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US’ Legal Tech education group joins hands with leading e-discovery association

February 6: The Association of Certified E-Discovery Specialists (ACEDS), the
world’s leading e-discovery training and certification professional association and part of The BARBRI Group, is teaming up with the US’ National Society for Legal Technology (NSLT), a leader in legal technology education, to provide students and professionals with career-advancing training and a new designation, the eDiscovery Technology Certificate (eDTech). The self-paced eDTech course, available for both students and professionals, uses hands-on interactive simulations to give participants relevant real-world exposure to software in the e-discovery profession. It includes foundational instruction in e-discovery and a practical exploration of e-discovery software that is used across the e-discovery lifecycle.
Upon completion of the course, participants will achieve their eDiscovery
Technology Certificate jointly awarded by NSLT and ACEDS in the form of a
certificate of learning and an optional digital badge.

Legal Tech market a USD 15.9 billion industry: study

February 13: Legal tech refers to technologies and software that substantially change the way we use legal services in our daily lives. In broader terms, it represents the set of technologies that eases the practice of law for attorneys and legal professionals.
In 2021, Catalyst, a New York based growth equity venture capital firm estimated the Legal Tech market is a $15.9 billion industry selling solutions to both corporate legal departments and law firms.
The LegalTech segments that have attracted the most funding were legal practice management firms which raised a total of $897.8m through 105 funding deals, followed by legal document automation firms raising $772.8m through 128 funding rounds and e-Discovery firms raising $313m through 22 funding rounds, the Catalyst report said.

Legal technology traditionally referred to the application of technology and software to help individual lawyers, law firms, medium and large scale businesses with practice management, document storage, billing, accounting and electronic discovery.

Legal Tech market revenue expected to reach USD 25.17 billion by 2025: Report

March 5: The legal tech market revenue is expected to reach USD 25.17 billion 2025. In 2019, the legal tech market generated revenues of USD 17.32 billion worldwide, with the market forecast to grow at a compound annual growth rate (CAGR) of over six percent for the period to 2025, according to database company Statista. This figure is USD 18.43 billion in 2021.
The global legal tech market will undergo sizeable growth in the coming years, with an array of technological tools available to firms to transform and improve the way legal services are delivered. An influx of law graduates who have grown up with technology, along with a healthy supply of tech aficionados, who have identified the opportunities available in the legal services market, has allowed for greater awareness of tech-related solutions in an industry that is often considered to be more conservative and traditional, a report by Statista said.
Europe and North America are the shining lights for legal tech, with each region home to a diverse collection of companies disrupting the legal services market. The growth of legal tech in these regions is fostered by many different players, such as law firms adopting tech strategies and methods, and startups developing new and innovative solutions. Notable countries for legal tech include the U.S. and the UK.
These countries have strong and well-developed legal service industries that have been in place for many years and are home to several leading technology hubs – an ideal combination for enabling the growth of legal tech.

What to expect from Legal Tech this year

January 30: With 713 per cent growth, 2018 was a record year for legal tech
investments. 2019 surpassed it when investments reached USD 1.2 billion already in the third quarter. Without breaking any records, this summary shows that 2020 ended well after a Covid19-induced setback in the first half of the year, Niels Martin Brochner, Co-Founder and CEO of the Copenhagen-based company Contractbook that is supported by Google via Gradient Ventures, wrote for Forbes. With a more stable economy, investments are set to hit an all-time high — especially for companies working within contract lifecycle management and contract automation. Legal tech is no longer fintech’s awkward younger sibling, but a flourishing and lucrative attraction of its own, Brochner said.
The pandemic has forced an acceleration of the digital transformation in all
industries, and legal consumers are managing their legal work digitally like never before. Law firms have become less tech-averse, and leading businesses have spent the time wisely making their workflow more efficient, he said.
As with the previous global recession, the current economic hardship will force companies to reduce their costs on services, which will cause even more client- driven innovation. Clients will demand more for less, and tech is the key to delivering just that. The adoption-rate of tech products in the legal industry is on the rise on all fronts, according to Brochner in Forbes.

AI based translation software inaugurated by Bangladesh Supreme Court

February 20: The Bangladesh Supreme Court launched the Artificial Intelligence (AI) based translation software ‘Amar Vasha’ on February 18 through a virtual event. The software will translate orders and judgements of the Supreme Court from English to Bangla.
The Software has been developed with ‘EkStep’ foundation of India. It is based on their ‘Anuvaad’ translation software used in India to translate from English to Indian languages including Bangla. Anuvaad was deployed by the Supreme Court of India as SUVAS (Supreme Court Vidhik Anuvaad Software) from November 2019.
According to a press release issued by the High Commission of India in Dhaka, the High Commissioner said that this collaboration was possible as Bangla was one of the recognised languages of India. Moreover, the judicial systems of both countries have common origins, similar systems and lexicon.

Estonian legal tech startup Avokaado secures €700,000 for contract automation platform

February 27: Avokaado, a contract lifecycle management platform (CLM) out of Estonia, has secured €700,000 in pre-seed funding to continue expanding across Europe and into the UK. Avokaado is an all-in-one tool for managing document workflow within teams.
Mariana Hagström, a former attorney-at-law and managing partner at a law firm, started the company in 2016 to solve the clunky, inefficient processes around contracts. Today the platform helps legal, HR, and sales departments across all sectors, not just law firms.
Avokaado recently launched major partnerships with TELE2 and Swedbank, aiming to establish an extensive user base in the SME segment in the Baltics, and then expand to other European countries and the UK. Currently the Tallinn-based company currently serves law firms and corporations in its home region, Norway, Sweden, Poland and Belgium.