The legal sector is facing renewed disruption with a 65% increase in AI companies using automation to solve daily legal tasks, a report released today has found.
The findings from the In-House Counsel’s LegalTech Buyer’s Guide 2018, from contract review automation company LawGeex, reveal that the number of legal technology AI players has increased to 67 in the past year. This follows an explosion of well-funded legal technology startups alongside established players seizing new opportunities in the $600 billion legal market.
The guide also details the 22 biggest legal technology mergers and acquisitions, and the 45 largest fundings in the sector over the past year.
It explores 16 categories of legal technology transforming the traditional the legal profession — from contract review to contract due diligence, and litigation and prediction technology. The report highlights the use of legal technology by more than 80 of the world’s top law departments including McDonald’s, Facebook, Google, and AIG, as companies seek to cut hundreds of hours of manual legal work.
Lucy Bassli, LawGeex Chief Legal Strategist, says:
“The greatest and most far-reaching change we are seeing is how legal technology is making inroads into the front office, taking over tasks or initial steps of the actual legal work that has traditionally been handled by lawyers or legal staff. For the first time, everyday tasks—such as analyzing or reviewing contracts and researching legal issues for case law and regulatory insights—are becoming increasingly automated, at least in stages.”
The guide covers areas of legal technology and recommended software, based on the advice of leading in-house counsel, legal experts, and legal operations leaders. These included Vicky Lockie, Richard Tromans, Nilema Bhakta-Jones, Mary Redzic, Chrissie Lightfoot, Casey Flaherty, Michael Mills, Noory Bechor, Caroline Hill, Sterling Miller, Lucy Bassli, and Alex Butterworth.
Download the full guide at https://www.lawgeex.com/buyersguide/