AIFC Lawtech advisory council
FORTNIGHTLY LEGALTECH DIGEST
ISSUE No.2
ISSUE No.2
Stay updated, stay informed about legal technology news and events with AIFC LawTech Advisory Council's Fortnightly LegalTech Digest
LEGALTECH NEWS & ARTICLES
The inaugural episode | AIFC LegalTech Podcast
We are delighted to announce the launch of the new ‘AIFC LegalTech Podcast’ – your easy to learn podcast about the legal technology and innovation in the legal industry.
Dr. Kairat Kelimbetov, Governor of the AIFC joined the inaugural episode of the AIFC LegalTech Podcast hosted by Mr. Mark Beer, OBE, Chairman of the AIFC LawTech Advisory Council. Listen to learn more about how the AIFC is to become the digital financial centre, could LegalTech be big and powerful as FinTech, and will be any more unicorns coming out of LawTech?
Dr. Kairat Kelimbetov, Governor of the AIFC joined the inaugural episode of the AIFC LegalTech Podcast hosted by Mr. Mark Beer, OBE, Chairman of the AIFC LawTech Advisory Council. Listen to learn more about how the AIFC is to become the digital financial centre, could LegalTech be big and powerful as FinTech, and will be any more unicorns coming out of LawTech?
| LISTEN HERE |
Deloitte Takes Aim at U.S. Legal Services Market With Tech Unit
Deloitte is ramping up its efforts to provide legal-related services to companies in the U.S., a move likely to mean more competition for law firms.
The Big Four accounting outfit is launching a new unit designed to “transform the business of law” through consulting and technology services for corporate legal departments, Deloitte told Bloomberg Law. The company’s U.S. Legal Business Services practice will work with in-house legal offices to streamline functions that track client contracts, invoices, eDiscovery, and other core functions.
The Big Four accounting outfit is launching a new unit designed to “transform the business of law” through consulting and technology services for corporate legal departments, Deloitte told Bloomberg Law. The company’s U.S. Legal Business Services practice will work with in-house legal offices to streamline functions that track client contracts, invoices, eDiscovery, and other core functions.
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Legal analytics market is expected to reach $4.1 billion by 2025 at a CAGR of 25.8% during the forecast period
Growth in the market is led by increasing adoption of smart technologies in the legal departments coupled with the rising demand for automated legal operations and analytical needs. This has also led to an increase in the adoption of more formal and structured legal software. Moreover, operational efficiency, resource management offered by legal analytics and advancements in legal technology is further anticipated to boost legal analytics market industry across the globe in the forecast period 2020-2025.
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7 benefits of consolidating your legal tech stack
While you probably can’t find one program that does everything, there are benefits to consolidating where possible without losing functionality. Focus on your firm’s needs and consider your choices while keeping in mind the benefits of consolidating your legal tech stack. Software can be expensive – but the amount of time and peace of mind you’ll save can be well worth the investment if it fulfills all your needs, and updates with the needs of your business over time.
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Rates of inflection
The pandemic has forced law firms to recognise that digital transformation is key to future success, but which Covid-driven changes will become part of business as usual?
Covid-19 has been referred to as an inflection point for legal services – and legal tech. In forecasting, an inflection point is the point of the curve where the function changes concavity. However, for the past decade, and certainly since the emergence of legal tech startups (accelerated by the Legal Geek community since 2015), legal services and specifically legal tech have followed an upward trajectory with a plethora of tech-powered ventures attracting major interest and investment.
Covid-19 has been referred to as an inflection point for legal services – and legal tech. In forecasting, an inflection point is the point of the curve where the function changes concavity. However, for the past decade, and certainly since the emergence of legal tech startups (accelerated by the Legal Geek community since 2015), legal services and specifically legal tech have followed an upward trajectory with a plethora of tech-powered ventures attracting major interest and investment.
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Mishcon de Reya Signs 3 Year Deal with Ruby Datum
Virtual Data Room (VDR) pioneer Ruby Datum has signed a three-year contract with Mishcon de Reya. It is understood that the innovative UK law firm already has an existing deal with rival data-sharing platform, HighQ, which is now part of Thomson Reuters.
The VDR platform’s boss, Nick Watson, told Artificial Lawyer that the system will be used for real estate transactions initially – a core practice area for Mishcon – with a view to explore corporate, litigation and other areas in the future.
The VDR platform’s boss, Nick Watson, told Artificial Lawyer that the system will be used for real estate transactions initially – a core practice area for Mishcon – with a view to explore corporate, litigation and other areas in the future.
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Robotic Process Automation in legal - a bright future
How Law Firm RPA helps you be more strategic
Robotic Process Automation in legal means automatically executing various repetitive tasks on a set schedule, subject to meeting certain conditions. Law firm RPA relies on tech (usually referred to as "bots") to alleviate the operational pressure.| READ MORE |
Telecoms Giant Vodafone Offers ‘Legal Services’ Via Sparqa
Telecoms giant Vodafone is providing access to ‘legal services’ for its 500,000 business customers through a partnership with Sparqa Legal, a web-based platform that gives guidance on legal matters and sells contract templates.
The concept of Sparqa, created by a group of English lawyers, is simple but effective, and similar to platforms such as Rocket Lawyer and Legal Zoom.
The concept of Sparqa, created by a group of English lawyers, is simple but effective, and similar to platforms such as Rocket Lawyer and Legal Zoom.
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UPCOMING LEGALTECH EVENTS
LEGAL UNDER LOCKDOWN
21 July 2020 | 10:30 BST | Online
Legal Under Lockdown is a series of live Q&A with in-house legal leaders.
Despite the challenges we face in the current environment, legal operations and management needs to continue running smoothly. In each 30 minute live session, a different in-house legal professional will be interviewed via video conference, from their home office, about how they are addressing these issues and delivering value.
Legal Under Lockdown is a series of live Q&A with in-house legal leaders.
Despite the challenges we face in the current environment, legal operations and management needs to continue running smoothly. In each 30 minute live session, a different in-house legal professional will be interviewed via video conference, from their home office, about how they are addressing these issues and delivering value.
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LegalTech Talks | Lawyers and Law Firms: The Next Generation
21 July 2020 | 15:00 BST | Online
This session will delve into the new social-economic forces at work, the changing public priorities for both work and home life, the technical changes afoot within law firms right now and how the future of the legal profession has changed for the next generation of lawyers coming through, looking at both the challenges and risks of those changes and the opportunities they reveal.
This session will delve into the new social-economic forces at work, the changing public priorities for both work and home life, the technical changes afoot within law firms right now and how the future of the legal profession has changed for the next generation of lawyers coming through, looking at both the challenges and risks of those changes and the opportunities they reveal.
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Innovate Legal Online: How to be an Advocate for Access to Justice and Legal Reform
22 July 2020 | 11:00 PST | Online
This meetup will feature a panel of legal and social justice advocates who will discuss how to fight for equal justice and spark policy change within the legal system. The session will explain what equal justice means for lawyers, and it will touch on topics such as how to become a better advocate; resources needed for better access; and the impact technology will have on making legal services accessible to all.
This meetup will feature a panel of legal and social justice advocates who will discuss how to fight for equal justice and spark policy change within the legal system. The session will explain what equal justice means for lawyers, and it will touch on topics such as how to become a better advocate; resources needed for better access; and the impact technology will have on making legal services accessible to all.
| MORE DETAILS |
Technology: the answer for the legal profession, post-pandemic - or the biggest threat to its future?
22 July 2020 | 14:00 BST | Online
The expert panel will discuss the advances of legal tech and its benefits and challenges, examining the use of tech for good as well as how it might be abused. We will also look at how tech is enabling the return to the digital office with agile working; how tech delivery is improving client service; the role AI has to play; and how diversity can be improved in tech.
The expert panel will discuss the advances of legal tech and its benefits and challenges, examining the use of tech for good as well as how it might be abused. We will also look at how tech is enabling the return to the digital office with agile working; how tech delivery is improving client service; the role AI has to play; and how diversity can be improved in tech.
| MORE DETAILS |
LegalTech Talks | Coopetition an Accelerator for Digital Transformation
23 July 2020 | 10:00 BST | Online
This exciting session will explore Coopetition as a growth enabler and for the legal sector.
Delving into a recent collaborative project, launched by Herbert Smith Freehills, which also includes Ashurst, CMS, DLA Piper, Hogan Lovells and Latham & Watkins, this discussion will explore the rewards and difficulties of competitive collaboration and why the legal sector is yet to truly embrace the benefits.
This exciting session will explore Coopetition as a growth enabler and for the legal sector.
Delving into a recent collaborative project, launched by Herbert Smith Freehills, which also includes Ashurst, CMS, DLA Piper, Hogan Lovells and Latham & Watkins, this discussion will explore the rewards and difficulties of competitive collaboration and why the legal sector is yet to truly embrace the benefits.
| MORE DETAILS |
LegalTech Talks – The Future Reinvented: Reimagining Cybersecurity and the Legal Sector
29 July 2020 | 16:00 BST | Online
2020 has brought rapid changes, resets, and reinventions, and established law firms are facing a perfect storm of pressures from clients, employees, suppliers and competitors. In this tech talk, you’ll hear from four industry experts who’ll be discussing the implications of cybersecurity, work environments, and faster-paced technology innovations. The event will also feature unique war stories and you’ll hear how this rapid reset is changing behaviours and impacting the way legal firms secure their future.
2020 has brought rapid changes, resets, and reinventions, and established law firms are facing a perfect storm of pressures from clients, employees, suppliers and competitors. In this tech talk, you’ll hear from four industry experts who’ll be discussing the implications of cybersecurity, work environments, and faster-paced technology innovations. The event will also feature unique war stories and you’ll hear how this rapid reset is changing behaviours and impacting the way legal firms secure their future.
| MORE DETAILS |
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