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The COVID-19 pandemic has accelerated the digital transformation of many a sector and the legal profession is no different. In fact, the rapidly burgeoning industry of ‘Legal Tech’ has been quietly and fundamentally changing the face of the law for the past few years. And it’s testament to that transformation that Cavendish recently advised on the sale of Legal Tech innovator CaseLines to multinational Thomson Reuters.
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Perhaps somewhat taking the baton from the FinTech revolution, after a period of exponential growth we are now entering a prime period for Legal Tech as private equity funds and venture capital are showing a lot of interest. To put that on a scale, in 2016, Legal Tech received only $225M of investment. By 2019, that amount had grown almost tenfold to $2.1B.
The report covers:
- The drivers of growth
- Rising trends 2021
- The challenges of tech adoption
- The impact on talent