Staying ahead of the technology curve means strengthening your competitive advantage. That is why we give you data-driven innovation insights. This time, you get to discover 5 hand-picked startups developing legal technologies.
Global Startup Heat Map highlights 5 Top Legal Technologies out of 654
The insights of this data-driven analysis are derived from the Big Data & Artificial Intelligence-powered StartUs Insights Discovery Platform, covering 2.093.000+ startups & scaleups globally. The platform gives you an exhaustive overview of emerging technologies & relevant startups within a specific field in just a few clicks.
The Global Startup Heat Map below reveals the distribution of the 654 exemplary startups & scaleups we analyzed for this research. Further, it highlights 5 LawTech startups that we hand-picked based on criteria such as founding year, location, funding raised, and more. You get to explore the solutions of these 5 startups & scaleups in this report. For insights on the other 649 legal technologies, get in touch.
Bilr provides an Artificial Intelligence-Powered Legal Billing Software
When it comes to billing, accidental errors and inconsistencies are not uncommon in law firms or even among independent lawyers. However, accurate billing is essential for a law firm or a professional to ensure they are getting the correct payment for their work. To solve this challenge, startups are developing Artificial Intelligence-assisted billing solutions that automate the process, thus saving time and eliminating human error.
Japanese startup Bilr provides AI-powered, voice-enabled time tracking, and legal billing software. It helps law firms and solo attorneys record and invoice more efficiently by automating repetitive tasks. This allows them to track time with up to five concurrent billing timers and capture the billable hours across devices. The software also integrates with several third-party solutions for law firms, including payments, accounting, and project management platforms.
Avokaado offers a Contract Lifecycle Management Software
Authoring a contract from scratch is very time-consuming. Given that law firms deal with hundreds of contracts on a daily basis, the process is very inefficient. Moreover, effective collaboration amongst the stakeholders during the process presents another hurdle. As a result, today’s legal solutions are offering smart contract templates that enable quick contract creation. They also allow for easy collaboration through cloud storage.
Avokaado is an Estonian startup that allows law firms, corporate legal departments, and HR teams to create contracts and collaborate on a single platform. Its claused-based smart templates make contract drafting much faster compared to current practices. The stakeholders fill in questionnaires and choose the most suitable templates, then the solution automatically drafts legally compliant contracts based on the data provided. After drafting, the platform enables stakeholders to sign the contract digitally and finally, stores the documents in its electronic repository.
Cognitiv+ uses Machine Learning to extract Obligation & Reviews Contracts
Obligation management is one of the critical responsibilities of legal teams. However, analyzing contract data manually not only leaves room for human error but also takes up a lot of time. Technologies such as natural language processing (NLP) and machine learning automatically extract obligations from contracts, thus saving the department’s time while also ensuring accuracy.
British startup Cognitiv+ develops document review platforms GrayBox and RegBox for corporate legal professionals. The platforms utilize machine learning and NLP to analyze data and key clauses in legal documents. The technology recognizes the obligations included in a document, automatically extracts them, and assigns a color based on their severity — high, medium, or low. It also compares every new contract against the database of approved contracts, thus, identifying differences and potential criticalities. Additionally, the solution’s neural translation technology automatically detects more than fifty languages and translates non-English legal documents into English.
Blue J predicts Legal Outcomes with Machine Learning
Accurate prediction about judgments allows lawyers to gain an upper hand and thus, provide better service. But human predictions are never absolutely objective. That is why professionals are turning to machines. So, startups are deploying technologies including AI and machine learning to predict outcomes for legal professionals through detailed analysis of previous similar cases.
Blue J is a Canadian legal technology startup that uses AI and machine learning to predict legal outcomes. Through its software, in-house counsels, tax lawyers, employment lawyers, and HR professionals predict how a court would rule in a specific scenario. Users fill in a questionnaire with the facts of their unique legal situation, the solution then uses AI to compare the situation to all relevant previous cases. It simulates the effect of different facts on the outcome and reviews a list of similar cases. Finally, the stakeholders download the ready-to-use prediction report.
Case Law Analytics manages Litigation & Contractual Risks through AI
As the responsibilities of lawyers increase, they turn to technologies for assistance. Negotiation, for instance, is a critical stage in contract creation. The most effective way to excel at the same is to have a thorough knowledge of previous agreements. To this end, startups are developing AI models that suggest negotiation strategies based on their analysis of previous contracts and the company’s preference. Therefore it supports lawyers to work more efficiently and effectively.
French startup Case Law Analytics creates mathematical models that utilize AI to simulate the legal reasoning deployed in a given situation. These digital experiments enable lawyers to adjust clauses better in contracts. The models save time for legal professionals by building litigation or contract negotiation strategies. For example, at each stage of the negotiation, they guide law professionals on the changes to be proposed, the modifications to be accepted or refused, thus, improving the quality of drafts. Further, the solution automatically analyzes and evaluates a contract clause-by-clause, thus, semantically comparing its various versions and scoring its risk.
Discover more LawTech Startups
LawTech startups such as the examples highlighted in this report focus on blockchain, privacy, big data as well as advanced analytics. While all of these technologies play a major role in advancing the industry, they only represent the tip of the iceberg. To explore more legal technologies, simply get in touch to let us look into your areas of interest. For a more general overview, you can download our free Industry Innovation Reports to save your time and improve strategic decision-making.