Artificial Intelligence, Advocacy and Lawtechs – Part 2
The space in which lawtechs are developed is expanding.
Knowing the alternatives of applying Artificial Intelligence (AI) in sectors that directly reach the services provided by law firms and legal departments, it is also important to observe the main aspects of the ecosystem that aggregates companies that offer different solutions using legal technology ( legal technology), startups known as lawtechs.
First, it is necessary to distinguish the expressions lawtech and legaltech and explain the option of this set of texts for the first. Legaltech is associated with back office technologies and the English language understanding of the sector to which they are linked (legal sector). Lawtech, in turn, designates the technological innovations that are transforming the legal services market, aimed not only at law firms and legal departments, but also at clients of these services. It is, therefore, more comprehensive in encompassing the use of technology in law and more recurrent among investors¹.
The space in which lawtechs are developed is expanding. In the United Kingdom, for example, investments of more than £ 290 million are estimated. In that country, an R&D environment was created to innovate, test and learn, harboring initiatives that aim to reinvent the way legal services are delivered.
This is emphasized when the growth in the use of services provided by lawtechs is noticed, such as legal research, compliance, regulatory risk, document review and e-discovery². This is a trend that is confirmed in a survey pointing out that 22% of the law firms that made up a sample of 649, based in all geographic regions of Brazil, already use the services offered by lawtechs³. In the United States, a survey of 362 law firms identified that 64% are using technological tools, 63% are providing ongoing training and support for project management and 49% have formal knowledge management programs4.
The objectives of technological integration of law firms and legal departments are supported by the apprehension of gaps involved in the management of these spaces, such as those associated with the time of delivery of services, costs, accuracy of responses offered to clients, management and risk prevention.
It is, therefore, at the intersection between the needs of adaptation, innovation and improvement that lawtechs find fertile ground for their expansion. In Brazil, in particular, where there is a significant amount of legal data available in public access, there are many solutions aimed at reducing the time dedicated to repetitive tasks. This movement undoubtedly reveals yet another aspect of the transformation of the legal profession, requiring adaptation and an entrepreneurial stance.
By: Wilson Sales Belchior
¹ LEGAL GEEK. #LegalTech v #LawTech – WTF ?, 11/04/2018. Available at: <https://www.legalgeek.co/learn/lawtech-legaltech-wtf/>. Accessed on: 03 ago. 2020.
² THOMSON REUTERS. 2020 Report on the state of the Legal Market. Available at: <https: //legalprof.thomsonreuters.com/LEI_2020_State_of_Legal_Market_LP_0 …. Accessed on: 03 jul. 2020.
³ AB2L. Survey: the impact of COVID-19 on law firms, 2020. Available at: <https: //conteudo.ab2l.org.br/levantamento-impacto-covid-19-nos-escritori …. Access on: 03 jul. 2020.
4THOMSON REUTERS. 2020 Report on the state of the Legal Market, op. cit.