Technological Disruption or Next Industrial Revolution?
Blockchain, quantum computing, artificial intelligence (AI), augmented analytics and immersive technologies are driving disruption and new business models. [1] AI-driven robots are just one example of “autonomous things,” which use AI to perform tasks traditionally done by humans, others include: vehicles, drones, appliances and service agents.
AI, automation and blockchain are already being used to undertake legal tasks and more digital disruption is around the corner, as the use of technology in law becomes mainstream worldwide. Until recently, legal technology and technology services have been a localised response to local legal issues, but the 2018 Global Legal Hackathon, with more than 600 teams in 40 cities from 22 countries, has shown the same types of legal issues arise in all jurisdictions and can benefit from technology solutions.
2018 saw a massive global growth in investment in digital tools and services, with an increase of 713% in 2018 on 2017 investment. $USD1,663 billion was invested globally in legal tech in 2018 compared with USD 213 million in 2017. [3] The leading tools and technology services in 2018 are:
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DocuSign – providing e-signature technologies and electronic agreements, 188 countries 100 million+ users. 2018 IPO $USD 629 million.
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LegalZoom – online legal documentation creation, four million users worth an estimated $USD 2 billion).
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Exterro – e-Discovery software with impressive client list.
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Atrium – aims to become “the largest multi-practice firm in the USA ” through increased efficiencies delivered by new technologies”. $USD 65 million investment in 2018.
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Kira Systems – AI-Enabled Contract Review Software, substantial 2018 revenue increases resulted in USD50 million investment.
Credits: LegalBusinessWorld
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