LawGeex, the leading AI contract review platform for businesses, has today launched The 2018 In-House Counsel’s Legal Tech Buyer’s Guide—a free, downloadable guide showcasing more than 120 must-know technology solutions.
The guide, fully updated and revised for 2018, includes practical advice based on dozens of interviews, real-life experiences, and personal recommendations from in-house lawyers and legal experts. The guide showcases 16 categories of legal technology transforming the traditional the legal profession — from contract review to contract due diligence, and litigation and prediction technology.
The report highlights the use of legal technology by more than 80 of the world’s top law departments including McDonald’s Facebook, NetApp, Google, and AIG, as companies seek to cut hundreds of hours of manual legal work.
Explosion of Artificial Intelligence (AI) Players in Law
The guide reflects that the legal sector is facing renewed disruption, with a 65% increase in AI companies using automation to solve daily legal tasks. The number of AI players servicing the legal industry has increased from 40 to 66 in the past 12 months. This follows an explosion of well-funded legal technology startups alongside established players seizing new opportunities in the $600 billion legal market.
Increase in Consolidation and Funding for Legal Tech players
The guide also details the 22 biggest legal technology mergers and acquisitions, and the 45 largest fundings in the sector over the past year.
Lucy Bassli, LawGeex Chief Legal Strategist, said:
“The greatest and most far-reaching change I have experienced is how legal technology is making inroads into the front office, taking over tasks or initial steps of the actual legal work that has traditionally been handled by lawyers or legal staff. For the first time, everyday tasks — such as analyzing or reviewing contracts and researching legal issues for case law and regulatory insights—are becoming increasingly automated, at least in stages.”
Download the full guide at lawgeex.com/buyersguide
Note: A previous version of the Legal AI Landscape 2018 omitted Thomson Reuters Westlaw.