Legaltech – Strategic Intelligence

Reasons to buy the ‘Legaltech’ strategic intelligence report:

• The report provides an overview of the legaltech theme.
• It identifies the key trends impacting the growth of the theme over the next 12 to 24 months, split into three categories: technology trends, macroeconomic trends, and regulatory trends.
• The report includes a comprehensive industry analysis, including market size and growth forecasts and legaltech case studies.
• It contains details of M&A deals driven by the legaltech theme, and a timeline highlighting milestones in the development of legaltech.

How is our ‘Legaltech’ report unique from other reports in the market?

Legaltech aims to increase efficiency by addressing important but low-value or high-volume tasks, allowing lawyers to focus on more complex and high-skill work. It has become a significant investment area for traditional law firms, alternative legal service providers (ALSPs), and in-house legal teams.

• The detailed value chain comprises seven core segments: client management, case management, document management, contract management, matter management, legaltech adopters, and legaltech technologies. Leading and challenging vendors are identified for sub-categories across these segments.
• This report is an invaluable guide to this important theme, including details of the leading companies and an analysis of the potential impact of disruptive technologies like generative AI.

We recommend this valuable source of information to anyone involved in:

• Legal – Tech firms/Start-ups and Leaders
• Business Development and Market Intelligence
• Investment Analysts and Portfolio Managers
• Professional Services – Investment Banks, PE/VC Firms
• M&A/Investment, Management Consultants, and Consulting Firms

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Legaltech Strategic Report Overview

Legaltech refers to the use of technology to deliver legal services and support various functions within the legal industry. AI is expected to automate 44% of current legal tasks, but it’s more likely to augment the legal profession than replace it entirely unlike other industries.  Lawyers will use the time freed up by technological efficiency to focus on more analytical and complex tasks that require human judgment.

The ‘Legaltech’ strategic intelligence report gives an in-depth insight into the legaltech theme and how it will impact. It further entails a deep-dive analysis of the industry, including real-life use case studies and their impact. The report also identifies the key market trends that will shape the legaltech theme over the coming years and gives an insight into the market players and the competitive landscape within the theme.

Legaltech – Key Trends

The main trends that will shape the legaltech theme over the next 12 to 24 months are classified into technology, macroeconomic, and regulatory trends.

• Technology trends: The key technology trends impacting the legaltech theme are generative AI, blockchain, cybersecurity, predictive analytics, and skills gap.
• Macroeconomic trends: Pressure from clients, ESG, and M&A are a few of the macroeconomic trends impacting the legaltech theme.
• Regulatory trends: The main regulatory trends impacting the legaltech theme in the next 12 to 24 months are data privacy and AI regulation.

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Legaltech - Value Chain Analysis

The legaltech value chain is broadly categorized into client management, case management, document management, contract management, and matter management.

Client Management: The client management segment of the legaltech value chain looks at the client-lawyer relationship and the legaltech offerings that support communication and collaboration between lawyers and their clients. Lawyers benefit from establishing themselves as technologically adept business partners capable of adapting to client needs. Technology adoption for client management improves efficiency and introduces scalability by automating tasks previously performed manually by workers.

Legaltech Value Chain Analysis

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Legaltech - Leading Companies

A few of the leading companies within the legaltech theme are:

• Clio
• Brightflag
• Docusign
• Evisort
• Harvey

Legaltech Analysis by Leading Companies

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Key Highlights

Legaltech refers to the use of technology to deliver legal services and support various functions within the legal industry. As in other industries, there are concerns about technology replacing humans in the legal sector. However, legaltech is more likely to augment the legal profession than replace it entirely. Goldman Sachs estimates that AI could automate 44% of current legal tasks. Lawyers will use the time freed up by technological efficiency to focus on more analytical and complex tasks that require human judgment. The stakes are too high in the legal sector to rely entirely on technology to get the work done. The human element is, therefore, still essential in ensuring accuracy and reliability. At the same time, the shortage of tech-savvy legal professionals has created a skills gap, making it challenging for the legal sector to capitalize fully on technological advancements.

Generative AI is unlocking a wave of innovative applications in the legal sector, from document automation to AI-driven legal research and predictive analytics, promising greater efficiency and accuracy in routine tasks. GlobalData estimates that the global generative AI market will be worth $75.7 billion by 2028. However, this rapid technological evolution comes with pressing concerns about data privacy and security, as generative AI systems often process sensitive client information. Using generative AI in the legal sector also requires specific legally trained models that cover up-to-date case law and judgments.