More than 25 new legal tech AI players have emerged in past year, report says

Legal Technology

LawGeex guide

Artificial intelligence offerings in the legal tech field have increased by nearly two-thirds over the last year.

That’s according to a new report from LawGeex. The automated contract review company released its In-House Counsel’s
LegalTech Buyer’s Guide 2018
on Monday. Among its findings was that the number of legal tech companies using artificial intelligence has increased from 40 last year to 66 this year. The report reviewed approximately 130 technology companies in 16 categories, including contract review, legal analytics and task management.

As indicated by the report’s title, it was built with in-house legal teams in mind rather than law firms.

“[The buyer’s guide] outlines advances in software that save law departments time and money, allowing us to focus on more strategic tasks,” Lucy Bassli, Chief Legal Strategist at LawGeex, wrote in the report’s foreword.

Not only focused on the provincial world of legal technology, the report includes enterprise players like Google, Salesforce and Sharepoint.

While there are numerous well-known companies listed, the guide leaves some questions as to how companies made the list.

“In each legal tech category featured in this guide, the top three to five players are given prominence,” reads the report’s methodology section. “They are not listed in any particular order and have all received recommendations from in-house counsel.”

It is not made clear how “prominence” was defined or what factors were used.

READ  Trump considers using disaster aid for border wall; who will sue?

Shmuli Goldberg, VP of marketing at LawGeex, says that they aimed for objectivity and included those companies that “came up again and again” in interviews and showed product maturity.

This is not to say that there are not elements of subjectivity in the guide, Goldberg admits. He says that newer categories where information is less available and crowded categories both required editorial discretion. He adds that the company used third-party editors to improve the guide’s objectivity. It was unclear if the editors flagged issues pertaining to subjectivity.

“Our goal was to increase legal technology adoption,” Goldberg says. “The honest truth is that it doesn’t matter if you go with us or a competitor.”

Goldberg says LawGeex is already collecting names of new companies for next year’s edition.


Be Sociable, Share!
FacebooktwitterredditpinterestlinkedintumblrFacebooktwitterredditpinterestlinkedintumblr

Follow Us!
FacebooktwitterpinterestlinkedinyoutubeFacebooktwitterpinterestlinkedinyoutube

Author: Edward Lott

Edward Lott, Ph.D., M.B.A. is president and managing partner of Allentown-based ForLawFirmsOnly Marketing, Inc., a local search and digital marketing agency that offers clients lead generation, local seo and Google Maps Domination. Ed has been a digital entrepreneur since 1994, having discovered very early the opportunities the Internet offered. After having spent over two decades helping attorneys grow their practice, Ed joined the staff of ForLawFirmsOnly Marketing as President and Managing Partner, where he is expanding the agency’s cutting-edge services to the legal market. A true marketing futurist, Ed's vast experience working directly with attorneys has given him a unique perspective on law firm marketing not found in many other digital marketing agencies. Ed has reshaped the offerings of ForLawFirmsOnly to focus on growing law firms through a holistic approach to digital marketing evident in the reformulated lead generation processes now in place. Want to learn more about ForLawFirmsOnly Marketing, their lead generation programs, or just talk to Ed about his visions for helping law firms grow? Call him at 855-943-8736.

Scroll Up