In his recent book, Online Courts and the Future of Justice, Richard Susskind paints a picture of the growth of technology startups in the legal industry. He highlights that there are currently more than 2000 legal tech startups in the world and this number is continuously growing. If we go back only five years, there were only 200 legal tech startups.
Countless startups are leveraging Artificial Intelligence (AI) in their quest to disrupt the industry. Accordingly to CB Insights, AI funding set a new record in Q2 of 2021, with more than 550 AI startups raising over $20billion.
Here are five AI startups currently disrupting the legal industry.
Lexion is an AI-driven smart contract management system that aims to provide companies with the insights needed on critical information buried in contracts. The platform allows users to quickly find contracts in an organised repository, track key obligations and create powerful reports about what’s in contracts. The team at Lexion recently raised $11 million that CEO Gaurav Oberoi says will be “used to support the development of a workflow module designed to help legal teams manage contract intake, negotiations, approvals, and signatures”.
Luminance is a document AI-powered analysis software that identifies risk clauses, data visualisation, and anomaly detection, and manages mergers, acquisitions, and financings. Deployed via the cloud, Luminance works out-of-the-box, reading and forming an understanding of documents. In 2020, the company saw its customer base increase by 40% and is now used by leading professional services firms, as well as global law firms such as Dentons and White & Case.
Robin is a London-based startup that is using AI and machine learning to simplify legal admin, such as reviewing legal documents. The company aims to take on the hassle of NDAs and other contract types so that lawyers can focus on what really matters. Their offering is definitely resonating with law firms and in-house legal teams, with companies such as Clifford Chance and Babylon Health currently using the platform.
Organisations worldwide use the Eigen platform to drive efficiencies, power business-critical decisions and take advantage of untapped opportunities by leveraging unstructured data locked in documents. Its mission is to unlock the value of qualitative, unstructured and siloed data so that organisations can make the right decisions. Their NLP platform understands context, can be applied to a wide variety of use cases, delivers a high level of precision and protects the security of clients’ data while doing so.
Genie AI has developed an artificial intelligence platform called SuperDrafter that empowers lawyers to draft contracts using the entire knowledge of the firm. Genie recommends you anonymised clauses from relevant contracts in the market, saving you time and enabling you to draft and review with confidence. Its AI semantically understands legal contracts, enabling it to become the bridge towards smart contracts on the blockchain. The more people draft with Genie Docs, the smarter it gets, meaning in time the technology will provide unparalleled legal and commercial insights across the market.
Shay Namdarian is GM of Customer Strategy at Collective Campus and the author of Stop Talking, Start Making - A Guide to Design Thinking. Shay has over ten years of experience working across a wide range of projects focusing on customer experience and design thinking. He is a regular speaker and facilitator on design thinking and has gained his experience across several consulting firms including Ernst & Young, Capgemini and Accenture. Shay has supported global organisations to embed customer-centric culture, working closely with law firms such as Clifford Chance, Pinsent Masons and ClaytonUtz
On this show, we'll share insights to help you and your law firm gain a competitive edge.