AIFC Authority and 47Pitches have signed Memorandum of Understanding in the field of LegalTech
The Astana International Financial Centre Authority and 47Pitches signed a memorandum to connect enterpreneurs across Central Asia with investors from the US. The initiative is part of the AIFC’s mandate to enhance investment into Kazakhstan, and to support enterprenuriasm and talent throughout the country and the region.
The cooperation of the parties is aimed at developing LawTech startups and projects both regionally and globally.
Specifically, the parties agreed to allow LawTech startups from Central to submit pitches into the 47Pitches platform, and gain access to investment, networking and mentoring opportunities.
The development of legal technologies based on the AIFC will improve the efficiency and quality of legal services, as well as make them more accessible in the region of Central Asia.
It might be unfair to say that legal technology arrived in 2021. After all, law firms and law departments, the primary target buyers of legal tech, have been preparing for the impact of AI and automation.
In 2018, Amlaw 100 firms like Reed Smith and later Wilson Sonsini began creating dedicated tech-focused subsidiaries. See Post 213 (Zach Abramowitz’s overview of law firm-led legal tech. In late 2019, the chairman of an AmLaw 50 firm told us, “We know there is new stuff, we know that our clients know about the new stuff. The question is how we become proactive so that our clients don’t bypass us on the way to the new stuff.”
Legaltech in 2021: an evolving landscape
Alex Heshmaty of Legal Words offers a big picture view of the legal sector’s current relationship with legaltech. He discusses the trends, opportunities and threats you need to be aware of.In 2018, I wrote an article discussing some of the threats and opportunities posed by legaltech. Since then, how has the landscape changed in 2021?
The main driving force behind the adoption of legaltech by law firms has been the promise of higher profits through automation of routine tasks, and the resulting efficiency gains.
But there have been other important factors, notably pressure to offer remote working options for younger entrants to the profession, which turned into a de facto requirement following the coronavirus (COVID-19) pandemic.
Clients have also increasingly come to expect a degree of ‘tech savvy’ from their lawyers. In addition, heightened competition on certain routine legal services means that firms often have no choice but to automate certain processes.
Legal Technology Trends to Watch in 2022
Top 8 Legal Tech Trends to Watch in 2021/22
Technology projects innovation to all of the industries and it is hard to resist. Hard and, also, unnecessary. You will hardly find a company that didn’t benefit from engaging technology into its daily operations. In law, tech touches almost every aspect of the legal processes lawyers undertake day after day. It makes contract drafting easier and more bearable because of the careful and attentive eye of the computer, makes time-management the simplest thing, and measures work hours without effort.
Since legal practitioners could see how much technology helps them to execute their work, they can look forward to what’s next. Already, the forecast for new technology trends promises some impressive changes in the second part of 2021 and into 2022.
3 Tech Trends Likely to Still Impact Lawyers in 2022 and Beyond
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