consider before buying legal tech
Tech adoption is a big talking point for the legal industry right now – there’s a growing need to innovate and help the industry advance in the same way as its industry-specific counterparts like fintech, healthtech, proptech and edtech.

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
Legislate Technologies secures £1M to help simplify contracting for businesses and landlords

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
London legaltech completes €5.8m funding round to "revolutionalise" law firms

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

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
Global Legal Tech In Ecosystem Market to Increase Exponentially During 2028: Lexis Business Insights Latest Updates
This report focuses on Global Legal Tech In Ecosystem Market status, future forecast, growth opportunity, key market, and key players. The study objectives are to present the Global Legal Tech In Ecosystem Market development in the United States, Europe, and China.

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
Wednesday 17th March 2021, 2:00 pm - 3:00 pm (GST)
Will Data Analytics Revolutionise Dispute Resolution?

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
Mar 25, 2021 from 12:00 PM to 1:00 PM (ET)
Master Class: How Law Firms Are Using Threat Intelligence to Improve Cyber Defenses & Reduce Risk
Law firms continue to experience multiple pressures when it comes to cybersecurity. Attackers are increasingly targeting law firms in an attempt to gain access to the valuable data they possess. With an increased focus on third party risk, clients are pressuring law firms to up their cybersecurity games. Tack onto this, an increase in digitization, cloud computing, a significant increase in remote workers, regulatory and compliance drivers and you get the picture. There’s a lot going on when it comes to cybersecurity in the legal services industry.

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
Live 25th March 2021 at 15:00 – 16:00 (GMT)

Under pressure! Satisfying Regulatory and Client Security Demands

96% of IT leaders within law firms believe that client and company data is at risk on email, with the vast majority (95%) experiencing security incidents in the last 12 months. It is little wonder then that nearly two-thirds of firms report that they have seen an increase in clients asking whether they have email data loss prevention tools in place.
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

Coming 31st March 2021 - LegalEx Spotlight.
Level-up your law career from home with LegalEx Spotlight
This immersive online event has been created to help legal professionals learn about new changes in the industry and discover new tech to improve their practices.
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


Disclaimer: The Fortnightly LegalTech Digest contains links to other Internet websites and information provided by persons not affiliated with the AIFC LawTech Advisory Council. Such links are not endorsements or referrals of any products, services or information contained in such websites, and no information in any such website has been endorsed or approved hereby. No claims, promises, or guarantees about the completeness, accuracy, currency, content or quality of information contained in the links to and from this website are made; information provided and opinions expressed by others do not necessarily represent the opinion of the AIFC LawTech Advisory Council. The AIFC LawTech Advisory Council expressly disclaims any and all liability resulting from reliance on such information or opinions.

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