- Investments in legal tech startups have steadily increased in recent years after an initial slow start, as law firms, in-house general counsel, and clients are seeking greater efficiency across the industry.
- Legal tech is still an emerging category said Miriam Rivera, co-founder and managing director of Ulu Ventures, but with “big opportunities for growth.”
- Business Insider spoke with six prominent VC investors to see which startups they’ve been looking at and why.
- Visit Business Insider’s homepage for more stories.
Legal tech startups are on the rise, and many prominent venture capital funds are seeing them with increasing interest.
With the coronavirus pandemic squeezing the economy and stoppering workflow, some law firms have seen their billable hours shrinking, forcing them to weigh pay cuts, layoffs, and furloughs, as previously reported by Business Insider.
And, in a world where much of the country’s workforce is still operating remotely, law firms are having to virtualize all aspects of their business processes, from reviewing contracts to analyzing case law.
“Legal tech can ramp up these processes at scale without the type of team resources a company might typically have, reducing the need for manpower,” said Vas Natarajan, partner at Accel.
As a whole, legal tech is typically seen as what Miriam Rivera, co-founder and managing director of Ulu Ventures, calls a “laggard” tech sector.
“It’s still an emerging category, but with big opportunities for growth,” said Rivera, who was also the former deputy general counsel at Google.
The slower adoption of technology in the legal industry is