The Evolving Litigation Marketplace Demands New Ways of Doing Business
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Artificial intelligence is virtually everywhere. But forget about Alexa, self-driving cars and those pesky pop-up ads that follow you around the Internet. Think litigation tools. As the legal profession adapts to changes in the marketplace, more law firms are looking for alternative ways of doing business.
However, there are glimmers of hope. The number of AI products in the marketplace suited for litigation purposes, such as machine-assisted research, document review and analysis tools for trial preparation, is greater than ever, providing myriad opportunities to make it easier and more affordable for smaller and mid-size firms take advantage of innovative technologies.
Nearly 700 legal technology startups are currently listed the blog of Massachusetts lawyer, writer and media consultant Robert J. Ambrogi, who tracks websites and products related to the legal profession. He says that the legal profession “is a significant market that is ripe for innovation and disruption, and so is alluring to many entrepreneurs” and that “[t]he price of innovation is cheap, in that virtually anyone with a good idea and a laptop can bring a product to market.”
Ambrogi, however, predicts that only a small percentage of the startups will stand the test of time, but the number of startups “attests to the variety and creativity of new products being brought to the legal market.”
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