The legal industry has not been particularly well known for innovation and forward thinking. This massive industry, however, is presently in acute distress.
News in recent years has highlighted the cracks in the traditional law firm business model, as clients have begun pushing back against stratospheric rates and significant inefficiencies.
Storied firms have been folding, merging, and laying off staff and attorneys at unprecedented rates.
The legal market’s transition is, however, fueling innovation throughout the entire industry. In 2009, just 15 legal startups were listed on AngelList. There are now more than 400 startups and almost 1,000 investors. Entrepreneurs and investors are focused on helping lawyers do their work better, faster, and cheaper, making the law more accessible and/or cost-effective for clients, and eliminating the need for lawyers altogether, where possible.
