The Most Promising Top Legal Tech Startups
With new businesses and technologies continuously developing, the legal technology sector is expanding exponentially. The global legal technology market is projected to reach USD 20.7 billion by 2026, growing at a CAGR of 14.3% from 2023 to 2026. There are various new startups that are worth exploring. We’ve created a guide that comprises businesses of all sizes, from the large ones that are expanding quickly to tiny, innovative startups.
LegalTech Market Size
Legal tech increases productivity, efficiency, compliance accuracy, and allows you to offer your clients more value. According to Statista, in 2019, the LegalTech market generated revenues of 17.32 billion U.S. dollars worldwide along with the market forecast to grow at a compound annual growth rate (CAGR) of over 6%for the period to 2019-2025.
The biggest world counties implement various legal technologies and enlarge their budgets for legal technology.
Top 3 Legal Technology Trends
- Automation
This technology is used in legal research, e-discovery, and document analysis. Lawyers can save time by streamlining the preparation of high-frequency, low-complexity contracts and allowing clients to electronically sign them.
- Artificial Intelligence
AI allows attorneys to obtain significant insights from data that may uncover crucial evidence for case-building and litigation tactics. It also preserves consistency and defensibility, enabling lawyers to work on other important tasks. Besides, contracts can be analyzed with the help of AI, and it may identify mistakes and missing words.
- Virtual Legal Assistants
Virtual legal assistants are chatbots that are built on the foundation of neural networks. They can perform in-depth legal research, review various agreements and contracts, organize case-related documents, keep track of the latest regulations and legal changes, eliminate mistakes in legal documents and even create them, improve customer experience, and facilitate client data management. Therefore, VLAs allow lawyers and attorneys to focus on important tasks that require a human touch.
Build a Legal Tech Startup with Yojji
Yojji has a team of professional specialists who can boost your business by incorporating the latest technologies. If you want to learn how to improve your legal business, optimize the operation of various departments, or create an innovative legal tech startup, we are here to help you. You can reach out to us to get a free consultation.
Top Legal Tech Startups
The most valuable and promising legal tech startups are shown below.
Onfido
Location: London
Funding: $50 Million
This AI-powered digital identity solution is aimed to help companies get to know their clients online. While adhering to international KYC and AML regulations, this tool enables companies to increase client acquisition and save expenses. Besides, thanks to passive fraud detection signals, award-winning documents, and biometric verifications it helps avoid sophisticated fraud.
Equity Shift
Location: Raleigh, North Carolina
Funding: $3.4 Million
Private corporations may issue, distribute, and exchange their restricted securities more easily thanks to this platform. It meets the needs of a company’s unique settlement process and blends workflow automation with transactional features. The platform processes legal disclosures, agreements, payments, and post-transaction settlements automatically. It also handles counterparty involvement and approvals.
Brightflag
Location: Dublin
Funding: $28 Million
This is an artificial intelligence-based legal expense management and case management platform. It offers the ability to centralize suppliers and rates, create and monitor budgets, handle issues, examine and approve invoices, compile accruals, and generate reports.
Casetext
Location: San Francisco, California
Funding: $64.3 Million
Casetext is a cloud-based legal research platform that assists legal specialists with the preparation of legal papers, parallel research, the addition of references to arguments, and the organization of case data. Natural language processing, a database of case summaries, machine learning capabilities, reporting, and other features are offered by this platform.
Orbital Witness
Location: London
Funding: $1.6 Million
Orbital Witness offers the technology that will streamline and automate the paper-intensive process, which is the cause of many delays, unforeseen expenses, uncertainty, and stress in real estate transactions.
By using an AI system, which will automatically offer details to the majority of the routine conveyancing checks required on any leasehold real estate transaction, lawyers won’t have to spend time trying to search through and check documents provided upon purchase or remortgage.
Bottom Line
Legal technology assists legal firms in offering flexible services and gaining more clientele. If you want to create a top-notch legal solution or optimize your law practice with specialized legal software solutions, then contact Yojji. As part of a free consultation, our experts will answer all your questions.
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