Extract from an article by Valentin Pivovarov

Last year was very successful for legal tech and set a new record for investment in the industry.

In the last few years, the growth dynamics of investments in legal tech companies were not high. Investors were eyeing a fairly young business area and refrained from large transactions. In 2016, $224 million was invested in the industry; in 2017, $233 million was invested. But in 2018, there happened to be explosive growth and the total amount of investment became greater than ever before [reaching $1663 million].

There is a curious connection between the geography and the field of activity of companies that have attracted investments of more than $1 million. Among more than 30 such companies, only two are not based in common law countries (the United States or one of the countries of the Commonwealth of Nations). Among other things, this is due to the relevance of e-Discovery as one of the most popular destinations in the whole legal tech industry. 

In a nutshell, it is an electronic service for finding relevant information about lawsuits and investigations. The need for e-Discovery use varies depending on the legal tradition of the state. In common law countries, e-Discovery does provide great help to lawyers, saving them time and improving the accuracy of finding suitable court cases. However, in other legal systems, e-Discovery cannot be widely used and develops with difficulty.

Read the complete article at 713% Growth: LegalTech Sets An Investment Record In 2018

Additional Reading

Source: ComplexDiscovery