Every once in a while, I have to
give legal tech companies some tough love.
Not exact matches
Although not a
legal tech investment, the move is significant
given that Nivaura is a member of Allen & Overy's Fuse incubator, which does include several
legal tech companies, such as Avvoka, and also perhaps surprisingly iManage / RAVN.
The
company recently (see link)
gave Aingel Scores to several start - ups, though apparently no
legal tech start - ups, and no doubt over the months and years ahead their success can be measured against their scores.
Following this initial step, consideration will be
given to applying the Neota Logic platform to other
legal processes that may benefit from automation, said the
tech company.
I asked the three,
given the new
company's position in
legal tech, what they thought the future of law would look like.
But
given that most
tech companies want to quickly develop and deliver new features to their users, having someone on staff who has a
legal background and can identify with the users would help get those features developed much quicker with a higher chance of success because you have a user in - house who can
give you instant feedback.
Only 17 % of
legal tech companies were founded by lawyers, so having a lawyer on staff will
give the other 83 % a competitive advantage.
The
company now hopes to become a key
legal tech player in the $ 800bn global
legal market and it would seem that it has everything to play for
given the current frustrations with day to day contracting inside the world's corporate
legal teams.
For those that are starting form scratch, it's fortunately easier now than it's ever been to implement new technology in
companies of all sizes,
given the amount of options available in technology and
legal tech.