The March 2016 TechCrunch article by Alexandra Isenegger, “Legaltech set to bail out legal services” provides a good overview of the different players in the legaltech space, and how the legaltech sector is set to grow in the immediate future.
She notes that legaltech is still lagging behind fintech (familiar to your friends in the banking industry) but that now is the time for legal tech to take off.
Now is the opportune moment for legaltech to take-off. The legal market is shrinking, and competition is rising. Because lawyers often aren’t good marketers, increased competition is pushing them to pursue innovative means in order to better position themselves in the market. Furthermore, both private individuals and companies are becoming more conscious of their costs. Solutions brought about by legaltech can help control costs and slash spending.
Legaltech is an emerging sector, with an untapped potential that investors should not overlook. The legal industry currently finds itself in need of the innovative solutions for marketing, competition and cost-effectiveness that the legaltech sector can provide.
Read the full article here: https://techcrunch.com/2016/03/17/is-legal-tech-catching-up-to-fintech/