Posted on December 4, 2017
5 things in LegalTech: A Tale of Two Female Entrepreneurs
Your time is short. This quick read gives you 5 things you need to know from LegalTech in the past seven days.
LegalTech Deals! A tale of two female entrepreneurs
It was a week dominated by two female LegalTech entrepreneurs, points out Caroline Hill, Editor of Legal IT Insider.
First up, Alma Asay, founder and CEO of Allegory Law. Allegory announced it was being sold to alternative legal services provider, Integreon. Asay is being brought in as Chief Innovation Officer, along with the entire Allegory team. Reporting on the deal, legal journalist, Bob Ambrogi at LawSites blog says Integreon now plans “to offer a true end-to-end solution for litigators and in-house legal departments.” Asay added: “Litigation teams more and more need a cloud-based solution where outside counsel and everyone on the litigation team can all build their case together.”
Secondly, Emily Foges, CEO of Luminance, celebrated a $10million Series A funding round. The UK-based legal AI due diligence contract review company is now valued at $50m, according to Jeremy Kahn at Bloomberg News. Kahn says with rise of legal AI, “now there’s some evidence these efforts are gaining traction – at least with investors.” The funding was led by Talis Capital, Invoke Capital (founded by Mike Lynch, the co-founder and former chief executive officer of U.K. software company Autonomy) and global law firm Slaughter & May, which “acquired a 5 % stake in Luminance in the spring, according to reports. The funding will help grow the company’s new U.S headquarters in Chicago.
Happy E-Discovery Day one and all
— QDiscovery (@QDiscovery) December 1, 2017
Those seeking an adrenaline rush after Black Friday and Cyber Monday celebrated the third ever E-Discovery Day on Friday (November 1). The Association of Certified E-Discovery Specialists and Practitioners launched a full day of “informative webcasts, in-person networking events and more.” Some highlight webinars included The Case is Done, but the Data is Still Everywhere; Top 5 E-Discovery Process Improvements Legal Needs to Make But Haven’t (available here) and Reporters Recap Top E-Discovery Storylines from 2017, Schindler Cohen & Hochman LLP E-discovery expert, Syreeta Lee, and Director of software E-Discovery firm, Relativity, Doug Kaminski. Doug channeled the wisdom of fantasy writer Terry Pratchett, providing some reflections on the day.
I look at all the changes in the E-Discovery and Legal world in the last couple years. I am gratefully for all the connections I have made with others who have a passion for E-Discovery. #ACEDSTC #eDiscoveryDay @acedsonline @WiENewYorkCity @WiEupdates
— Syreeta Lee (@SyreetaLeeLSM) December 1, 2017
— DougTwit (@DougTwit) December 1, 2017
Legal Week CONNECT + Who won?
On the conference front, Legal Week CONNECT at London’s Institution of Engineering and Technology, included debate on inclusion, law firm branding, legal technology and artificial intelligence.
The British Legal awards , the culmination of the conference, (full list of winners here) recognized the “brightest and best” in the UK profession. On the tech front, we note wins for tech Supplier of the Year: iManage, and best Use of Technology in a firm going to Mishcon de Reya. The in-house winners included Pearson’s Bjarne Philip Tellmann, who was named General Counsel of the Year; Informa, which took the prize for Legal Department of the Year (TMT); and Royal Mail, which won the award for Legal Department of the Year (Commerce and Industry). Bjarne is among those featured in an upcoming LawGeex 20+ page book revealing the secrets of in-house innovation, The In-House Counsel’s Guide to Change Management (click here to get it first).
LegalTech predictions 2018
It is the time to think back over 2017 and look forward to 2018. American Lawyer (What 2017’s Trends Can mean for Big Law in 2018) began, predicting “more law firms partnering with tech vendors to meet client efficiency demands” and more substantial use of legal project management software.
For Artificial Lawyer, 2017 was when “The Legal AI Barbarians Have Already Taken The Gates“. Artificial Lawyer’s Legal AI expert, Richard Tromans concludes “As we approach the end of 2017, the technology is firmly ensconced at the highest levels of the market.”
Lucy Bassli, assistant General Counsel at Microsoft, in a must-read piece, expects a further shift away from law “created by lawyers and for lawyers”. She expects a continuing move away from paper processes, and towards automation (Microsoft is working on contract bots to guide teams through the type of contract they require).
LegalTech wins big in ABA Law Journal Web 100
ABA Journal had called to say I was PROBABLY going to be named in the Best Law Twitter list, but I would have to agree to an interview and a major photo shoot. I said probably is no good and took a pass. Thanks anyway! https://t.co/i0BhT9V0oU
— Ashley T. (@Briefslayer) November 28, 2017
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In case you missed it! Webinar: 5 Steps to Implement a Contract Triage Process (LawGeex)
LegalTech Diary upcoming events
29-30 November: Legal Week Connect, London (Legal Week)
The Blurb: A curated mix of articles worth sharing in the past week.
New York Times: A.I. Will Transform the Economy. But How Much, and How Soon?
Ross Intelligence: LegalTech is Primed for Growth Investments Guest post by Catalyst Investors
Above the Law: Conditions For AI Success: Discipline, Data, And Patience
Legal IT Professionals: Thomson Reuters Elite Announces Launch of ProLaw 2017.2