Legaltech : Predictive Justice, a Digital Revolution Carried by AI
Legaltech (technology at the service of law) are start-ups with a business model based on justice, they participate in what is called the uberization of justice. A large number of these start-ups have emerged all over the world in recent years.
The number of Legaltech companies is expected to grow in the coming years, considering the enthusiasm of both businesses and individuals. The capacity for advancement of these newcomers is particularly wide and we should expect an expansion of their fields of activity.
However, not all Legaltech have the same corporate purpose. They are involved in various areas of law: company law, labor law, consumer law, contract law, etc.
Some of them connect lawyers and clients like Call a Lawyer, they make it possible to retain customers, become more available, work remotely, improve e-reputation, etc. Others develop predictive justice programs.
Start-ups that embark on these Legaltech of predictive justice are often created by engineers and entrepreneurs more than by legal professionals, the goal being to make profit. This breaks somewhat with the lawyer profession who limits itself to not determining his relations with its clients by the money.
These Legaltech tend to compete with lawyers by offering more efficient and innovative models. This is why they are increasingly being sought by law firms such as the Law firms in the United States that have incorporated technological innovation into their working methods. Following the example of the French Legaltech, which is increasingly infiltrating our system.
So this market is growing. It takes advantage of the influence of artificial intelligence (AI) that has taken possession of the market of new technologies that abound of intelligent connected objects full of promises for our daily life. More and more multimedia companies are selling software or smart objects, just as many start-ups are doing only in the AI field.
The subject is of interest to the general public and states are investing, for example France launched “France IA” in January 2017, an initiative to develop the AI thanks to a budget of 1.5 billion euros over ten years. In addition, the venture capital fund Serena Capital has launched an 80-million-euros fund dedicated to investing in European start-ups of Big Data and artificial intelligence.
There is an awareness that AI has an influence on work, while helping professionals, it can threaten jobs.