Have you noticed the craze? Despite their historical hostility to technology, lawyers are embracing the shift as artificial intelligence sweeps the legal industry. And today’s world sees an exponential increase in data. Even though that enormous data repository has a comparably large amount of valuable information, particularly for the practice of law, analyzing it also takes a very long time. Thankfully, AI is here.
Yes, AI can assist in automating repetitive operations and optimizing workflows in the legal sector, which will ultimately increase productivity and save costs. Lawyers can focus more on their clients when they spend less time on manual duties and coming up with ideas from the start. As a result, the legal AI Market is expanding. Well, in this blog, let’s have a look at the market insights and the top key players operating in the industry.
How is AI Beneficial?
AI systems are able to continuously track new laws, changes, and modifications to regulations across a variety of jurisdictions. These artificial intelligence (AI) solutions can automatically identify relevant developments and notify legal teams so they stay informed. This makes it possible for them to make the required adjustments to rules, processes, or practices in order to stay compliant.
Additionally, AI has also completely transformed contract management’s compliance. Contract phrases, clauses, and provisions can be automatically extracted and evaluated by AI-driven contract analysis tools, identifying possible compliance issues. The benefits associated with legal AI are fueling the legal AI market growth.
Market’s Key Players
Here are the top legal AI market key players operating in the industry:
#1 CosmoLex Cloud, LLC
In 2012, Rick and Pankaj Gupta, CTO of CosmoLex, started developing a cloud-based legal practice system that was unprecedented in the industry. CosmoLex is a cloud-based software for managing legal practices that combines task and calendaring, email & document management, billing, time tracking, and trust & company accounting into a single program.
#2 DocuSign, Inc.
Eric Ranft, Tom Gonser, and Court Lorenzini started DocuSign in 2003. It is a US-based company that enables businesses to handle electronic contracts and has its headquarters in San Francisco, California. DocuSign provides eSignature, a feature that enables electronic signatures on many devices, as part of the DocuSign Agreement Cloud. DocuSign boasts hundreds of millions of users in more than 180 countries and over a million clients.
#3 LexisNexis
The RELX firm (formerly Reed Elsevier), of which LexisNexis is one of the prominent players in the legal AI market. It is a subsidiary that sells data analytics solutions and a range of databases that may be accessed online via portals, such as those for computer-assisted legal research (CALR), newspaper search, and consumer information. Electronic access to legal and journalistic records was first made possible by LexisNexis in the 1970s. The corporation owned the largest computerized database for legal and public records information in the world as of 2006.
#4 LAWYAW (Mystacks, Inc.)
Lawyaw is a technology startup founded by cooperative human beings. For small, single, and mid-sized legal practices, they provide low-cost, no-code document automation solutions with integrated e-sign and other features that can help expedite information gathering and document assembling.
#5 Open Text Corporation
With its headquarters located in Waterloo, Ontario, Canada, OpenText is projected to be the fourth-largest software firm in Canada by 2022. Mediacorp Canada Inc. named OpenText one of Canada’s top 100 employers in 2016. Government organizations, big corporations, and professional service firms use OpenText software systems to handle their unstructured data and content. Its products are designed to meet information management needs, such as managing massive amounts of content, adhering to legal standards, and managing mobile and online experiences.
In Conclusion
Legal departments and law companies require assistance managing large volumes of data and papers. However, the use of artificial intelligence (AI) technology has made it possible for government agencies, legal departments, and law firms to streamline processes, including document analysis, legal research, and contract evaluation. In fact, the global legal AI market was valued at USD 1.51 billion in 2022 and is expected to grow to USD 7.87 billion at a CAGR of 18.00% during the forecast period of 2032.