What are legaltech maps and why should professional firms know about them?

The Legaltech Maps They are graphic representations that show the highlights of the technological business ecosystem of the legal sector. Bringing together the main startups and LegalTech solutions and visually explore the main market niches. In recent years, an endless number of technological solutions have emerged applied to legal practice and the work carried out by law firms, so it is necessary to order all these ideas and show them clearly. Sometimes due to the complexity of the legaltech ecosystem itself and, sometimes, due to lack of knowledge, law firms are not aware of the applications that exist to facilitate and improve their daily work. These maps, as well as the dissemination of books, magazines and events on technology applied to law, have the mission of promoting the trends of the latest technologies developed within the legal sector and, at the same time, to lose the fear and mistrust that these new applications can arouse in professionals. Sometimes, there is talk of Artificial Intelligence, algorithms or machines so advanced that they would be able to replace a lawyer or a judge. In reality, and yet, The development of these technologies aims to help the professional, not to replace them.

Legaltech revolutionizes law firms

Why do so many technological solutions emerge? Are these new applications necessary in a professional office? definitely, yes. The legal sector is facing a paradigm shift, in which clients, already accustomed to digital products, are also requesting faster, higher quality and more personalized services. How to increase, then, productivity, office services and quality? It is necessary to rely on technology and a digital environment to achieve levels of efficiency unthinkable in a traditional business. Hence, therefore, the need to apply the latest technologies so as not to lose competitiveness and, therefore, legaltech is gaining importance now, as they offer solutions that improve customer service, the services offered and productivity. Some legaltechs are committed to solutions that automate some of the firm’s daily tasks. Other solutions, on the other hand, focus on other daily needs such as the search for case law, legal documentation processes, the signing of contracts remotely or the internal management of the firm (clients, files, accounting…)

The importance of legaltech maps Who prepares and promotes them?

For all these reasons, legaltech maps, lists of technological solutions, and studies analysing the impact of these applications are prepared by legaltech specialists, ICT professionals applied to law, specialized media and important international consulting firms. The preparation of these legaltech maps and lists requires a process of testing, analysis and in-depth study of each of the solutions on the market, in order to measure their effectiveness in relation to the specific need they intend to solve. A niche in a legaltech map is a category that encompasses different technological software applied to law and that aims to solve specific needs of the legal sector. Some Legaltech niches:

• Online Legal Consultation Apps (Legal Consultation)
• Crowdfunding of legal actions (Legal Funding)
• Search and analysis of legal documents with artificial intelligence or machine learning (Research & Analytics)
• Online claims management or notarial document management (Online Legal Services)
• Remote document signing and certification (Digital Evidence)
• Lawyer-client contact platforms (Marketplaces)
• Law firm management software (Management Software)
• Contract and other legal document automation solutions (Contracts & Legal Documents)

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