LegalTechTalk

𝗨𝗞 𝗹𝗲𝗴𝗮𝗹 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀 𝟮𝟬𝟮𝟰: 𝗟𝗲𝗴𝗮𝗹 𝗲𝘅𝗰𝗲𝗹𝗹𝗲𝗻𝗰𝗲, 𝗶𝗻𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹𝗹𝘆 𝗿𝗲𝗻𝗼𝘄𝗻𝗲𝗱 - new research from TheCityUK, published in partnership with Barclays, reveals revenue generated by UK-based legal services increased by 7.7% year on year to £47.1bn in 2023, underlining the continued strength and reputation of the UK as a world leader for international legal services. The UK has also become a LawTech hub, home to 44% of all startups in Europe and more than 350 companies attracting £5.5bn of investment in 2023. Belfast in particular is emerging as a leading centre for legal innovation and LawTech. Miles Celic, Chief Executive Officer, TheCityUK, said, “The UK’s legal services sector continues to make a vital contribution to jobs and growth right across the country. The UK’s globally renowned reputation for legal excellence and its status as a jurisdiction of choice for international dispute resolution is underpinned by the rule of law, and the government’s commitment to upholding this is vital to its continued success. Ultimately, a strong legal services sector is crucial to maintaining the UK’s status as a leading international financial centre and supporting business activity across the economy.” John Aldred, Head of Professional Services, Barclays Corporate Banking, said, “TheCityUK’s report confirms the critical importance of the UK's legal sector to the country, both from its direct contribution and the huge range of economic activity it underpins. We are proud to be a key enabler for the legal services ecosystem, supporting new LawTech start-ups through to established international firms achieve their goals.” #LegalTechTalk #LegalTech #Legal #Law #LawTech #Innovation

Stefan Halter, Regional General Counsel EMEA - Electrification at ABB, highlights how empowering legal team members to take ownership leads to better communication, trust, and success. In this interview, he shares how fostering open discussions, embracing vulnerability, and mentoring team members as "a second brain" builds a strong, capable team. As ABB’s structure evolved, Stefan adapted his legal team to align with new business priorities—bringing lawyers closer to operations and establishing expert groups for collaboration. A must-read for legal professionals navigating leadership and change! https://lnkd.in/e3q7VNcN #LegalTechTalk #LegalTech #Legal #Law #LegalTechDiaries

Nordic Capital, an experienced private equity investor in Technology & Payments globally, has entered into exclusive negotiations regarding the acquisition of Anaqua from Astorg. Anaqua is a leading provider of innovation and intellectual property (IP) management technology solutions and services, trusted by nearly half of the top 100 U.S patent holders, leading global brands, and numerous law firms worldwide. "Nordic Capital shares our vision of a software-led IP management platform, making them the ideal partner for our next phase of growth. Their deep sector experience, successful history of investing in software companies and vast global network would help us continue to transform the IP management industry,” commented Robert Romeo, CEO at Anaqua. “Nordic Capital would enable us to accelerate our global expansion, enhance our technology-driven solutions and drive operational excellence, all of which is for the ultimate benefit of our clients,” added Justin Crotty, COO at Anaqua. “Nordic Capital has closely followed Anaqua’s impressive progress and would be pleased to invest in a leader in IP management and innovation technology. This partnership would align with our commitment to supporting companies that drive industry transformation and would fit perfectly with Nordic Capital’s technology investment strategy. We look forward to supporting Anaqua in its next phase of growth, helping them to expand their global footprint further and establishing the leading IP management platform for innovation-driven industries,” commented Fredrik Näslund, Partner and Head of Technology & Payments, at Nordic Capital Advisors. #LegalTechTalk #LegalTech #Legal #Law #Partnership #Acquisition

In a Statement on The Use Of Artificial Intelligence in Australian Legal Practice, the Law Society of New South Wales, the Legal Practice Board of Western Australia and the Victorian Legal Services Board and Commissioner are setting out to help lawyers understand their expectations when they use AI. Lawyers in private practice should understand the capabilities and limitations of artificial intelligence and large language models, because along with using it themselves, their clients might also want advice on using AI or how they have been affected by the use of AI. The guide states. “Solicitors are responsible for exercising their own forensic judgement when advising clients, and cannot rely on the output of an AI tool as a substitute for their own assessment and analysis of a client’s needs and circumstances.” “As the legal profession and the wider community adapt to the rapidly changing digital landscape, consumers will need a reliable source of advice – both on how they can lawfully use AI, and defend their interests if they have been adversely affected by a third party using these technologies,” Victorian Legal Services Board and Commissioner chief executive officer and Commissioner Fiona McLeay said in a statement. #LegalTechTalk #LegalTech #Legal #Law #LegalAI

Congratulations to Laurel for being named to this year's Deloitte Technology Fast 500™ 🚀 Over the past 30 years, the Deloitte Technology Fast 500 program has recognized innovative companies across the technology, life sciences, fintech, and energy tech sectors. This recognition underscores not just Laurel's growth, but also their commitment to delivering innovation that helps their customers sanctify time. #LegalTechTalk #LegalTech #Legal #Law

European Legal Technology Association (ELTA) 2024 is just around the corner, and this is your last chance to secure your place at the most exciting event of the year! With a packed agenda featuring top-tier speakers, engaging sessions, and amazing networking opportunities, ELTACon 2024 promises to be an experience you won’t want to miss. Whether you're looking to enhance your skills, gain fresh insights, or connect with industry leaders, this is the event that will take your knowledge to the next level. Last chance to secure your tickets here: https://elta.events/ #LegalTechTalk #LegalTech #Legal #Law ##Events #Conference #LegalAI

Vecflow is transforming the legal industry with Oliver, a cutting-edge AI agent designed for legal research, contract review, and drafting. Built with Meta's Llama 3.1 405B model, Vecflow's system connects with firms' existing databases and workflows to automate repetitive review and first drafts. Knowing a firms' stringent data security and protection requirements, Vecflow implemented enterprise-grade security protocols that maintain client confidentiality throughout the AI processing pipeline. Llama models enable Oliver to provide deep legal expertise while exceeding industry standards for security and privacy. One of Vecflow's most significant innovations is the development of highly specialized LLM-based agents tailored to the needs of lawyers. These agents leverage Llama models to perform complex reasoning tasks like contract drafting, data extraction, and redlining with remarkable efficiency. #LegalTechTalk #LegalTech #Law #Legal #Partnership #ProductLaunch https://lnkd.in/e2Xrqjrz

Harvey, a leading provider of generative AI solutions for professional services, announced expanded integrations with Microsoft SharePoint, Microsoft 365 Copilot, and Microsoft Word. “Harvey’s platform runs on Microsoft Azure to deliver secure, scalable AI solutions, and these new integrations deepen our collaboration with Microsoft’s ecosystem. With integrations across SharePoint, Microsoft 365 Copilot, and Word, professionals have Harvey’s AI and Microsoft’s trusted tools at their fingertips within the platforms they use daily,” Gabe Pereyra, President of Harvey. “Partners like Harvey bring business value by integrating their innovative solutions with Microsoft products. By combining Microsoft 365 Copilot and productivity tools like Microsoft SharePoint and Microsoft Word, with Harvey’s domain-specific expertise, firms can address complex challenges, enhance document security, and unlock the advanced capabilities needed to thrive in high-stakes environments. This collaboration is a powerful step forward for our customers,” Srini Raghavan, VP, Microsoft 365 Copilot Ecosystem at Microsoft. #LegalTechTalk #LegalTech #Legal #Law #LegalAI #Partnership

UK-based legal tech startup Lawhive, which allows small, ‘Main Street’ law firms to run their affairs through an AI-based SaaS platform, raised a $40million in Series A funding to expand in the US. The round was co-led by existing investor GV (Google Ventures) and TQ Ventures. Founded in 2019 by Pierre Proner (CEO), Jaime V. (CTO), and Flinn Dolman, Lawhive automates a lot of the heavy lifting for consumer lawyers, speeding up their response times, allowing them to serve more customers, and, they claim, reducing costs for customers by up to 50%. Pierre Proner said: “I’m sure we’ll see competition emerge [in the U.S.], but as of right now we’re first movers in this space.” Lawhive says its AI, named “Lawrence,” has passed part one of the Solicitors Qualifying Examination (SQE). Lawyers can also use the platform to work with their own clients or be matched with consumers and small businesses through the Lawhive marketplace. #LegalTechTalk #LegalTech #Legal #Law #Funding #LegalAI

Josef, the award-winning legal automation company, has closed a lightning-fast funding round from existing investors including OIF Ventures, Carthona Capital and The LegalTech Fund. The funding will enable Josef to capitalize on the market’s response to Josef Q, the company’s AI-powered product that legal and compliance teams use to create hyper-accurate, self-service Q&A tools. Josef has welcomed customers from corporate legal and compliance teams like L'Oréal, Bumble Inc., and the global insurance giant Bupa, leading law firms like Orrick, Herrington & Sutcliffe LLP and Gunderson Dettmer, as well as law schools like New York University and Cornell University. Led by Co-Founders; CEO Tom Dreyfus, COO Sam Flynn, and former CTO Kirill Kliavin, Josef has long been a leader with its award-winning document and workflow automation platform. Now, with investors doubling down on Josef Q, this latest round enables the company to fully apply its automation expertise in the transformative field of AI. “When you’re on to a good thing in this market, you have to move fast. The response to Josef Q has been overwhelming, particularly from legal and compliance teams in Fortune 500 companies,” said Tom Dreyfus. “This funding top-up will allow us to capitalize on those opportunities and to continue to lead the market in reliable and accurate legal AI.” #LegalTechTalk #LegalTech #Legal #Law #Funding #LegalAI