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.

https://www.forbes.com/sites/forbestechcouncil/2021/01/29/what-to-expect-from-legal-tech-this-year/?sh=437c5c2026ad