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Legal technology, also known as Legal Tech,Vorlage:Fact refers to the use of technology and software to provide legal services. Legal Tech companies are generally startups founded with the purpose of disrupting the traditionally conservative legal market.[1] According to TechCrunch, as of December 2014, "legal technology is booming, with companies attempting to disrupt the legal space at every level and from every angle"[2] and Forbes noted in February 2015 that there were “hundreds of legal startups popping up all over the US and Europe”.[3]
Definitions
Legal technology traditionally referred to the application of technology and software to help law firms with practice management, document storage, billing, accounting and electronic discovery.[4] Since 2011, Legal Tech has evolved to be associated more with technology startups disrupting the practice of law by giving people access to online software that reduces or in some cases eliminates the need to consult a lawyer, or by connecting people with lawyers more efficiently through online marketplaces and lawyer-matching websites.[2]
Industry context
The legal industry is widely seen to be conservative and traditional, with Law Technology Today noting that "in 50 years, the customer experience at most law firms has barely changed".[1] Reasons for this include the fact law firms face weaker cost-cutting incentives than other professions (since they pass disbursements directly to their client) and are seen to be risk averse (as a minor technological error could have significant financial consequences for a client).[1]
However, the growth of the hiring by businesses of in-house counsel and their increasing sophistication, together with the development of email, has led to clients placing increasing cost and time pressure on their lawyers.[1] In addition, there are increasing incentives for lawyers to become technologically competent, with the American Bar Association voting in August 2012 to amend the Model Rules of Professional Conduct to require lawyers to keep abreast of "the benefits and risks associated with relevant technology",[5][6] and the saturation of the market leading many lawyers to look for cutting-edge ways to compete.[2]
Investment in Legal Tech is predominantly focused in the United States with more than $254 million invested in 2014 in the United States,[7] however there is significant growth worldwide.[8]
Stanford Law School has started CodeX, the Center for Legal Informatics, an interdisciplinary research center, which also incubates companies started by law students and computer scientists. Some companies that have come out of the program include Lex Machina and Legal.io.[4][9]
Key areas
Traditional areas of Legal Tech include:
- Practice management
- Document storage
- Billing
- Accounting
- Electronic discovery (e.g. Recommind)[10]
- Legal research (e.g. LexisNexis and Westlaw)
More recent areas of growth in Legal Tech focus on:
- Providing tools or a marketplace to connect clients with lawyers (e.g. UpCounsel)
- Providing tools for consumers and businesses to complete legal matters by themselves, obviating the need for a lawyer (e.g. LegalZoom, RocketLawyer)
- Data and contract analytics
- Automation of legal writing or aspects other substantive aspects of legal practice
- Providing tools to assist with immigration document preparation in lieu of hiring a lawyer (e.g. RapidVisa and FileRight).[11][12]
Notable Legal Tech companies
United States
Seed round:
Series A and beyond:
More established legal technology companies:
Russia
Legal research:
- Consultant Plus
- Garant
- Vorlage:Interlanguage link multi
- Vorlage:Interlanguage link multi
- Vorlage:Interlanguage link multi
United Kingdom
Germany
- [https://www.anwalt.de anwalt.de services AG]
Denmark
==References==
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[[Category:Technology in society]]
[[Category:Practice of law]]
[[Category:Legal software| Technology]]
- ↑ a b c d Bob Goodman: Four Areas of Legal Ripe for Disruption by Smart Startups, Law Technology Today. 16. Dezember 2014. Abgerufen am 1. Mai 2015.
- ↑ a b c Basha Rubin: Legal Tech Startups Have A Short History And A Bright Future, TechCrunch. 6. Dezember 2014. Abgerufen am 1. Mai 2015.
- ↑ Mary Juetten: The Future Of Legal Tech: It's Not As Scary As Lawyers Think, Forbes. 19. Februar 2015. Abgerufen am 1. Mai 2015.
- ↑ a b Eva Hibnick: What is Legal Tech?, The Law Insider. 7. September 2014. Abgerufen am 1. Mai 2015.
- ↑ Client-Lawyer Relationship, Rule 1.1 Competence - Comment. American Bar Association. Abgerufen am 1. Mai 2015.
- ↑ Robert Ambrogi: The Cloud Has Landed: 10 Legal Tech Innovations and What They Mean. In: Wisconsin Lawyer . Abgerufen am 1. Mai 2015.
- ↑ Legal Startup Funding | 2014 So Far [Update 10/24/14] — LTI. In: Legaltransformationinstitute.com . Abgerufen am 10. Dezember 2016.
- ↑ Basha Rubin: Is The Legal Tech Boom Over? It Hasn't Even Begun, Forbes. 12. August 2014. Abgerufen am 1. Mai 2015.
- ↑ Stanford Law School: CodeX - Programs and Centers - Stanford Law School. In: Law.stanford.edu . 27. November 2016. Abgerufen am 10. Dezember 2016.
- ↑ Recommind: eDiscovery and Information Intelligence Solutions (Amerikanisches Englisch) In: Recommind . Abgerufen am 17. November 2015.
- ↑ Stephen Hobbs: Simplifying idea | Colorado Springs Gazette, News. In: Gazette.com . Abgerufen am 10. Dezember 2016.
- ↑ [1] (Seite nicht mehr abrufbar)
- ↑ Du kan bede robotadvokaten om et godt råd, Berlingske Business. Abgerufen am 23. November 2016.
