Legaltech

→ Beyond law firms or corporates’ in-house counsel, SMEs whose needs are often unmet by the current system represent another huge market for B2B legaltechs.

→ To compete with incumbents, startups are doubling down on a smooth digital customer experience or focusing on niches that lacked access to legal services to begin with.

→ While law firms are increasingly digitising their documents, recording the information in a machine-readable fashion is another matter entirely.

→ Startups are applying AI to review and extract usable information from data that is both structured, with clear labels and formatting, and unstructured (think emails or scanned files).

→ Many companies haven’t yet adopted a centralised system for contracts, which leads to inefficiencies when updating many contracts or when being faced with litigation.

→ It’s no wonder, then, that startups are increasingly providing not only ready-made contract templates, but also the platforms to safely store and manage them.

→ Momentum is needed not just in the adoption of individual solutions, but in the agreement of industry-wide standards.

→ Consensus on data collection and data sharing practices would make it easier for startups to automate and analyse documents, and give lawyers more reassurance in adopting them.