Observations on the last 1000 days of LegalTech
In many ways, Hyperscale Group entered the market at a hugely exciting time. We launched at a time when the legal tech market was undergoing exponential growth and the increase in investment figures (713% plus) speak for themselves. In many ways, it was “feast to famine”. It used to be difficult to find tech to solve problems. Instead, now teams will be confronted with a wide array of start-ups which can do virtually anything anyone wants and people are literally spoilt for choice and are often overwhelmed.
We also entered the market at what will historically prove to be a defining period. The $850bn legal industry has always leveraged technology. Virtually all of this technology has been information management technology i.e. managing finances, documents and emails. In the last 5 years, we have seen a new wave of technology hitting the market which helps with the “delivery of law”. For the first time the delivery of law is moving from analogue to digital. The quantum and consequences of this change cannot be underestimated. Historically the ability of a law firm or in-house team to deliver legal advice will have been constrained by having the right number of people with the right skills at the right time.