AIFC Lawtech advisory council
Stay updated, stay informed about legal technology news and events with AIFC LawTech Advisory Council's Fortnightly LegalTech Digest
The 8th episode of the AIFC LegalTech Podcast is out!
In this episode, Mr Mark Beer OBE spoke with Dr Stefan Jeitler, Associate General Counsel at Plug & Play Tech Center about key elements of a successful startup, a lawyer’s life in Silicon Valley, the most promising legal technology solution, and a perfect law firm.

Source: AIFC LawTech Advisory Council's page
Legal Tech Company IPOs Are Rare, but That Could Soon Change
Very few legal tech companies have gone public. But as startups mature and investments flow, the current popularity of the legal tech sector might spill onto stock exchanges.

To date, few legal tech companies have gone public. But with various vendors eyeing initial public offering opportunities, that might change. 

To be sure, vendors and industry observers contend few legal tech companies have gone public because their products focus on law firms and corporate legal departments. The key to a successful IPO then, is to aim services at the entire corporate structure and not just its legal staff, they noted.

Source: Law.Com
Photo: Nick Starichenko/
Tech Comes To Big Law
Lawyers are not supposed to “move fast and break things.” They are a stabilizing force, making sure that innovation conforms to the established rules of business and society and leaves no costly “i” undotted. As an institution, the judiciary has a built-in resistance to rapid change.

Lawyers are also a huge cost center that is ripe for some economy. Legal departments and firms remain pantheons of paperwork. Reams of nearly identical documents are processed by expensive human hands and pile up in hard copy. Global spend on legal services weighed in at $729 billion last year, according to Statista Research. That’s bigger than the gross domestic product of Saudi Arabia.

Source: Global Finance
The challenges lawyers have in adopting legal tech
Lawyers need to flip the switch on how they’ve operated traditionally if they are ever to fully appreciate the value that technology can bring to their roles, according to an Allens expert.
Speaking to Lawyers Weekly on the tech trends likely to play out in 2021, Allens’ head of legal product lab, Penelope Barr, said much of the opportunities created in 2020 for lawyers to capitalise on new and emerging technology will only be truly felt by those who understand its full potential. 
“Lawyers are typically rewarded due to their focus on quality and deepening domain expertise. Embracing technology, sourcing problem areas and contributing to the productisation of these ideas typically draw on a wide range of new ways of working skills such as problem framing, problem discovery, experimentation, prototyping etc,” Ms Barr said.

Source: Lawyers Weekly
7 ways training contract hunters need to be thinking about legal research
As aspiring lawyers craft their training contract applications ahead of summer deadlines, they’d be wise to give careful consideration to one particular skill: researching.

Ahead of Legal Cheek’s Spring Virtual Vacation Scheme, LexisNexis UK’s head of academic marketing Sarah Hallowell explains why such prowess is more important than you may think.

Source: Legal Cheek
First Lawtech Sandbox Pilot Draws to a Close
LawtechUK, the government-backed initiative within Tech Nation to help transform the UK legal sector through technology, today brought to a close the Pilot stage of the first Lawtech Sandbox – a research and development initiative for lawtech scaleups – following a successful three month trial period.

The Sandbox Pilot, launched in December last year, has been a driving force in the development of early-stage lawtech scaleups. The Sandbox Pilot is a key part of the LawtechUK programme and is instrumental in galvanising the growth of lawtech and positioning the UK as a global leader in legal technology.

Source: The FinTech Times
Building an ecosystem

Calgary-based Athennian wants to use its latest round of funding to leverage data and build its own legal services platform.

Athennian has big plans and ambitious goals, and it recently received a major boost. The Calgary-based legal tech firm specializing in corporate records, received $15 million in Series A funding. The funds include support from Clio CEO Jack Newton and Arthur Ventures, an early-growth capital firm. Athennian is now one of the top five most valued legal tech companies in Canada.

Source: National Magazine

Legal tech firm offers more remote training in response to rising demand

In time for spring, DivorceMate is rolling out a continuation of their popular “master series” webinars that cover a variety of topics as well as aspects of the platform.

The plan pre-COVID was to host in-person training sessions, which makes up a big part of what DivorceMate does. They often spend many days on the road in the spring and fall delivering full-day training sessions to a variety of family law lawyers.

When that option was derailed due to the pandemic, DivorceMate president Michael Perlman took it in stride and pivoted to remote offerings instead of in-house.

Source: Law Times
Legal tech is booming, but where are the grads?
The legal tech, innovation and design community needs to come together to establish itself as a serious alternative career pathway for law students, writes Sam Flynn.
Everywhere you look these days, people are talking about new career pathways for young lawyers and law students. There are new players, like alternative legal services providers (or ALSPs) and NewLaw firms. There are new roles, in areas like legal operations and legal design. There are even whole new industries, like legal tech. But even if these opportunities do exist, how does a young law student or legal professional actually take their first step? How do they get their foot in the door?

Source: Lawyers Weekly
Tuesday 13 April 2021, 10-11am BST
Purpose and Prosperity: COVID recovery and the role of innovation
This event will explore the important role of corporate purpose in a post-pandemic recovery and how innovation will contribute. It will include a keynote address by Colin Mayer CBE, Peter Moores Professor of Management Studies at the Saïd Business School, University of Oxford, author of the seminal book Prosperity, alongside Julia Hoggett the next CEO of the London Stock Exchange, Catherine Lewis La Torre CEO at British Business Bank and Tom Sleigh Vice Chair Policy and Resources Committee at City of London.

The session will be hosted and facilitated by Julian Taylor Employment Partner at Simmons & Simmons & Sophia Adams-Bhatti Head of Strategy & Policy at Simmons Wavelength and will cover the following topics:
  • Unlocking value through embedding purpose and innovation 
  • The role of innovation in a purposeful recovery 
  • Shaping mutually beneficial outcomes: prosperity, people and planet 
  • How the needs of society are shaping corporate response 
  • Creating shareholder value and the relationship with corporate purpose

Source: Simmons & Simmons
Tuesday, 12 May 2020. From 15:00 to 16:00
LawTech Webinars: The Future of Remote in Law
CodeBase and Barclays are delighted to announce their first virtual LawTech panel, where they'll be diving into the world of remote. They'll be talking about:
  • How law firms and law startups are adapting to the global disruption caused by COVID-19.
  • What tips and tricks have helped with the transition.
  • The new normal - what will have changed when we return to the office.

Source: CodeBase
Tuesday, April 13th at 8 AM PDT
What is the Full Value of Effective Contract Management?

You may know that contract management software delivers value through faster deals and negotiations and reduced risk, but there is much more to it than that. What are some of the overlooked benefits of using an effective contract management system, how do you quantify that value, and how do you communicate that value to key stakeholders? Follow us behind the scenes to learn from practitioners and field experts on the value seen by using contract management software.

Source: Agiloft


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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