The In-House Counsel’s LegalTech Buyers Guide showcases more than 100 must-know legal technology solutions of which 40 products employ artificial intelligence.
The innovative technologies are recommended by dozens of top lawyers and experts. The report includes the first infographic of the AI players in the sector. These players are transforming nine sectors of daily law in categories of Contract review, Contract due diligence, Legal research, Ediscovery reviews, Intellectual Property, Expertise automation, e Billing, Legal Analytics, and Prediction Technology.
The guide includes recommendations for legal technology software based on dozens of interviews with in-house lawyers and legal experts who have used technology to cut costs and reduce legal inefficiency. Lawyers came from companies including Pearson, AIG, TabTale, Travelocity, Vodafone, NetApp, Del Monte, Axalta Coating Systems, Tongal and Novartis.
The analysis argues that legal is lagging as one of the last business areas to adopt technology, but lawyers are now embracing change, spurred by the dramatic increase in LegalTech products available.
Noory Bechor (pictured right), CEO and Founder of LawGeex, says: “The threat of legal jobs being lost is not entirely science fiction. But lawyering is not like car manufacturing. It is not entirely automatable. While there are functions of AI that are very well-suited to replacing many of the more defined tasks, legal practice requires advanced cognitive abilities and problem-solving skills in environments of legal and factual uncertainty.
“In addition it should be understood that lawyers are smart people and do not enjoy doing robotic legal work, which AI is stepping in to automate. We believe lawyers who are open to such changes and advances will prosper. Data and AI solutions can provide detailed data analysis for metrics, measurements, and benchmarks against competitors in the industry, arming lawyers with the power to grow their teams.”
Bechor adds: “In the 1940s, airline pilots were also worried about the rise of autopilot technology. They feared it would take away their jobs, much like lawyers have expressed concern about technology today. However, the successful pilots were those that realized this technology could tackle the mundane tasks, and it ultimately gave them more tools and better data. The pilots that embraced this new technology paved the way in their profession, resulting in better working conditions, safer travel, and a boon to the airline industry that has changed the world today as we know it.”