Revolutionizing the old-school legal industry: How law firms are using new tech to cut costs and the startups set to benefit

legal tech law gavel 2x1

Summary List Placement

The coronavirus pandemic has accelerated virtually every industry’s path to digitize and the notoriously old-school world of law is no exception.

Legal firms are demanding more innovation in a bid to improve efficiency and as clients seek lower costs. VCs are seeing promise in the space, opening their wallets to fund legal tech startups. Last year, Bloomberg Law reported that legal tech investments hit at least $1.2 billion by the end of the third quarter, surpassing the previous year’s record of $1 billion.

Business Insider has been tracking the latest from startups looking to disrupt the complex and paper-dependent industry and how legacy companies are adopting new digital tools. See the latest below.

Legal tech startup news

Meet 10 investors who are pouring money into legal-tech startups, from Silicon Valley VCs to Big Law firms

A contract-editing startup that seeks to disrupt a $35 billion industry just used this pitch deck to raise $3.2 million from investors like DocuSign and top lawyers

Litigation funding startup Legalist is seeing a boom in demand to back lawsuits — and is hoping to attract hundreds of millions of dollars from investors to keep up with the need

These are the 10 hottest legal tech startups that have raised a combined $1.4 billion in VC funding from investors like Bessemer Venture Partners and Andreessen Horowitz

Meet 9 legal tech startups that top VCs say are poised to take off as law firms look to cut costs and boost productivity

Trustate, a new startup launched by an ex-DLA Piper attorney, is looking to disrupt a key part of an ‘inefficient’ $194 billion industry by easing the pain points of estate administration

Legal industry warms up to tech

‘This is adapt or die time’: Tech-savvy law firms make nearly 40% more in revenue than old-school ones — here’s how new tools are helping lawyers get ahead

The head of the biggest immigration law firm in the US explains how a recently acquired Y Combinator-backed startup will play a key role in its plans to compete with the Big 4

Meet the AI-powered recruiting company used by investment banks like Lazard and Piper Sandler that’s looking to transform how legal firms hire out of law school

A virtual law firm is hiring freelance lawyers to create a Netflix-style subscription legal service that could disrupt the US legal industry

Top law firms are starting to share exclusive data with clients to help them win legal disputes and clinch M&A deals. Here’s why they’re giving it away for free.

The notoriously old-school legal industry is finally warming up to tech. Here are the winners and losers as law firms turn to startups to cut costs.

How top law firm Mintz is using AI to help reduce costs for clients and alleviate work for associates

Legal tech pitch decks

This 20-page pitch deck helped legal tech company Disco rake in $60 million from investors like Georgian Partners and Bessemer Venture Partners

Check out the 14-page pitch deck that a contract-editing startup used to nab $3.2 million from investors including DocuSign

Join the conversation about this story »

NOW WATCH: Here’s what it’s like to travel during the coronavirus outbreak

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *