The complexity of regulations and legislation around financial services has been a significant wall newcomers have been facing for a while now. Difficulty to bare regulatory burden brought up a new industry – RegTech. But even RegTech can’t really do much at this moment for FinTech companies seeking to comply with multilayer regulations coming from a variety of institutions. Lawyers will be able to sleep tight for a long time as in the near future, it is unlikely that companies will be able to handle the regulatory issues themselves.
However, there is another emerging industry that – in the next five years – may diminish the importance of a lawyer or, maybe, significantly cut the costs of legal support. LawTech is a limited club of pioneers with an extremely high potential to have an enormous impact on the future of legal departments. Let’s look at some of the players in the industry that are able to power lawyers and provide actionable insights through data. Those are legal research companies – companies that focus on enterprise software for attorneys and platforms to help attorneys throughout research and more.
Quolaw offers a SaaS-based law practice management software tool that enables lawyers to manage their legal practice anywhere. The company was recently Acquired by vLex.
Inolyst is an online platform which makes IPR and legal simple, accessible and affordable.
IP Nexus is a global marketplace for intellectual property that allows startups, inventors, SMEs and other organizations to find lawyers and other professionals worldwide.
Avvo is a legal marketplace, directory, and question and answer forum that connects individuals with lawyers.
Lexoo is a marketplace where startups and SMEs will be able to easily compare and hire talented and forward-thinking solicitors, all pre-screened and vetted by Lexoo.
Quicklegal Practice Management is a platform that allows users to instantly video chat, audio call or private message an attorney anywhere in the nation.
E-STET is a technology company that harnesses the richness of raw data and turns it into actionable knowledge for lawyers.
UpCounsel is an online workplace for business legal needs, enabling businesses to hire and manage trusted attorneys.
Picture It Settled calls itself the moneyball of negotiation. The company’s behavioral software has learned negotiating patterns from parties to thousands of litigated cases in a wide variety of jurisdictions and claim types. It uses that intelligence to make accurate predictions of where a negotiating round is headed in time for parties to act on that intelligence using the program’s planning tools.
FiscalNote is a privately held company that uses artificial intelligence and big data to deliver immediate predictive analytics of governmental action to pinpoint impact.
kCura are the developers of Relativity, an e-discovery software. Relativity has more than 110,000 active users worldwide from organizations including the US Department of Justice and 195 of the Am Law 200. kCura helps corporations, law firms and government agencies meet e-discovery challenges by installing Relativity on-premises and providing hosted, on-demand solutions through a global network of partners.
cicayda offers a private and securely hosted platform for lawyers to find documents in e-discovery and litigation.
Judicata is a legal technology company providing research and analytics tools to turn unstructured case law into structured data.
Align Matters offers predictive planning and risk management for corporate legal departments.
Logikcull is bringing automation to e-discovery.