Fintech, Medtech, Edtech. What is going on with Legaltech?
Turn on the news or open social media today and the buzzword FinTech seems difficult to avoid. It’s not surprising: the UK FinTech sector generated £6.6bn revenue in 2015 and currently has a workforce of over 60,000 employees. Discussions around the rise of Medtech’s influence on the healthcare industry and Edtech’s advancing of world education also attract a lot of attention.
But there’s a new kid on the block. Legaltech, although less discussed, is a rapidly expanding sector, already established in the USA and growing rapidly in London (Angel List currently shows over 1,000 legal startups with an average valuation of $4m).
Lawyers, not necessarily known for their tech-savviness, are seeing a growing movement towards innovating their practices, improving many of the ways in which they work in this age of computers. With improved efficiency everywhere through technological advances, the legal sector up till now has appeared out-dated with its paper based, charge-per-hour systems.
Just to give you an idea of how diverse this sector is, here is a list of some of the areas covered by legal technology, and therefore some of the opportunities lawyers and in-house teams have to upgrade their practices:
- eDiscovery (electronic discovery)
- Document management
- eLearning and eTraining
- Billing providers
- Practice automation
- Knowledge management
- IT security providers
- Cyber risk management solutions
- Computer forensics / computer investigations
The list is long. Although confusing at first, legal technology does not have to be daunting. Innovation can come from changing up a single activity or small area of your day-to-day tasks which could be automated. The possibilities range from tools which allow you to efficiently track the amount of time spent working for a certain client or project to full artificial intelligence lawyers.
If adopting changes this large is too daunting, either start small or ask questions. There are plenty of knowledgeable people and businesses to choose from, such as those attending this years’ edition of the Corporate Legal Innovators conference (CLI2016). The speakers include many General Counsels at the top of their game willing to share their knowledge around building teams for the future and which disruptions to the legal market are really worth it. Companies will be presenting a wide selection of solutions also, ranging from full ELM Solutions, Artificial Intelligence for document automation, outsourcing in-house work and protecting your work from cyber security threats. Come and join us on the 6th October to find out more.