Extract from Report
The legal technology space has exploded, bringing unprecedented disruption to the $600 billion global legal services market. Each month dozens of companies burst onto the scene promising to transform daily legal tasks, and the pace of transformation is only accelerating. Funding of companies has increased. Consolidation and acquisitions are continuing. Meanwhile, adoption of the latest technology among in-house lawyers has become mainstream.
The In-House Counsel’s Legal Tech Buyer’s Guide 2018 reflects these major developments.
The fully updated and revised guide features 16 categories of legal technology, from contract drafting, eDiscovery, and digital signature, to prediction and litigation technology. The guide includes interviews with the world’s leading in-house teams, legal experts, and the latest research on the market, but remains focused on what this means for the in-house legal buyer in 2018.
The 16 categories covered in this 85-page report include:
- Contract Drafting
- Contract Review
- Digital Signature
- Contract Management
- Legal and Matter Management
- Contract Due Diligence
- Legal Research
- Prediction and Litigation Technology
- Intellectual Property
- Expertise Automation
- Legal Analytics
- Simple Task Management
- Online Training for In-House Counsel
In the category of eDiscovery, recommended offerings include:
- Microsoft Office 365 for eDiscovery
Additional recommendations in the eDiscovery category listed as The Best of the Rest include:
- Inventus Luminosity
eDiscovery vendor listings in the report’s Legal AI Landscape chart (page 11) include:
- Advanced Discovery
- Text IQ
The report notes several interesting eDiscovery market data points to include:
- In eDiscovery, an established pattern of consolidation continued.
- The eDiscovery market is set to hit $18.49 billion.
- In recent years law departments have found that bringing eDiscovery in-house can substantially reduce discovery costs, which account for as much as 70% of the cost of any legal action.