Why LegalTech Solutions Are the Next Big Phenomenon

LegalTech Solutions

Following the fintech boom of the financial industry, legaltech is anticipated to become the next big tech phenomenon. Vinnova, Sweden’s innovation agency, just released the “Digitization – more than technology” (Digitalisering – mer än teknik) report and Precisely was named a prominent actor in legal technology.

The “Digitization – more than technology” report intends to provide readers with a situational image of the development of digitization in some of Sweden’s most vital industries. The legal industry was one of five examined industries and Precisely was named one of the prominent actors in the Swedish legaltech (legal technology) field.

We’ve seen many fintech (financial technology) solutions come to light in the past few years. Mobile banking, crowdfunding, automatic risk management and trading are just a few examples of innovation areas. These solutions sprung from the outdated and inefficient traditional methods of financial institutes and services.

The financial industry was screaming for digital solutions and technology, and the world answered. In a similar way, the legal industry is now undergoing a digital transformation process. Legal operatives are experiencing great inefficiencies and are turning to digital actors for a solution.

Legaltech solutions

While the legal industry has started screaming for digital services and platform based partnerships, more and more legaltech solutions are emerging. As Vinnova states in the report; since our society is becoming more digital, the clients of law firms are expecting the deliveries of services to be digital as well.

Having a good overview and control of contracts is becoming more important to the businesses of today since their value is often found in the contractual relationships

Vinnova

The possibilities offered by legaltech solutions to, inter alia, automate, streamline and re-use contracts are great. Not only can they help businesses streamline and become more efficient in their contracting processes. Since contracts are the backbone of businesses, using legaltech solutions to manage them efficiently can also result in a competitive edge. Besides Precisely, the contract management consultancy firm Skye Contracts is singled out as one of the Swedish actors within the field.

Another particularly interesting technology area is AI (Artificial Intelligence) and machine learning, which can reduce administrative tasks even further. As well as ensuring that contracts are compliant by using and analyzing large datasets from existing contracts.

However, as the report clarifies, legal technology solutions and actors cover a broad scope of verticals. Vinnova’s report sheds light on several actors. Among them, Synch, a law firm taking advantage of technology in the delivery of legal services to create added client value. Another prominent modern law firm, Avtal24, delivers standardized legal advice to consumers through a platform-based digital solution.

Vinnova – Sweden’s innovation agency

Vinnova is Sweden’s government agency for innovation. Their mission is to contribute to sustainable growth by improving the conditions for innovation. They do this by funding innovation projects and research. As well as stimulating collaborations between businesses, educational institutions, public services, civil society and other actors.

Vinnova’s vision is “for Sweden to become a leading global player in research and innovation, and a country that is attractive for investment and entrepreneurship”. Vinnova is the publisher of the “Digitization – more than technology report. The report was compiled by Joakim Björkdahl, Charlotta Kronblad and Martin Wallin at Chalmers University of Technology.

Simon Fouladi

COO and Co-Founder of Precisely. Simon makes sure that our day-to-day operations work smoothly. Background as a corporate lawyer and has firsthand experience of the pains related to traditional contract management.