Investment in Legal Tech companies reached one billion dollars last year, up from US$233 million a year earlier. That’s according to Israel-based legal tech firm LawGeex, who keep track of all legal tech deals globally.
But the rise of this particular technology raises the question of what constitutes legal advice and what effect the increase of this technology will have on the legal sector.
As things stand, people are increasingly turning to technology to assist them in resolving legal problems. Take for example LegalZoom, a platform that gives small businesses and individuals access to legal solutions. This approach is geared towards providing automated solutions for many everyday enquiries. Others, such as Canadian startup Kikero match clients with real lawyers for 15 minute consultations for a fixed fee.
The relationship between law and technology is based, at least in part, on the speed at which law makers can keep up with innovation. Regulatory bodies that are often more reactive than proactive have the effect of stopping new technologies from emerging. Additionally, a sluggish regulatory process can stall beneficial technologies and stifle innovation.
There’s no doubt that those who shape the law need to better understand the technology that they seek to regulate. The World Legal Summit have in recent years put legal technology front and centre and their efforts have brought together industry leaders in law and technology, joining forces to bridge the gap between their respective fields. Next week the World Legal Summit Dublin event takes place and will offer both sides the opportunity to navigate the path forward together.
To learn more about full range of legal tech services – from video intelligence to evidence presentation – feel free to get in touch with our team today.