Top Legal Technology Companies

Legal Technology

Legal technology, also known as Legal Tech, 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.

Legal Tech Trends:

Artificial Intelligence

Perhaps the fastest growing area of legal technology in 2020 are going to be that of AI (AI). We are already seeing the adoption of computer programs capable of removing many of the monotonous, administrative tasks that lawyers once had to spend valuable time performing, for instance reviewing terms and conditions, or the tedious analysis of discovery documents. AI can sort and analyse enormous amounts of knowledge at an unprecedented speed, resulting in faster discovery. AI also can make valid predictions of actions following thorough analysis of knowledge . I anticipate that this trend will expand enormously in 2020, with those that have already made the move starting to see huge improvements in productivity and long-term results.

Data Developments

In the next year and beyond, the ways in which data is processed, stored, and utilized in the bar goes to dramatically shift. While a couple of years ago, cloud storage applications were seen as a security risk, within the last year they need achieved widespread recognition because the most advanced, effective, and secure method of storage and organisation, with any reservations quickly disappearing.
Particularly since the introduction of GDPR, legislation data protection will still be of supreme importance to the industry. In 2019, we’ve seen corporations like Facebook, Google, and British Airways, who would have once been thought of as reputable and transparent, damaged by scandals involving data misuse, irresponsibility, or hacking. As a result, technological advancements like encoding , multi-factor authentication, disabled editing, and watermarked documents are getting to rise in popularity even more in 2020.

Contract Management

Legal professionals at every level are liable for the management, negotiation, finalisation, and tracking of contracts, all of which can be transformed for the higher from 2020 onward with increased adoption of those newer methods of knowledge storage and securitisation. Online, purpose-built contract tools will become more prevalent than ever. Many practitioners have already begun to leverage e-signing software, but 2020 will likely see even more of those solutions rising within the markets with wider ranges of ability. Contract management systems can now be utilized for the whole life cycle of legal documents, from requesting to negotiating and authoring to approval, representing subsequent stage in evolution.
Stemming from this may even be the upcoming adoption of template management systems. Authoring contracts manually are often inefficient for creating consistent, standardised practices across a firm , for instance . It also can be time exhaustive and lacking in version control. Advanced template management software ensures best practices are employed, facilitating document building on clean templates, and sharing and storing them securely.

Blockchain and Security

With mounting issues and awareness of cybersecurity, one solution becoming more and more prominent within the legal field are going to be that of blockchain technology. last heard about in reference to cryptocurrency prices, blockchain technology has enormous potential outside of digital money that’s only starting to be realised. Data and knowledge on the blockchain is totally traceable and impossible to hack. That’s because each piece of knowledge on the blockchain exists on a sequence of nodes, all verifying the opposite , and any hacker would need to alter all of the nodes simultaneously so as to realize any quite fraudulent activity — which is virtually impossible. Beyond security, this advancement are going to be pivotal for lawyers for other reasons too, including it’s creating of ‘smart contracts’, during which legal documents are going to be verified and stored with authenticated, traced signatures and chains of custody.

At this juncture, there is a variety of legal tech solution providers and services companies available in the market that caters to the different business use cases. To help organizations choose the legal tech solutions or services that best fit their requirements, CIOReview has compiled this edition. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for aspiring CIOs.

CIOReview’s, Top Legal Technology Companies