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LegalTech: Ruling in favor of innovation

If asked for your perception of the legal system, would the expressions “frustratingly time-consuming,” “prohibitively expensive,” or “traditionally stuffy” come to mind? Legal technology (LegalTech) seeks to shake up this notion and alter our view of this conservative industry.
LegalTech has been gaining traction for some years now, and the case for its adoption is strong. In fact, a venture capital firm reported that the LegalTech market accounted for 20% of the legal industry in 2018. The pandemic, however, led to legal professionals working remotely and court proceedings moving online, and this catapulted the legal system’s adoption of technology. Consequently, the global LegalTech market, which was valued at USD 17.3 billion in 2019, with North America accounting for just under half, is expected to expand at a CAGR of 6.4% to reach USD 25.2 billion by 2025.

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