The Future of Legal Tech
Where Investors See Potential for Growth in the Industry
Billions of dollars are being invested into the legal industry, particularly in technology, but where is the money going? The Business Insider recently interviewed investors at well-known private equity firms to see just where they are putting their money and where they see the most significant potential for growth.
At Amicus Capital Group, LLC, we are committed to keeping you up-to-date with the latest trends in the industry. Law firms have been ripe for a tech revolution, and investors are paying attention. As we continue to see moves toward e-discovery and online legal services, we will get you the information you need to know.
If you have any questions or want to know more about how we have been Transforming the Business of Law™ for the past 25 years, contact our office at (877) 926-4287.
Automation of Contract Management
According to Business Insider, private equity firms like General Atlantic are focusing investments on legal tech companies that offer the automation of things like contract management.
As we've discussed in this blog many times, law firms are becoming more and more automated with tasks that are repetitive and time-consuming. The longer that this technology is out there, the better it becomes, and the more law firms are choosing to utilize it.
Utilization of AI
What was once a terrifying notion for law firms nationwide is now a commonly implemented tool. Artificial Intelligence (AI) is taking the legal industry by storm with everything from chatbots to legal research. The use of AI in law firms continues to grow and will expand into several areas of legal practice over the next few decades.
Document Workflow, Collaboration, and Data Management Solutions
One thing that most lawyers realize pretty quickly if they join a small to mid-size firm or venture out as a solo practitioner is that law school does not teach you how to run a business. Practicing law is much different from dealing with the day-to-day tasks of managing a law practice.
The industry is desperate for help in this area which is why private equity firms like Hg are investing big in companies that provide legal workflow software and legal management systems.
It should not come as a shock that the big thing in legal tech is e-discovery. Electronic discovery is allowing lawyers to do their jobs faster and more efficiently, with large volumes of data being able to be stored electronically and produced in an instant.
E-discovery modernizes an antiquated system that use to require rooms full of bulky files. It also fits hand in hand with things like the utilization of AI and automation being adopted by law firms of every size.
Online Legal Services
States across the country are considering expanding the availability of online legal services. Companies that provide this technology make legal services more accessible to the general public by making them more affordable. Vista Equity Partners has already helped online legal service provider Rocket Lawyer achieve success with a significant investment.