Top 10 Legaltech Startups Globally

Attempt to formalize legal reasoning; a knowledge representation task dates back to the 1970s. The University of Oxford developed the first commercially available legal AI system in 1988. With the development of artificial intelligence, machine learning and natural language processing, the legal industry has grown to be associated more with technology startups disrupting the practice of law. Legaltech startups enable people to access online software that decreases or eliminates the requirement to consult a lawyer or by connecting people with lawyers more effectively through online marketplaces and lawyer-matching websites. 

According to Statista, the global legal tech market generated revenues of USD 17.32 billion in 2019, with incumbents generating USD 16.75 billion of the total. The legaltech startup market generated USD 570 million in 2019 and is forecasted to reach USD 2.49 billion by 2025, growing at a CAGR of 27.82 per cent from 2020 to 2025.

Covid- 19 boosted the adaptation of technology in the legal ecosystem. Many courts have introduced and embraced technology in judicial hearings. Here we have carefully curated a list of global top 10 legal tech startups. The startups in this list are ranked according to the total funding they have raised to date. All these startups have distinguished themselves by the product or service they provide in the industry. CrunchBase and Pitchbook are the primary sources of data used in this article. 

1. Clio

Clio is a cloud-based practice management platform designed to provide legal client management remedies. The company’s platform accelerates the process of tracking, billing, administration, client communication and facilitates day-to-day operations, enabling clients to manage cases in a hassle-free manner. Clio enables lawyers to be more client-centred and has earned the approval of over 65 bar associations and law societies worldwide, and a global customer base of 150,000. Clio was the first to bring cloud-based legal practice management software to market and has been leading the industry since 2008 with the first client-centred suite of cloud-based law firm solutions, the Legal Trends report, and the Clio Cloud Conference, which is now the most widely attended legal tech conference in the industry.

2. Rocket Lawyer

Rocket Lawyer is an online legal services provider that intends to help users meet the legal needs of their families and business. The company’s platform offers free resources, documentation, cost-effective on-call lawyers, e-signatures, lawyer reviews and helps users create legal documents and legal forms instantly with safe and secure storage, enabling individuals, families and business owners to get affordable and accessible legal services.

3. Notarize

Notarize, the first online notary platform, allows any person or business to legally notarize a document online, anytime. The company’s platform integrates with a notarization mobile application and helps users set up a video chat with a licensed notary public to get their document notarized for clients and order on-demand document notarization throughout the day, enabling clients to complete the notarization process remotely and entirely online.

4. Ironclad

Ironclad is a digital contracting platform that intends to transform contract processes by automating workflows and approvals. The company’s platform automatically identifies key terms and entities, turning contracts into code and allowing users to search, tag, and manage their contracts, enabling legal, sales and operations teams to streamline the way they create, store and leverage contracts as intelligence assets. L’Oréal, Staples, Mastercard, and other leading innovators use Ironclad to collaborate and negotiate on contracts, accelerate contracting while maintaining compliance, and turn contracts into critical carriers of operational business intelligence. The company was named one of the 20 Rising Stars on the Forbes 2019 Cloud 100 list.

5. Avvo

Avvo is an online legal marketplace that intends to connect lawyers and consumers. The company’s online legal marketplace helps users connect with the right lawyer through industry content, tools and services.  It also offers on-demand legal services that provide professional counsel for a fixed cost, making legal advice faster and easier, enabling clients to access transparent information about attorneys. Internet Brands acquired Avvo in Jan 2018. 

6. Legalist

Legalist provides litigation financing services to companies to help them mitigate risk, pay legal fees and win cases. The company’s services use machine learning and artificial intelligence technology to source and underwrite litigation investments that are done on a non-recourse basis, enabling plaintiffs and their attorneys to tackle legal situations and complications conveniently and hassle-free.

7. Everlaw

Everlaw is a collaborative, cloud-based litigation platform for corporate counsels, litigators and government attorneys that enables teams to discover, illuminate, and act on information to better drive internal investigations and positively impact the outcome of litigation. Everlaw combines speed, security, and ease-of-use into a unified, comprehensive solution that unlocks the collective power of teams and enables them to investigate issues more thoroughly, uncover truth more quickly, and present their findings more clearly.

8. BRYTER

BRYTER is the leading no-code automation platform to help consulting firms, banks, corporates, and public administration across the globe to digitize and scale their services. The company’s platform helps professionals to build, manage, and sell interactive applications without the need for programming or coding skills, enabling clients to automate recurring and standardizable decision-making processes.

9. Litify

Litify is a legal operating system that helps law firms, corporate legal departments, and government agencies run smarter. The company’s platform leverages technology to simplify daily tasks and automates marketing, client management, intake, matters, documents, among others, all in a single, secure and easy-to-use application, enabling law firms to collaborate as a team, communicate effectively, eliminate inefficiencies and use data to drive decision-making.

10. LinkSquares

LinkSquares is the first AI-powered end-to-end contract lifecycle management platform. The startup’s platform offers full-text search and metadata extraction, custom reporting, automatic classification and secure contract storage, enabling clients to reduce money and time spent on manual contract management through automated data extraction, naming, and organization.

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