`` Legal Tech AI White Paper 2019'' Executive Summary

Survey on market size and usage trends of the legal tech industry in general

At the end of December 2019, FRONTEO published the "Legal Tech AI White Paper" that summarizes the market size and usage trends of the legal tech industry.
This white paper is the first attempt in the industry to investigate not only the litigation support field, which is FRONTEO's main business, but also the market size and usage trends of the legal tech field in general.
The Legal Tech trends featured in this white paper are:

New services by ventures - Many startups are entering the market by lawyers and legal practitioners, and conversely, there are few new entrants from major corporations and other industries.It is assumed that this is because the business is highly specialized and entry barriers are high, and because the market is in its infancy and venture companies are more flexible and can easily respond to the speed of market changes.
From emergencies to normal times ― Prior to 2015, many legal solutions mainly dealt with incidents (fraud, lawsuits, legal troubles, etc.) It is characterized by the emergence of many solutions that support "preventive legal affairs to prepare for the future."
Utilization of AI ― Legal tech has extremely high expectations for text (character) information, especially in the field of natural language analysis.This is because the information handled in legal affairs and intellectual property is originally a large amount of text-centered data, and the effect of streamlining it with AI is expected to be significant. already exist in large numbers.

table of contents
・ Opening dialogue "What is AI utilization in legal tech?"

・ Introduction to Legal Tech

・ <Column> Legal Tech in the United States

・ Corporate trend survey

Survey outline

・ Survey method: Internet survey

・ Survey target: Persons engaged in legal affairs at a company

・ Survey period: 2019/11 / 21-12 / 3

・ Number of samples: 505

* Legal tech is a general term for services for legal affairs that utilize IT technologies such as AI.Along with FinTech (finance) and HR Tech (human resources), it is called XTech and has become a trend of IT service utilization in recent years.

You can download "Legal Tech AI White Paper" from this URL.https://legal.fronteo.com/download

Recognition and introduction status of "Legal Tech"

Although large companies are becoming more aware of and understanding legal tech, more than 6% of all legal staff responded that they did not know or had heard their name to some extent, and IT utilization in legal affairs is still possible. It can be seen that is not progressing.Only less than 2% of large companies and small and medium-sized companies have introduced the system, and the market is still in its infancy.

Legal tech market size (2019Annual calculation)

In terms of legal services, internal surveys and IP services account for the largest proportion of the legal tech market.

Contract examination is the top in terms of awareness of service types

Both large companies and small and medium-sized companies are aware of things that are closely related to daily legal work, such as "contract examination / review, contract management," "decree, case information service," "lawyer search, consultation," and "registration." Tendency to be.

Business (legal affairs) that Legal Tech can utilize

Expectations are high for the use of legal tech in "organizational legal affairs" and "registration / application work".In addition, in "organizational legal affairs", "decree / legend survey", and "employee education / enlightenment", the needs of large companies are significantly higher than those of small and medium-sized companies.

Business (intellectual property) that Legal Tech can utilize

In the IP business, there is a strong need to utilize legal tech for "dispute response" and "employee education / enlightenment".On the other hand, legal tech solutions in this field have not yet been launched, and although there are potential needs as business issues, there are few concrete solutions.

You can download "Legal Tech AI White Paper" from this URL.https://legal.fronteo.com/download