As the name suggests, legal tech startups are those that utilize technology to optimize or provide various legal services.
Technological applications are now standardizing or automating many of the labor-intensive tasks performed by lawyers. Technology is also providing additional layers of security for sensitive legal documents and reduces the costs and complexities of legal services in general.
According to market research company Statista, the legal tech industry is expected to be worth approximately $25.17 billion by 2025, so let’s take a look at the startups vying for a slice of this lucrative pie.
Relativity is a Chicago-based company that offers legal and compliance software. Lawyers use Relativity products to automate contract reviews, index and search documents, and perform regulatory or due-diligence work.
Relativity’s tech stack is used by more than 13,000 organizations around the world. In the United States, it is used by 199 of the top 200 law firms by revenue.
Luminance considers itself to be the provider of the world’s most advanced AI-powered legal process automation products.
The artificial intelligence, which was developed at the University of Cambridge, can read and conceptually understand legal documents in virtually any language. With this understanding, it can identify contractual anomalies or areas of non-compliance.
Some of its notable clients include Tesco, Deloitte, Avianca, and Ferrero.
Avvoka is a legal tech startup with a cloud-based system that offers analytics and negotiation tools and the automation of specialized documents. In addition to law firms, the system is designed for in-house legal teams and businesses that want to close deals more efficiently by signing legal contracts online.
Avvoka is currently used by Warner Brothers, HSBC, and Baker McKenzie, to name a few.
Ironclad is a contract management software provider that allows companies to transform their contracts from blockers to enablers. In fact, the company claims its software can cut contract processing time by up to 80%.
Ironclad’s contract lifecycle management (CLM) software is the only such product that addresses the complexity and risk associated with clause-level negotiation and collaboration. Some of the companies to take advantage of this feature include Reddit, Dropbox, and Mastercard.
Notarize was founded in Boston in 2015 and is a little different from the other legal tech startups featured in this article.
The company acts as an on-demand notary service for businesses, title agents, and lenders. Notaries are available 24/7 via computer, tablet, or smartphone for as little as $25. A full forensic analysis of the transaction is provided which comprises an audit trail and ID verification.
- Legal tech startups are those that utilize technology to optimize or provide various legal services. The industry is predicted to be worth $25 billion by 2025.
- Relativity is a Chicago-based company that offers legal and compliance software with over 13,000 clients and 199 of the top 200 law firms in the United States. Luminance is a provider of AI-powered legal process automation products with clients such as Deloitte and Avianca.
- Cloud-based Avvoka offers a solution for negotiation, analytics, and the automation of specialized documents. Notarize is a Boston-based legal tech startup that provides notary services for businesses, title agents, and lenders.