With no industry immune to the transformative effects of advanced technology, the legal profession is going to witness developments in processes, regulation, and collaboration as a direct result of new industry technology. The adoption of computer programs is capable of taking away many of the monotonous, administrative tasks such as reviewing terms and conditions, or the tedious analysis of discovery documents that lawyers once had to spend valuable time performing. AI can sort and analyze enormous amounts of data at an unprecedented speed, leading to faster discovery. AI can also make valid predictions of actions following a thorough analysis of data. AI technology is so innovative because it does much more than reviews – instead, these programs can understand legal data and provide lawyers with information and trends they can use to decrease risk and make better-informed case decisions. The legal industry as a whole has lagged a bit in moving toward the cloud. More firms will make a move in 2019 as more applications move to the cloud. Many core legal applications are either migrating to the cloud or at least offering a cloud-based option, including popular tools like SmartAdvocate or iManage Work 10. Cloud solutions are ideal in this industry because lawyers are always on the go and need access to their files from remote locations. With mounting issues and awareness of cybersecurity, one solution becoming more and more prominent in the legal field will be that of blockchain technology. Data and information on the blockchain are completely traceable and impossible to hack. Beyond security, this advancement will be pivotal for lawyers for other reasons too, including its creating of smart contracts, in which legal documents will be verified and stored with authenticated, traced signatures, and chains of custody. This year, more and more firms are expected to adopt new tools to increase productivity and improve profit margins. Some standard process-driven technologies include tools for bookkeeping and timekeeping, document automation, client communication, template management, and billing. Just as technology is changing the way individual lawyers work, innovations will also improve collaboration between attorneys and even between separate law firms. Experts predict new technology will make cooperation more comfortable, allowing lawyers to edit and share documents more freely within their teams. Another significant advance is the adoption of analytics and technology-assisted review (TAR). These tools differ from a linear review process by focusing on the most relevant documents first. TAR uses machine learning algorithms to predict the relevance of a report by applying a learning model and then ranking the records according to their likelihood of significance so that documents that are unlikely to be relevant need not be reviewed or can be reviewed using less expensive resources.
Top 10 Legal Tech Solution Companies 2019
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Top Legal tech companies
CrimsonLogic
CrimsonLogic is a trusted partner to governments and businesses globally. For 30 years, the Group has partnered with customers to innovate sustainable world-class solutions, products and services in Trade Facilitation, eJudiciary and Digital Government, enabling the digital transformation that positively impacts lives and communities. With over 30 years of experience, CrimsonLogic has a deep understanding of the way agencies work, interact and deliver services. TradeNet®, eJudiciary, eStamping and CertOfOrigin are some of the world’s first innovations being used every day by government agencies worldwide. CrimsonLogic delivers world-class Digital Government solutions that create value for citizens and businesses
iManage
Founded in 2015, iManage has been successfully delivering comprehensive, integrated, and reliable solutions to help professional organizations securely manage documents and deliver better client service. And with the acquisition of RAVN—an expert in AI-based product development for legal enterprises—in 2017, iManage is expanding its solution platform and its ability to support a client’s digital transformation. iManage’s end-to-end platform—now powered by the RAVN AI engine—spans the entire work product life cycle from business intake through defensible matter disposal. This single, integrated platform includes solutions for business intake, conflicts management and ethical walls, document and email management, collaboration, knowledge management, threat analytics, artificial intelligence, and records management
DocuSign
Since its inception in 2003, DocuSign has been on a mission to accelerate business and simplify life for companies and people around the world. It pioneered the development of e-signature technology, and today DocuSign helps organizations connect and automate how they prepare, sign, act on, and manage agreements. As part of the DocuSign Agreement Cloud, DocuSign offers eSignature: the world’s #1 way to sign electronically on practically any device, from almost anywhere, at any time. DocuSign platform has 350+ prebuilt integrations with popular business apps. In addition, its API enables embedding and connecting DocuSign with customers’ websites, mobile apps, and custom workflows
EasyLaw
Easylaw provides options when all this while lawyers could be found only through person-to-person recommendation or referrals. The gap has led the team to constantly innovate and come out with resolutions to meet the community’s needs better. By using the state-of-technology, the process is smoothened and increases the success rates of lawyer-client relationships. EasyLaw provides information and software to automate all the fees calculation on sale & purchase agreement (spa), loan & tenancy agreement on a phone. EasyLaw revolutionizes the way lawyers calculate anything related to property. EasyLaw's app & tools help lawyers to work more effectively in calculating legal fees/ Stamp duty on SPA & Loan Agreement
HighQ
HighQ is one of the leaders in legal digital transformation with hubs around the world. The company provides an intelligent work and client engagement platform that solves some of the legal world’s biggest operational issues. By design, the technology is intuitive, easy and approachable, while transforming the way people work with each other internally and engage with their clients externally. HighQ has strong partnerships and many leading technology providers to make the platform and solutions as comprehensive as possible. From extranets and file sharing to collaboration and artificial intelligence, HighQ is a platform with room to grow as the legal tech market advances
LawMaster
Lawmaster, founded with a goal to a technological solution that met the specific business requirements of law firms and legal departments, has produced a technology that is more comprehensive, more integrated and more functional than any other legal practice management software available. While others offer most of what the clients need, LawMaster has everything – in-built, seamless and fully integrated. There’s no need for multiple software packages and no reliance on legacy systems. The focus since its conception three decades ago has remained unchanged, as we’ve continued to refine and enhance the software to keep the client at the forefront of law firm management
LegalEx
LegalEx is an on-demand lawyer online platform that makes connecting and communicating to a lawyer fast and convenient, making legal knowledge accessible anytime, anywhere. As a lawyer platform, the firm partners with practising lawyers known in their field and with extensive knowledge and experience ensuring quality services to its users. As the first of its kind, LegalEx aims to be the premier legal website and mobile application for SMEs. The platform allows for customers to talk, book an appointment, chat and request for document review from the online partner lawyers, anytime, anywhere
LexisNexis
LexisNexis is a leading global provider of content-enabled workflow solutions designed specifically for professionals in the legal, risk management, corporate, government, law enforcement, accounting, and academic markets. LexisNexis originally pioneered online information with its Lexis and Nexis services. Through the integration of information and technology, LexisNexis uniquely unites proprietary brands, advanced Web technologies and premium information sources. To help customers win in their marketplace, LexisNexis delivers Total Solutions—innovative products and services to address specific customer needs to improve productivity, increase profitability and stimulate growth
Plexus
Plexus provides the legal services of the future. It provides smarter, more efficient and innovative ways to get legal work done – without sacrificing quality. The company is at the forefront of global legal innovation, and technology is at the core of what it does. Plexus provides flexible Legal Services for clients as an extension of its in-house legal department to manage projects and support during spikes in demand. With a wealth of in-house experience, Plexus’s lawyers and management team offer clients access to top legal talent integrated into its business quickly and cost-effectively. Plexus gets the work done faster, better and more cost-effectively
Zegal
Zegal is the fastest growing LegalTech Company operating across the Asia Pacific and Europe. From its conception in 2013, business users and lawyers across the globe trust Zegal’s software to solve legal problems affordably and efficiently. The company’s vision is a world where the business of law works for everyone. With a mission to make this the new normal for millions of businesses across the globe, has become an emerging LegalTech company in the artificial intelligence space. It is led by a talented team of 60 employees who have helped Zegal reach this far
