Big money is betting on legal industry transformation — from forbes.com by Mark Cohen
Excerpts:
Law has been big business for decades, but only recently has significant venture capital, private equity, and entrepreneur money been pumped into the legal sector. Last year saw an eye-popping 718% increase in legal industry investment, and this year’s capital infusion through the third-quarter has already surpassed last year’s $1 billion total and could well double it. Capital is turbocharging customer-centric providers that are leveraging technology, process, new skillsets, and data to transform the legal function and the delivery of legal services.
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Teaser alert: what’s to prevent Amazon, Google, or some other tech giant from entering the legal space, creating a global platform, injecting billions into infrastructure and talent, creating a global legal services hub that connects consumers with global legal delivery sources as never before imagined? Short answer: the inclination to do so.
Legal delivery has morphed into a three-legged stool supported by legal, technological, and business expertise.