The Case for Legal Tech

The Case for Legal Tech

U.S. Legal Services is a $430 billion industry comprising roughly 2% of the domestic economy. However, law firms and corporate law departments are relatively underpenetrated by technology thus we have yet to see a robust volume of venture-backed legal tech companies achieving scale, nor a single Legal Tech company to go public. Candidly, lawyers do not make the best purchasers of technology; law firms and legal departments lack substantial tech budgets, sophistication and willingness to adopt technology. However, we believe that a confluence of factors is catalyzing a dramatic transformation in the industry.