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These three concepts are not the most common in the legal industry. Lawyers and legal professionals tend to be more conservative and sceptical regarding innovation and technology. However, things are changing and so are lawyers.
Over the past three years, we have witnessed major changes in the legal industry. First, the Covid-19 pandemic has pushed lawyers’ practices and exposed them to new exciting opportunities. Lawyers had to thoroughly rethink their ways of handling daily tasks. It was finally time for them to ditch pens and papers and other obsolete technologies. Secondly, legal tech companies saw more than $1 billion in venture capital investments during last year. During 2022 a new record was set, with $2.5 billion poured into the industry.
These developments do not go unnoticed by the legal industry. According to the Wolters Kluwer report, the majority of European law firms indicated that the “need for legal technology solutions” increased as a result of the pandemic and reported that their investment in innovative solutions will increase in the upcoming years.
The technologies that have been gaining the most significant and recent investment are the ones that assist the law firms with: e-signature, document and contract management, and analysis of regulatory and case law trends.
Top technologies law firms are looking to invest in:
In spite of all these current trends, many people in the legal industry still do not know what ‘legal tech’ is even though now more than ever, technology has been changing legal practice significantly.
Thus, understanding how to use technology to improve our work, our efficiency as well as the client’s experience should be a priority for everyone working within the field.
Therefore, one of the main reasons why the Copenhagen Legal Tech Lab was established in 2022 at the University of Copenhagen, was to promote and support advancements in the legal industry. Specifically, by researching and sharing studies about legal tech companies that are currently bringing innovation and change to the legal industry.
CASE STUDIES ON LEGAL TECH
The main objective behind this series of legal tech case studies is to highlight the fact that innovative ideas for the legal industry are out there. Perhaps, most of the people are still not noticing them. We aim to change this.
We share stories about journeys that lead to technological innovation in the legal industry. We talk to the leading start-ups in this sector and try to convey their learnings and experience, so all the legal tech start-ups that come after can learn from these.
We hope that people working in the legal industry will be encouraged to embrace the entrepreneurship mindset and challenge themselves to build new ways to change and improve their work and practice.
If you are interested in our work, reach out to us here.
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