Lawyer Monthly - November 2022

Is digitalisation finally creating a global legal services market? The boom of ‘legaltech’ certainly suggests so. The $901 billion legal services industry has been late to digitise compared to other service sectors like finance, but the fintech wave is now being followed by a shift towards legaltech, where it is likely to become every bit as disruptive. Current Developments Several recent initiatives within the industry have taken this to the next stage, showing the variety of ways that legaltech can be used. Ironclad, based in the US, develops automated contract management software, helping legal service providers review and document contractual agreements. Meanwhile, US legaltech provider Everlaw, offers cloudbased applications to improve workers’ ability to collaborate on legal projects. And in rebranding the legal process of discovery to ‘eDiscovery’, Evisort, Disco and Luminance have all implemented AI to support document analysis. Many law firms already utilise legaltech providers, primarily in managing documents and client accounts. But beyond these simple implementations, law firms are mostly behind the tech curve seen elsewhere, meaning that the opportunities presented by legaltech remain largely unfulfilled. AI-assisted legaltech, as an example, has a low adoption rate, although one that will undoubtedly increase in the coming years. Barriers to Adoption Some barriers persist when it comes to the adoption of legaltech, which are worth understanding if the digitalisation of the industry is to progress. Three stand out, which are: Special Feature According to Niamh Breslin, Territory Manager UK at IDA Ireland, the legal services industry is on the brink of a ‘legaltech’ moment. In this feature she explains that, while barriers still exist, the opportunities are enormous, not least among them the freedom to locate business operations in the most advantageous jurisdiction. Where to Locate your LawFirm in the Era of Legaltech 32 LAWYERMONTHLYNOVEMBER 2022

RkJQdWJsaXNoZXIy Mjk3Mzkz