Derek Southall discusses that Legal Tech is no longer dictating its own future
The last three years has seen a huge surge in the uptake of technology used by law firms and in-house legal teams. More has happened during this period than in the 30 years before. The market has gone from famine to feast. In the past you sometimes struggled to find the right technology to deliver a solution. Nowadays you are spoilt for choice and in addition you have a mass of other technologies looking for problems. In some ways we are living in a golden era for technology.
So why does this mean the death of Legal Tech? Surely the opposite is true? Superficially this is of course correct, but we must dig deeper to understand what is truly going on.
In big picture terms Law is an $850 billion global market. For the last 30 years plus law firms have been leveraging technology. However virtually all this technology has been infrastructure technology i.e. it has been technology to manage financial information, documents and emails and time recording information. There is nothing wrong with this and to be totally clear these technologies have made a huge contribution to efficiency and productivity. But equally let’s be realistic there is no law in these technologies.