“End of the road. Nothing to do, and no hope of things getting better.”
In connection with my meeting with a group of lawyers to discuss the future of the profession, a survey of sorts was undertaken to help gather the thoughts of the various committee members. Without getting into the specifics of the discussion, the top ten words or themes coming out of the survey were all negative — including words like “problems”, “barriers”, “increased competition”, “concerns”, “challenges”, “pitfalls” and “loss”. I don’t know why, but the first words out of my mouth were “Who interviewed Eeyore?” Continue reading
“The legal tech space has become explosive. Investors are pouring millions into legal innovation as founders excitedly plan to disrupt the legal space.”
The Lawyerist, June 25, 2014
It goes without saying that over the course of the past 12-24 months, a lot of attention has been focused (at least amongst lawyers) on the increasing amount of investment capital going to fund legal technology startups. The Lawyerist reported last week that there are 101 legal startups and that funding of legal startups in just the first 5 months of 2014 is estimated to be in the range of $77M. Tech Cocktail reported in February of this year that $458M was invested in legal technology startups in 2013, which was a huge increase over the $66M invested in 2012.
Clearly something is afoot. The question for practicing lawyers is whether these newly funded companies are working to lessen the role of lawyers in society, supplement the role of lawyers in society, and/or provide lawyers with the tools desperately needed to improve their practices, increase their efficiencies and lower their costs of services? Continue reading