So, Artificial Lawyer is certain this site will still be writing about exciting new, companies coming to market in as much as it is today, although we can be sure the consolidators will be much, much larger than they are today as well. Just look at Lexion , for example. That today is as good a day to take on the world as any other day?
Moreover, companies that survive often learn to reinvent themselves, especially in the tech world. Look at Apple , for example, that went from computer hardware and some software, to digital music platforms and audio players, to mobile phones and the App Store, and is now pushing into TV and financial services. Whether they will make their own autonomous car or not remains to be seen.
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Either way, they are not standing still. It started in and immediately gained plaudits for developing a win-win scenario where startups and lawyers at the firm both gained insights and both parties benefited in the long run.
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Fuse also had win-win properties, but had a slightly different approach as it accepted companies that were far from being startups any longer. It also has a startup lab out in Switzerland , although this is not explicitly for legal tech. What does it all mean?
Why do this? Each backer has different reasons. And depending on who they are, perhaps also to invest in a growth company. Does this all have a massive impact on the market? A focused programme means high levels of involvement from the host, and hopefully a more rewarding outcome for the startup — who will often have their staff either based with the host, or visiting it very regularly. Not every startup can get a law firm to do a long term pilot with them , nor is every firm prepared for what that entails.
So, incubators really can help connect the right parties together. People often ask: are there too many incubators? The answer is: no. They have become in a short space of time a vital component in the legal tech ecosystem. Maybe law firms should think about creating annual incubator-style programmes for all the tech they pilot , whether from a startup or more mature company? That way, they can focus on it in a more structured way and assign dedicated staff to managing the process for a set time each year.
At present many firms pilot on an ad hoc basis, and that can be a bumpy ride for all involved. All law firms tend to hire cohorts of junior lawyers at certain times of the year, why not handle pilots in the same way? But, generally this has been done on a small scale. However, it does feel now that things are changing and that there is a very real prospect of law firms turning their ability to build tech applications into a competitive advantage.
AOSphere now has 11 products that it sells to clients on a subscription basis. It builds a lot of this itself, but has been known to work with other tech companies to help, such as Neota Logic. The group says it now has over clients using a range of products, several of which are a type of expert system that help financial services clients navigate areas such as cross-border compliance issues. Steadily, other law firms have built out their own projects.
What this shows is that law firms are starting …. Essentially this is doing more than law, this is software product design and development. It has been fascinating to see how the insurance law firm group in particular are now all investing in tech development for clients, i. Clearly they believe not to have this More Than Law offering would be an issue. But, as one can see, things are moving in that direction.
Will this reach the point where clients really are picking firm A over firm B, all because of the homemade tech products on offer? Could be. And when that happens law firm strategy discussions really will be a little different to how they were in the past. The rest of the year may well be the same. The editorial team wishes you a very happy summer break and looks forward to catching up with everyone later in the month.
Richard, you constantly amaze us. Your perspicacious assessments are as well informed as anyone in our space. Have a great holiday so you can keep it coming upon your return. Any chain reaction has to start somewhere. But, what does it all mean? Here are some thoughts: There are still hundreds of companies in the legal tech market, how can this be consolidation?
And even if it is, does it matter? The issue is mostly around which companies are coming together. If two small startups that few have heard of, and have even less clients, come together it may be exciting to see such a combination, but it likely does not impact the market.
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Four Big Themes Of Legal Tech + Innovation in – Artificial Lawyer
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