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Trends in legal tech 2018

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The 2018 edition of Dan Storbaek's Legal Tech Report covering top trends including AI, Blockchain, GDPR, chatbots, virtual courtrooms and more.

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Trends in legal tech 2018

  1. 1. Trends in Legal Tech 2018 Dan Storbaek November 22, 2017 SecurePrivacy.AI/LegalTechTrends
  2. 2. Legal Tech Trends 2018 Top 10 Trends for 2018 1. Blockchain time will come in 2018 4-6 2. Cloud technology as a security option 7-9 3. Increased performance tracking 10-11 4. More legal process outsourcing 12-14 5. Alternative billing models 15-17 6. GDPR and ePrivacy coming 18-23 7. Further AI advancements 24-31 8. More intelligent chatbots 32-33 9. Virtual courtrooms as a replacement 34-36 10. Smarter applications to reduce legwork 37-38 Market & Next Steps for Lawyers & Law firms How Legal Tech is changing business of law 39-40 Risks facing lawyers and law firms 41-43 Where is legal technology heading? 44-46 Mapping the legal tech market 47 Legal tech deals & valuations 48-51 Legal tech startups in Nordics 52-63 Next steps for law firms 64-65
  3. 3. 681 Legal tech startups operate in the world as of November 2017 Source: https://angel.co
  4. 4. 1. Blockchain time will come in 2018 Smart contracts are just the beginning. It’s possible to build all sorts of apps on top of the blockchain, and it’s more secure than existing technologies, which is what is needed in the legal sphere. We see blockchain everywhere, but no ‘killer-app’ based on Blockchain yet exist. Sources: The Balance, Forbes
  5. 5. Blockchain and smart contracts ● A smart contract is a self-executing contract. It contains electronic clauses that trigger processes according to the terms of the contract. The blockchain provides a multi-verified database of the transactions. A network of participants continuously update the database and verify changes to the contract; ● A smart contract works through automated conditional performance. When a contractual obligation is met, the corresponding obligation is triggered. A vending machine is a basic example of how conditional performance works. When the buyer inputs money, the vending machine automatically transfers the chocolate bar by physically releasing it to the buyer; ● Smart contracts allow the ownership of real assets to be controlled digitally; ● Smart contracts provide contracting parties with clarity on the terms of the agreement. The terms of the contract are written in code (rather than legalese) and are accessed via an agreed data source. Identical, dynamic copies of the contract are kept across the blockchain. Amendments to the contract are verified by the computers of all participants, in accordance with a ‘consensus algorithm’; Sources: Burges & Salmon
  6. 6. ● Mizuho Financial Group, Mizuho Bank and IBM Japan announced they are building a blockchain-based trade financing platform for trade financing. With the platform, Mizuho is aiming to streamline trading operations and improve supply chain efficiency; ● The timely and highly secure exchange of trade documents is essential for stakeholders in the supply chain ecosystem. Digitizing trade information on the blockchain can help change the way information is shared, infusing greater trust into transactions to make it easier for parties involved in the supply chain, including exporters, importers, shippers, insurance companies, port operators and port authorities, to share critical shipment data in near real-time; Mizuho Financial Group and IBM use case Sources: IBM
  7. 7. 2. Cloud technology as a real security option for lawyers Due to concerns about preserving client confidentiality, lawyers will look for cloud-based solutions with high security, with the goal being to improve the client experience and generate additional revenue through efficiencies from technology Sources: The Balance, Forbes, Thomson Reuters
  8. 8. Law firm cloud computing ● The tide has turned for law firm use of cloud computing. More than one-half (51%) of the 79 Am Law 200 firms that responded to ALM’s 2015 Am Law-LTN Tech Survey answered “yes” when asked whether they use cloud computing; ● Of the cloud computing use cases reported by Am Law firms, software as a service (SaaS) for e-discovery and human resources (62%) predominated over other use cases, such as email management (31%), storage (31%), billing (27%), IP practice software (27%) and productivity applications (27%); ● The biggest challenges for law firms to shift computing resources to the cloud are allaying security concerns (86%) and providing firms more control over their data (61%); Sources: Thomson Reuters
  9. 9. ● Every client and matter in LegalWorks is a virtual file cabinet to store, organize and manage documents. Store documents to LegalWorks with a simple drag-and-drop, or save directly from Microsoft Office; ● Startup has a list of very useful features: ● Powerful Email Management ● Microsoft Office Integration ● Powerful Search ● Document Tagging ● Explorer-Style View ● Automatic OCR ● Manage Document Versions ● Document ID’s + Document Stamping ● Document Check-In / Check-Out LegalWorks use case Sources: Uptime LegalWorks
  10. 10. 3. Increased performance tracking in a very high competitive market Law is still about performance - how many clients you bring in, how much you bill. Technologies today make it even easier to benchmark teams and ensuring certain lawyers are always assigned to certain issues in which they most often win their cases
  11. 11. 3 key benefits of legal tech tracking ● Reliability and Consistency of Information. Tracking technology allows you to separate judgement, analyze your data and access to the “real-time” data, which is a must for law firms nowadays; ● Capability of Processing Data: Size and Speed. You don’t need to work on your data manually, as recent technological advancements can do the the heavy lifting for your firm. Firm can save hours of manual labour and with quick data processing abilities of modern technology, you can quickly see what is working for your firm; ● Visibility of Data and Metrics. Collecting data is important but displaying and interpreting information is what you need eventually. For data to work for your law firm, it needs to be easily understandable and digestible; Sources: Client Chat Live
  12. 12. 4. More focus on legal process outsourcing model The legal industry is experiencing a global paradigm shift in the delivery model of legal services. This new model, known as legal process outsourcing (LPO), transfers the work of attorneys, paralegals and other legal professionals to external vendors Sources: The Balance, Forbes
  13. 13. LPO is booming ● LPO is a growing field: one research firm estimates that by 2020, the LPO market could be worth $8.6 billion; ● In the legal field, law firms see tasks that used to fall to junior associates working in those proverbial law firm basements—doing document review, for example—now being done more efficiently and cost-effectively through outsourcing, and not just from offshore locations like India and the Philippines, but onshore in the US and UK, or as a hybrid onshore/offshore model, or even onsite; ● The scope of legal operations (or the management of legal departments) has ballooned over the last decade, while at that same time the pressure is rising to contain and reduce waste and inefficiency—and this shows no signs of slowing; ● While many people still think of outsourcing as “sending jobs overseas,” this is really not an accurate characterization of how outsourcing takes place today. The focus is no longer solely on reducing overhead. It now includes a holistic examination of processes with the goal of devising the most efficient workflows to get work done; Sources: Huffington Post
  14. 14. Implementing a corporate LPO solution Role of corporate legal departments in the legal service delivery model Sources: Deloitte
  15. 15. 5. Alternative billing models Pressure to reduce legal costs has forced law firms to diverge from the traditional billable-hours model which stifles innovation and reward inefficiency. New alternative billing models such as fixed, flat, blended or capped fees are becoming dominant. Sources: The Balance, Forbes
  16. 16. Changing the underlying business and operating model ● Many lawyers work using the traditional approach: billable hours; ● They screen documents one by one; ● Profit sharing agreements governing partnerships provide little incentive to invest in new technologies; ● Many law firms are wary of implementing solutions that are still in development and that require significant changes to workflows and hefty training investments; ● Today: imagine going through thousand of emails and documents to establish facts taking months or even years to complete; ● Future: screen, analyze and interpret endless volumes of data in minutes or hours to complete; Sources: Future of the law, Boston Consulting Group
  17. 17. Alternative fee arrangements Reward good work, not inefficiency! Flat/Fixed Fees Partial Contingency Pooling clients Increased focus on project management Sources: Rimon Law
  18. 18. 6. GDPR and ePrivacy issues GDPR and ePrivacy will affect how you treat private data. While it originates from EU, it will have global consequences and change how we treat data. Sources: Info Law Group, PWC
  19. 19. GDPR ● The General Data Protection Regulation (GDPR) is a regulation by which the European Parliament, the Council of the European Union and the European Commission intend to strengthen and unify data protection for all individuals within the European Union; ● The regulation was adopted on 27 April 2016. It becomes enforceable from 25 May 2018 after a two-year transition period and, unlike a directive, it does not require any enabling legislation to be passed by national governments and is thus directly binding and applicable; ● As companies begin the process of moving to compliance with the new requirements, Member States are busily considering the impact on national data protection legislation; Sources: Info Law Group, PWC
  20. 20. The GDPR’s focus on technology ● The GDPR focus on technology is much more explicit than its predecessor, the Data Protection Directive; ● Technology goal #1. Driving data protection principles into technology, through appropriate technical and organisational measures; ● Technology goal #2. Ensuring the technology environment can protect individuals’ rights; ● Technology goal #2. Adopting a proper approach to technology design and deployment; Sources: PWC
  21. 21. Secure Privacy use case ● Secure Privacy - is a powerful and flexible solution to help make website compliant with the GDPR regulation; ● It’s a small script or wordpress plugin that easily can be installed in a company’s website; ● It works beautifully on both mobile and desktop. Fully integratable solution makes you compliant across major platforms; ● Secure Privacy enables to visually document when website visitors provides consent; ● This ensures that a business can document visitor consent at all time and stay compliant; Sources: Secure Privacy
  22. 22. ePrivacy regulation ● The new ePrivacy Regulation, which in January 2017 was published as a proposal text, aims to be an update of the EU’s existing ePrivacy legal framework, more specifically the EU ePrivacy Directive which goes back to 2002 and was revised in 2009, requiring prior consent regarding cookies; ● The ePrivacy Directive and Regulation isn’t just about cookies. It concerns electronic communications and the right of confidentiality, data/privacy protection and more. In other words: personal data protection; ● The new ePrivacy Regulation of the EU also goes several steps further than the current laws which exist as a result of the current Directive; ● Like its predecessor, the ePrivacy Directive, the upcoming Regulation foresees various rules on spam and unsolicited electronic communications by other means such as SMS; ● The new ePrivacy Regulation is one single set of rules concerning all EU citizens and companies but it also ‘inherits’ several principles and stipulations from the GDPR; ● The new ePrivacy Regulation was supposted to come into force by May 25th, 2018 (the same date as the GDPR), but that looks unlikely. At the publication of this presentation, the date was yet unknown. Sources: I-Scoop
  23. 23. ePrivacy: benefits for citizens and companies Sources: I-Scoop
  24. 24. 7. Further AI advancements AI advancements are rapidly appearing with legal tech becoming more and more formidable.
  25. 25. Legal AI and ML landscape ● The promise of AI for lawyers lies in the automation of previously tedious manual processes that have not changed for decades; ● The current applications of AI in legal work includes drafting and reviewing contracts, mining documents in discovery and due diligence, answering routine questions or sifting data to predict outcomes; ● More than 40 companies are now offering AI solutions—from removing arduous contract reviews, to eDiscovery, or even providing intelligence on where best to try a case; Sources: Law.com, Topbots
  26. 26. Contract review the help of AI and ML ● The average law department wastes a significant percentage of its available work hours on reviewing contracts before they’re signed. In-house legal departments can spend 50% of their time reviewing contracts even as basic as a Non-Disclosure Agreement, creating unnecessary bottlenecks and slowing down business and deals; ● In contract review, AI engines can answer the question “Can I sign this?” within one hour or less, reducing legal bottlenecks and shortening contract turn-around time; ● AI is a human-like legal issues spotter providing relevant information on contract terms, therefore allowing lawyers to focus their review on the relevant segments of each contract, saving countless lawyer-hours; ● Some big companies have created their own AI solutions – JP Morgan has created software that does in seconds what it is claimed took their lawyers 360,000 hours to achieve; Sources: Topbots
  27. 27. Legal Robot use case ● Legal Robot uses machine learning techniques like deep learning to understand legal language, then compare the language with other contracts to identify boilerplate vs. custom, measure the complexity and readability of the language, and identify the responsibilities, rights, and terms of an agreement; ● The information is presented in a way that encourages exploration of the contract. This allows people to quickly interpret the components of the contract, quantify specific risks, as well as identify and resolve defects so people can be more confident in what they sign; Sources: Legal Robot, Angel.co
  28. 28. Contract due diligence with the help of AI ● Lawyers have a role to ensure contracts are not hiding obligations, other liabilities or legal exposures. In addition, legal teams must also keep up to date with the ever-changing compliance rules globally, from IFRS to evolving legislation such as Dodd-Frank; ● New AI players in the legal field are creating time savings of 20–40% on routine tasks. Customers, of AI due diligence engines include some of the world’s largest corporations and professional services firms. It is already being used to review billions of dollars in M&A transactions and to extract and manage data of multi-national corporations in several languages; ● Technology can ensure swift renewal of contracts or notify account owners of pending contract expirations. Users can also create reports that show at a glance which contracts will expire and in what timeframes; Sources: Topbots
  29. 29. Kira Systems use case ● Kira is intuitive, easy-to-use software for uncovering relevant information from contracts and related documents; ● In January 2017 commercial law firm CMS has signed an agreement with Kira Systems for the use of its Kira machine learning software; ● It includes integrated machine learning models for a range of transaction requirements, and can be trained by CMS to handle reviews in a variety of practice area; ● The tool can also identify different clauses across a large volume of contracts with a high degree of accuracy; Sources: Kira Systems, Kira
  30. 30. eDiscovery ● Parties engaged in litigation are legally obliged to find and exchange all relevant documents prior to trial. eDiscovery can account for as much as 70% of the cost of any legal action or lawsuit; ● One eDiscovery expert and consultant, Jonathan Maas says the major potential of AI is developing methods of increasing technical complexity to reduce the volume or to focus the legal review team on the most potentially relevant documents; ● In one case, Maas claims that use of this technology saved the client £3.4 million of review costs; ● The tools are simple to use, making litigation document management easier and more efficient, allowing companies to manage more of this work in-house without resorting to outside counsel; Sources: Topbots
  31. 31. 5 ways AI chatbots can help the legal industry 1. Easy Information Access & Management. A chatbot can be a perfect solution for saving time and hassle, and analyze documents. The Q&A interface of a bot assists users to quickly get the information they require; 2. Onboarding & Employee Management. A chatbot can be of significant help in carrying out various administrative and HR related tasks in any legal organization; 3. Integration with Intranets. If your legal department uses intranet for internal communications, then here’s a quick tip – integrate a chatbot into it; 4. Brilliant User Experience. The Q&A interface of a chatbot helps lawyers in cutting down all the clunky text and overwhelmingly irrelevant data. By asking one question at a time, a chatbot narrows down the exact data a lawyer is seeking in the shortest time possible; 5. Role of a Legal Advisor. Advancements in NLP have boosted the potential of chatbots. Chatbots now understand the natural language of humans better and as a result can detect longer phrases, wider terminology and more synonyms;
  32. 32. 8. More intelligent chatbots Impressive advances in artificial intelligence technology tailored for legal work clearly shows the appearance of more intelligent legal chatbots in the near future
  33. 33. DoNotPay use case ● An artificial-intelligence lawyer chatbot has successfully contested 160,000 parking tickets across London and New York for free, showing that chatbots can actually be useful; ● Dubbed as “the world’s first robot lawyer” by its 19-year-old creator, London-born second-year Stanford University student Joshua Browder, DoNotPay helps users contest parking tickets in an easy to use chat-like interface; ● In the 21 months since the free service was launched in London and now New York, DoNotPay has taken on 250,000 cases and won 160,000, giving it a success rate of 64% appealing over $4m of parking tickets; ● Now chatbot can help to sue Equifax (after a security breach) for up to $25 000 without a lawyer; Sources: The Guardian, The Verge
  34. 34. 9. Virtual courtrooms as a replacement of expensive courts Courts are expensive. With some great real examples in Canada and the UK, virtual courtroom will become strong trend for 2018 Sources: Legal Tech Center, Clocktimizer
  35. 35. Virtual courtrooms await ● Governments, individuals and companies can save considerable money by moving courts online; ● Notwithstanding reducing the burden on the state, online courts would also be more accessible for the public; ● You can have your day in court from the comfort of your own home. Furthermore, online dispute resolution is also available where necessary; ● Parties can reach agreements which are ratified by the court through a portal. Again, reducing the case burden for the courts themselves; ● This trend is clearly already on the cards. The Civil Resolution Tribunal in British Columbia has seen great success. The CCSR in the UK is paving the way for online courts; ● Similar initiatives can be seen in Australia, the Netherlands and the US; Sources: Legal Tech Center, Clocktimizer
  36. 36. 4 keys to the success of digital justice 1. Scale is vital. A pilot of “video-enabled justice” undertaken in Camberwell (UK) in 2009 saw defendants’ initial court hearings carried out via video link. Yet violent offenders, who are the most expensive to transport, were excluded from the trial; 2. Processes and skills need to be up to the task. In the Camberwell pilot all the appearance slots for the “virtual court” were manually administered, rigid 15-minute hearings, which contributed to a low 64pc take-up. Technology needs to be used better, and administered by staff with the skills to effectively brief participants; 3. Leaders of our police, judiciary and prosecutors need to embrace technology. Traditionally – and rightly – fiercely independent, all the parties in our justice system need to work harder and more collaboratively to speed the adoption of new technology; 4. Shared benefits approach. A perennial problem for the public sector is that investment by one partner is required to benefit another; Sources: The Telegraph
  37. 37. 10. Smarter applications to reduce legwork We are all using apps and services that allows us to sign documents digitally. In the future client intake will be reviewed online, real time using endless amount of data. Here, we are not only talking AI and machine learning, but the convergence of technologies to improve the efficiency and overall experience. Sources: Clocktimizer
  38. 38. Future of legal industry is with smarter applications ● The legal sector is looking for a sophistication of its work. Now lawyers can use specific tools like Docusign. Instead of having to print, sign and send in copies of contracts, you can emails and digitally sign them. The document then arrives, signed, in your inbox in digital form; ● At the same time the process of client take is still the same. The review is handled by an entire team, spending hours of manual work, which can be spent in courts or with other clients. In near future this process can be done with real time checks, freeing up teams to do more high value work. New projects could also be streamlined. Software could be developed to pre-fill your folders with the required templates and structures; ● The convergence of technologies will create new opportunities, new startups and new products. The ones who can reduce complexity to a simple application will rule the future of legal tech.
  39. 39. 2. The Legal Tech Market & Next Steps for Lawyers and Law Firms
  40. 40. How legal technology is changing the business of law ● Increased price through legal outsourcing and online marketplaces; ● New legal technology solutions are digitizing data, solutions are getting access to exponential amount of data, workflows are simplified and automated; ● Most companies have not rethought their underlying business model nor operation model; ● Up until now, technology in law has been a search for a greater efficiencies based on the same underlying model of practice; ● Now legal technology solutions could perform as much as 30–50% of tasks carried out by junior lawyers today, according to the Boston Consulting Group; ● In-house legal teams are beginning to outnumber lawyers in private firms; ● Virtual courts now take evidence and appearances by video connection every day; ● Online legal business delivery beginning to compete with more traditional forms of service delivery; ● Commoditization of legal services and legal process outsourcing is increasing (eg. use of computerised systems for routine/repetitive tasks); ● Legal tech is changing an industry with the help of AI, ML, Blockchain, Chatbots and other technological advancements; Sources: Boston Consulting Group, The Law Society
  41. 41. The risks facing lawyers and law-firms ● Law firms failing to take advantage of legal technology, or that don’t adapt to the new realities it presents, risk losing corporate clients to more forward-thinking law practices, at best. ● At worst they may go out of business entirely, replaced by the very vendors supplying legal-tech products and services. ● Specifically, advances in legal tech will accelerate current trends in the decomposition and outsourcing of legal work ● Some tech solutions are already targeting increasingly complex work in the legal value chain by breaking it down into standardized, repetitive tasks that can then be automated or outsourced. ● Furthermore, tech solutions that foster more effective communication and online collaboration are a further driver for outsourcing legal tasks, since documents can easily be shared, edited, and reviewed by law firms’ outsourcing partners. Sources: Boston Consulting Group, The Law Society
  42. 42. New and existing legal technologies The most impactful legal technologies over the next 5 years Source: Legal Support Network
  43. 43. Technology’s impact on legal firm efficiency ● Legal firms answered to a questionnaire on technology’s impact on firm competitiveness; ● Blockchain/smart contracts, billing and security received the smallest amount of votes; ● Data analytics scores best in regards to being equally about competitiveness and efficiency; ● Mobile/agile working and automation techs both scored very high for both qualities; ● Maximum votes for both competitiveness and efficiency for machine learning and artificial intelligence; Source: Legal Support Network
  44. 44. ● Since 2011, Legal Tech has evolved to be associated more with technology startups disrupting the practice of law by giving people access to online software that reduces or in some cases eliminates the need to consult a lawyer, or by connecting people with lawyers more efficiently through online marketplaces and lawyer-matching websites; ● Legal tech has cut its teeth on automating a range of standard legal tasks, but it is moving toward supporting more bespoke, specialized activities done by lawyers; Sources: Boston Consulting Group, The Law Society Where is Legal Tech Heading?
  45. 45. Source: Boston Consulting Group Legal Technology Framework
  46. 46. Global patent filing for new legal tech services ● There has been a 484% increase in the number of patents filed covering new legal services technology globally in the last five years; ● 579 patents relating to new legal services technology were filed worldwide in 2016, up from just 99 patents in 2012; ● The figures reflect the rise of alternative legal services – such as virtual law firms – and the rapid expansion of the online legal industry. This trend is in large part being driven by businesses and individuals looking beyond traditional channels for legal advice; ● The statistics also indicate a rise in the use of technology and outsourcing by traditional law firms in the UK, the U.S. and East Asia; ● Globalization has pushed a lot of the innovation around legal services processes into the global arena; ● Patent boom in China and South Korea explains high numbers of patent filing; Country % of total patents filed Globally 2016 USA 38% China 34% South Korea 15% Rest of the world 13% Sources: Forbes, Thomson Reuters, BBC
  47. 47. Mapping the legal technology landscape Source: Thomson Reuters & Legal Executive Institute
  48. 48. Legal tech deals in 2016 ● On an annual basis, deal count increased by 12% in 2016 to 67 deals, even as funding declined by 46% to $155M, comparing from $289M in 2015; ● Notable deals in 2016 included an $18.6M Series C financing to CS Disco, a Houston-based, e-discovery software that helps lawyers review documents at scale; ● Also of note was a $22M private equity round to File & ServeXpress (also of Texas), financed by Strait Lane Capital Partners. Wusong Technology, an online legal services platform headquartered in Beijing, raised both a $4M Series A and $17M Series B round in 2016; Source: CBInsights
  49. 49. Quarterly global tech financing trend ● On a quarterly basis, deal activity increased significantly through H2’16, with a combined $106M invested across 46 deals. Deal activity spiked in Q4’16 to 27 deals, the most ever for a quarter; ● Notable deals in the fourth quarter included the above-mentioned private equity and Series B rounds to File & ServeXpress and Wusong Technology, respectively, as well as the $3.48M second tranche of Series A financing to Casetext, and the $1.75M financing to eBrevia; Source: CBInsights
  50. 50. Geographical deal share ● Analyzing deal activity by continent, there are several conclusions that run in parallel to the deal stage analysis, with deals becoming more diffuse across both stage and geography as investments overall went up. As deals spiked through H2’16, investment activity spread across other geographies besides North America; ● Between Q3’16 and Q4’16 North American deal count was stable, however Europe and Asia both increased their deal count in absolute terms. In Q4, Asia and Europe accounted for 45% of deal share, while North America saw its share slip below 50%; Source: CBInsights
  51. 51. Biggest investments in legal tech startups 13.05.13 Online legal services platform Rocket Lawyer raises $19 million 17.07.13 Anaqua, IP management in the cloud, lands $100 million from Insight 17.10.13 Anaqua raises $25 million from Bessemer Venture Partners 25.04.14 Clio gets $20 million in Series C financing led by Bessemer Venture Partners 03.02.15 Eris Industries raises $70 million Series A financing 28.07.15 Avvo raises $71.5 million Series E financing 31.03.16 kCura (now Relativity) raises $125 million Venture funding Source: Index, Crunchbase (Avvo), Crunchbase (Kcure)
  52. 52. Legal tech startups in Denmark Source: Danske advokater
  53. 53. Legaldesk use case Profile: Legal Desk enables to make own legal documents online https://www.legaldesk.dk Founded: 2014 Funding: 3 rounds, undisclosed Solution: ● Contract templates for companies and consumers with fixed prices; ● More than 40 standard contracts; ● Private clients: wills, power of attorney, family loan, lease etc.; ● Companies: foundation and administration of a company, employment contract, owner agreement, NDA etc.;
  54. 54. Swifcourt use case Profile: ‘make a deal with a smart digital contract from Swiftcourt’ https://swiftcourt.com Founded: 2013 Funding: 1 round, €500,000 from Seed Capital Solution: ● Swiftcourt for consumers and business; ● Private individuals: digital contracts, digital signing, dispute resolution; ● Business: swiftcontracts (flexible digital contracts), swiftsign (signing contracts) and swiftcourt (online dispute resolution platform with settlement and online arbitration);
  55. 55. Legal tech startups in Finland Source: Finnish Legal Tech Forum
  56. 56. Fondia use case Profile: innovative legal service provider https://swiftcourt.com Founded: 2004 Funding: unknown Solution: ● Innovative legal solutions for business; ● Company created a digital legal database VirtualLawyer; ● The service covers the ten most vital fields of business law – for example, employment law, contracts, corporate law, finance and dispute resolution; ● VirtualLawyer features 1,700 articles written in Finnish and English;
  57. 57. TrademarkNow use case Profile: legal technology powerhouse specializing in intellectual property law https://www.trademarknow.com Founded: 2012 Funding: 3 rounds, $9.3 million in total Solution: ● Intelligent, based on AI, web-based trademark management platform that is used by enterprise companies, law firms and branding agencies for instant trademark search; ● Products: NameCheck (trademark searching), NameWatch (trademark watching), ExaMatch (trademark researching), Competitor Watch (trademark intelligence), Portfolio 360 (trademark management), LogoCheck (logo searching);
  58. 58. Legal tech startups in Norway Source: Artificial Lawyer, Startupmatcher
  59. 59. Lawbotics use case Profile: revolutionary new platform for automating legal documents in a business http://lawbotics.io/index.html Founded: 2016 Funding: NOK1.5 million from Aschehoug Solution: ● Lawbotics is currently developing a knowledge management platform for handling legal content; ● For companies, the core value the platform provides is making distribution of legal content more effective and accessible within its organization, and importantly, the company will be able to re-use and improve legal content more cost effectively;
  60. 60. Lovdata use case Profile: private foundation created by the Ministry of Justice and the Faculty of Law in Oslo https://lovdata.no Founded: 1981 Solution: ● Court decisions are public in Norway. However, for criminal cases, cases involving minors, family cases involving married or divorced parties and disabled persons, country have statutes that prohibit from publishing the court decisions un-anonymised ● Lovdata is using a variety of AI techniques, such as NLP and machine learning, to crack this problem;
  61. 61. Legal tech startups in Sweden Source: LegalTech
  62. 62. Avtal24 use case Profile: Sweden-based provider of online legal services https://avtal24.se Founded: 2004 Funding: 2 rounds, SEK15 million Solution: ● 50+ templates for private individuals and companies (90 000 customers); ● Simplification of adding new services; ● Fixed price for online users; ● Built own CRM system; ● Pooling databases with insurance companies and banks: ‘they know everything about their customers’;
  63. 63. StartupDocs use case Profile: free legal document templates for Swedish startups https://swiftcourt.com Founded: 2015 Funding: unknown Solution: ● In addition to the investment documents (term sheet, subscription agreement and shareholders’ agreement), startup also created a founders’ agreement, employment agreements, a guide to stock options in Swedish startups and a guide and template for unit economics; Sources: Boston Consulting Group, The Law Society
  64. 64. ● Thanks to legal tech, law as a profession will look markedly different 5 or 10 years from now; ● To safeguard their market share and profitability in this new reality, big and small law firms alike will need to rethink key elements of their business models to capture the advantages presented by legal tech; ● Let’s have a closer look at how such changes may play out for each type of firm (big and small law firms); 1. Focus on bespoke tasks and expand product portfolio! 2. Invest in legal tech and leverage outsourcing! Big law firms Small law firms 1. Specialize! 2. Leverage legal tech! 3. Offer fixed price! Next Steps for Law Firms Sources: Boston Consulting Group, The Law Society
  65. 65. A paradigm shift for legal firms Sources: Boston Consulting Group
  66. 66. “The ones who will reduce legal complexity with legal tech will rule the market of legal tech years to come” - SecurePrivacy.AI