Legal Futures published an article which provides a helpful snapshot of where the legal tech market is now at the start of 2017. The overarching message is that the disruptive world of legal tech startups can not be ignored as they are becoming increasingly visible and relevant in the daily lives of lawyers whether they like it or not.
The article discusses some technologies which are making a big impact in the industry starting with artificial intelligence (AI), referencing ROSS Intelligence, Nextlaw Ventures’ first portfolio company, as “probably the best-known” of the companies that are applying AI to the law.
The article also mentions the pilot testing of smart applications involving digital security such as block chain and automated IoT (internet of things) technology in the realm of contracts and commercial interactions. Clause, is one of Nextlaw Ventures’ recent portfolio companies which is tackling automated IoT technology.
Legal Futures provides some helpful resources which provide insight into the overall size and structure of the legal tech scene, referencing Legal Geek’s map of legal tech activity designed to look like a London Underground map and AngelList‘s directory of legaltech startups “which details 1,407 companies, funded by 724 investors, with an average valuation of £3.9m”.
Click here for the full article.