As 2015 comes to a close, it’s only natural to peek ahead to see what’s in store for 2016. As a whole, legal technology is still just a baby of an industry which pales in comparison to the technology revolution going on in the financial industry. It remains an open question whether legal-tech startups will be attractive targets for early stage venture capital companies. But 2015 began to show some serious promise with some of the biggest Silicon Valley VCs placing bets on legal tech. If you want to stay ahead of the curve, or if you’re thinking about joining or starting a startup, it’s important to start identifying trends. Here are four trends that I think are going to be hot in 2016.
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2. Analytics. Although the fact that numbers were not disclosed in Lexis Nexis’ purchase of legal analytics company Lex Machina, the acquisition itself is significant. Will Lex Machina be able to scale its business with the backing of Lexis Nexis and will analytics be a tool that every firm begins to use in order to get a leg up? But that’s not the only reason the acquisition is meaningful. In 2016, every CEO trying to build an analytics startup will point to the Lex Machina acquisition as evidence of potential acquirers.
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