Technology is driving rapid change across the legal profession and you could be at the forefront. Accelerate your success by applying to become a LawTech resident and driving the future of innovation in the legal industry. It would not be uncommon for the breadth and depth of these services to increase as technology improves and public demands warrant legislative change. At this point, there is an opportunity for disruptive innovations and businesses to grow. This is what incumbents, who often point to existing relationships and regulations as a defensive mechanism, need to think about. In addition to simply working with established legal startups and using their services, several companies have taken steps to protect themselves from disruption. Recently published by the Australian Legal Technology Association (ALTA) and its project partners iManage, The Law Society, Alpha Creates and Toro Digital, Global Legal Technology Report (GLTR) 21/22 is the world`s first and most comprehensive study on the legal technology industry and the people behind the companies. The report showed that COVID-19 has had a net positive effect on revenue and customer retention, showing that many legal tech firms have thrived over the past couple of years. In an increasingly digital environment, the demand for the benefits of technical products has exploded. This, in turn, has led to an increase in collaboration between legal technology offerings, with integration being a clear priority for suppliers and customers. The Thomson Reuters Tech and the Law 2022 report states that nearly half of business consultants surveyed said the lack of platform integration was a major issue. Integration is one of the hottest topics currently discussed in the ALTA member group, and 60% of GLTR respondents identify as an integrated solutions provider. While established companies may currently have a monopoly at the higher end of the market, where customer representation in court is limited to those who have a license to exercise, it is not implausible to imagine that regulators may change their position in the short and medium term as the value of the technology relaxes its regulatory grip.
Indigital is Australia`s first Indigenous educational technology specialising in technology development and digital skills training, with a focus on Industry 4.0 technologies. Sydney-based LegalVision has raised nearly $6 million and recently closed a $4.2 million Series B round led by Gilbert + Tobin. Founded by Lachlan McKnight, the firm provides legal services through a technology-driven business model that provides Australian businesses with access to more than 3,000 legal articles and 40 free legal documents. The company is currently exploring the application of machine learning and smart contracts to deliver more efficient services, in collaboration with major international cities that have significant Australian trade flows. By Tomas Atkins, Legal Solutions Consultant Today`s lawyers have an ever-growing pool of legal technology. Anika Legal provides a bridge between vulnerable members of the community who do not have access to the law and law students eager for practical legal education in practice. These systems help your legal team manage the large amounts of documentation that come with legal work. They range from centralized cloud storage, security and electronic signatures that enable easy access and collaboration, to providing generic legal documentation frameworks, and supporting your ever-growing list of precedents. Traditional law firms need to start exploring a move away from the “old law” and embrace the “new law” best embodied by fixed, value-based pricing, production and automation of routine tasks, and lower cost structures if they are to remain relevant and competitive in the increasingly uncertain legal services landscape.
Lawyers today have an ever-growing pool of legal technologies. The market has become so large that trying to find the right product is both expensive and time-consuming – some companies have even decided that it makes more economic sense to simply do it yourself. TaLaw offers technology that allows lawyers to administer more than defend. As an intuitive platform based on blockchain technology, beNEXT provides smart and simple contracts. LawAdvisor is a Melbourne-based start-up that makes it easier for businesses and consumers to access legal advice and makes it easier for lawyers to find clients. Founded in 2015 by Brennan Ong, a former winner of the Chief Justice`s Innovation Award for developing the Supreme Court of Victoria`s case management system, the startup has raised more than $1.1 million, including an investment from Google Maps co-founder Lars Rasmussen and startup Grind. Law Advisory enters both sides of the line, providing direct-to-consumer services and selling its technology to major law firms such as Madgwicks, Marshalls + Dent and Gadens. It`s important to note that Australian legal tech companies are leaders when it comes to diversity. The latest findings from the Global Legal Tech Report (GLTR) show that 50% of Australian legal tech companies are founded by women. The creation of Women of Australian Legal Technology (WALTA), a committee under ALTA, fosters support for women founders by empowering and inspiring women in legal technology. At the most basic level, supporting Australian businesses is great for the Australian economy.
As we move towards a new world order, due to the many influences playing out on the global geopolitical stage, the ability to support local businesses and ensure security throughout the supply chain and access to customer support when needed becomes increasingly important. “Legal technology” is always a hotly debated topic at legal conferences, seminars, networking events, roundtables – whatever. As technology advances rapidly, it is even feared as a threat to the future of the legal profession itself. This article looks at the products currently available and how legal teams across Australia benefit from them. While many companies try to develop their own legal technology, in my experience, many join forces and end up buying a standard product. A large portion of the corporate internal systems under development primarily target out-of-the-box contract terms, risk assessment scores, and traffic light systems to determine the best use of in-house counsel`s attention. That`s exactly why Netflix now has a market cap of $41 billion with just 4,000 employees, while its predecessor, Blockbuster, with a workforce of over 60,000 employees, barely reached $5 billion. The exponential improvement in technology allows us to do more with less, and that includes fewer people. Gilbert and Tobinwas not only led the $4.2 million Series B investment in LegalVision, but also recently received the Financial Times Most Innovative Company Award for their legal hackathon, held in partnership with Westpac and LegalVision.
The company also has a 20-person technology teacher and an innovation manager who is responsible for evaluating new technologies and implementing what they believe to be the best of them. This is where the first opportunities for legal startups lie. Non-consumers are early adopters of most consumer-focused legal start-ups, which typically account for about 16% of the end market for most technologies and innovations (see below).