Funding for legal technology startups exceeded $400 million in the first quarter of 2019, according to a Bloomberg Law analysis, as investors put money into e-discovery, legal research and legal artificial intelligence. As a result, lawyers are increasingly shifting career paths to move into legal-tech ventures.
Natural language processing and other artificial intelligence technologies are fundamentally changing the way legal professionals work, Heretik Chief Technology Officer Andy Abbott says. Tools can cut down on research time to allow attorneys to focus on strategy, though many lawyers remain unaware of the benefits of these technologies, Michael Payne writes.
Thirty-one percent of US lawyers and 38% of UK lawyers are considering a career change in the next year, and 19% of those cited outmoded technology as the reason, revealed a survey by Intapp and YouGov. Only 20% of US lawyers surveyed said law firms need to invest more in legal technology, compared with 42% of UK lawyers.
A desire to build on its blockchain and financial-technology practices led Seattle-based Perkins Coie to move its New York City offices from Rockefeller Plaza to Avenue of the Americas. The firm has long served as a legal adviser to technology companies.
With recent research indicating that 47% of consumers don't trust artificial intelligence technology in legal services, the Legal Services Consumer Panel says regulators need to monitor the development of such technology to ensure consumer protections. The panel also wants regulators to offer incentives for providers to adopt legal tech.
In her job as regional sales director at JND Legal Administration, paralegal Karen Pruitt is responsible for finding efficiencies in computer forensics, data analysis, electronic discovery, IT security and litigation readiness. She discusses her career path and offers advice for young women in this interview.
At least one hour of technology training per year should be required of licensed attorneys in every state, writes Jeff Cox. Florida, with three technology credit hours required every three years, and North Carolina, with one-hour annual requirement, are the only states that have such rules.
ILTA LegalSEC Summit Keynote Speaker: William R. Evanina
William Evanina, Director of the National Counterintelligence and Security Center, will discuss recent global events in the areas of cyber-security and offer insights to emerging threats facing the legal domain at the premier security conference, ILTA LegalSEC Summit, June 3-5 at Crystal City, VA USA.