Lawyers Are Flocking to Legal Tech

Why Lawyers Are Flocking to Legal Tech Companies for Help

Over the past few years, millions have been invested in legal tech startups, but why are lawyers now willing to take the leap? There may be many reasons, but one thing remains clear it doesn’t seem to be slowing down any time soon.

Initially hesitant to adopt technology into their practices, law firms are now helping to turn legal tech into a billion-dollar industry. TechCrunch recently looked at two legal tech startups to see why here and why now. Justpoint and New Era ADR both raised millions in seed funding. Understanding why investors are keen to jump onboard may help longstanding holdouts transform their business.

Enhance Not Replace

Less than a decade ago, as some of the earliest legal tech companies began to take shape, many lawyers stood resistant to embracing what they had to offer. Lawyers, and the practice of law itself, is steeped in tradition. Many things in the profession have roots over a century old. To say that lawyers are slow to welcome change would be an understatement.

Originally, many lawyers may have looked at technology as a competitor or something that may take away from their firm. What attorneys did not see was the potential for the tech to enhance their practice. Legal tech was never going to replace attorneys; it was always designed to make it easier to represent clients and be more profitable.

Predicting the Future

One way that legal tech companies are transforming lawyers' opinions is through legal predictive analytics. Law is, after all, based on precedent. Lawyers look to past cases, past decisions to predict the outcome of future cases.

Technology that can help predict litigation outcomes is invaluable. As noted in the TechCrunch article, part of what a company like Justpoint does is using data to help determine whether a claim is worth taking. A firm that can narrow its focus, taking claims with a higher likelihood of success, can translate into real profits and happier clients.

Less Frustration, More Results  

For companies like New Era ADR, the technology is focused on making litigation more efficient. The time it takes to litigate a case is only taking longer. Courts are backlogged, and there is a lot of red tape that often hinders quick resolutions.

New Era and other legal tech companies hope to reduce the amount of time and resources it takes to resolve matters. New Era, for instance, focuses on providing case management from intake to billing and even scheduling. Its dispute resolution platform is already used in "over 50 million contracts."

Only the Beginning

We are likely just seeing the beginning of how technology will be used in law practices and courtrooms across the globe. The amount of data that can be extrapolated from a single invoice, police report, or piece of discovery is unimaginable. Technology will inevitably help law firms better serve their clients while increasing their bottom line.

Contact Amicus to Learn More

Learn more about legal tech and how law firms are using technology to grow their practice by contacting Amicus Capital Group, LLC. Call 877.926.4287 to discover how we have been Transforming the Business of Law™ for nearly 25 years.