As part of our technology special, we canvass the experts and ask where the legal start-up market is headed
Most will fail
‘1,400 legal tech companies are not going to succeed. This is the normal curve for any disruption of an industry: we’re going to see failures and people abandoning software, you’re going to see a consolidation phase. I see some of these failures freaking people out, but that’s normal. Lawyers have to understand in early-stage entrepreneurship most companies don’t make it. Failure is not investing in a little company that went under; it’s the portfolio not generating an overall great return.’
Dan Jansen, chief executive, Nextlaw Ventures Continue reading “The last word: New order”
Revamped personal injury specialist Slater and Gordon (S&G) is set to roll its legal and former Quindell divisions into a single corporate entity and has earmarked £30m for investment in new technology.
The battle-worn firm today (11 May) announced plans to unify the two entities – Slater and Gordon Lawyers and Slater Gordon Solutions (SGS) – via an alternative business structure (ABS) in the coming months. Continue reading “Slater and Gordon to launch new corporate entity alongside plans for £30m legal tech investment”
Alex Novarese, Legal Business: Looking at the top of the market, how is buying behaviour changing?
Donny Ching, Royal Dutch Shell: I see increasing sophistication in sourcing legal services. I am sure you all have experienced tenders and reverse tenders. More corporates are looking at using different tools, also driven by the contracting and procurement [C&P] organisation. Procuring legal services used to be the last bastion, where C&P could not touch. That is changing. We hired our own pricing analyst sourcing officer a couple of years ago. He has done phenomenal work and opened our eyes to what is possible. Continue reading “Irresistible forces”
‘Everyone is on their own voyage of discovery. But is any law firm leveraging AI in a material way? I don’t think they are – yet.’
Derek Southall, Gowling WLG
Can legal AI match the hype? Legal Business asks key figures about the future for law technology
‘Of course they’ll have prices, but then you’ll try to work your way around those prices. The reason you’re seeing lots of press releases that say “law firm signs up to use [tech provider] Kira” is because Kira will give you a discount if you do that. Honestly, “law firm uses Kira” isn’t really news, let’s be brutally honest. But Kira will say: “I’ll give you a 10% publicity discount if you do it.” Why not? Why wouldn’t I do that? That then helps Kira to tell a story that says Kira is already being used by Clifford Chance, Linklaters, Freshfields… Suddenly if I’m law firm number 72 and I see all these big law firms, I’m thinking, shit, I’d better use that too.’
Nick West, chief strategy officer, Mishcon de Reya
Continue reading “The last word: Machines and myths”
Mishcon de Reya has become the latest firm to embrace innovation in legal tech, today (16 January) launching an incubator programme for tech start-ups in the legal industry.
Continue reading “‘Innovation is happening’: Mishcon launches legal tech start-up scheme”