The advent of Artificial Intelligence means we are now entering an age of start ups poised to capitalise on this technological wave. As reported by Forbes magazine, last year set an investment record with 713% growth in investment in legal tech start ups.
This refers to technology taking on traditionally ‘due-diligence’ jobs such as reading contracts and research. As soon-to-be lawyers or fresh faces working in this changing field, it’s important to understand the big players and how technology could impact the industry.
Counts 10 of the global top 100 law firms as its customer base, along with 3 of the Big Four consultancy firms.
It’s outreach is international in its outreach extending beyond the United Kingdom, having clients from Bird and Bird (America), Holland and Knight (America), Jadek and Pensa (Slovenia), GilbertiTrisconiae Associati (Italy) and Rajah & Tann (Singapore).
Has received $13 million in funding thus far from Invoke Capital, a start up fund that was co-founded by magic circle law firm, Slaughter and May, Mike Lynch and venture capital firm, Talis Capital
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It’s A.I. harnesses ‘new generation technology’ with research outputs from the University of Cambridge, utilizing pattern recognizing algorithms and advanced statistical probability analysis. Helps lawyers with easily sifting and scrutinizing contracts, identifying anomalies.
Luminance was recently crowned the ‘Most Innovative Product of the year’ on 10th January 2019.
Started for humanitarian causes: allows one to kick-start their own judicial cause in crowdfunding
What distinguishes it from its peers?
Primarily rooted in humanitarian needs serving areas of law including but not limited to Equality and Human Rights, Immigration, Criminal
Justice and the environment rather than corporate or commercial business
Success stories include a group of volunteers raised 33,046 to mount a judicial review challenge against the UK government for exclusion of refugee children from the Dubs amendment, which provides for safe refuge in the UK in 2017
The above start ups are by no means a definitive list given both the growing list of startups and investor funding for various startups rooted in diverse initiatives. Indeed even from this list, we have a range of corporate to humanitarian based start ups.
Minimally, this bodes well for the future the utilisation of technology for greater causes. On that note, perhaps any malaise felt regarding the replacement of jobs by A.I. should be allayed given the influx of start ups creating more jobs.
Perhaps, what is changing is actually the technical skill sets such as coding and programming that would become necessary assets in the near future? And this, for any professional, is something to bear in mind.