Legaltech startups are doing very well for themselves—even the famous Silicon Valley startup accelerator Y Combinator is starting to invest in legaltech companies. These startups can range from making legal services more accessible, as is the case with Willing and Separate.us, to making lawyers’ lives a little bit easier, like Lawgeex, Kira Systems, and UpCounsel. Several of these startups are even going as far as trying to revolutionize their areas of expertise. Willing, for example, not only allows users to create a free will in as little as five minutes but also helps them plan funeral and other services. By drawing users in with a free legal service, Willing is then able to connect them to vendors and other paid services within the death care industry. Separate.us, on the other hand, aims to make divorces easier by simplifying a usually messy process.
Legaltech isn’t just geared towards consumers, though. Lawgeex can be helpful for both lawyers and clients alike. It digitally analyzes documents and compares them to precedents within their database, something lawyers are used to having to do manually. While Lawgeex is described as easy and efficient to use, clients may still have to turn to lawyers for help with understanding the documents themselves. Additionally, Kira Systems offers multiple products including a Due Diligence Engine which can review documents, locate certain provisions, and fill out diligence charts, saving lawyers’ time and clients’ money. UpCounsel goes beyond both Lawgeex and Kira Systems in trying to alter the entire law firm model, even securing $10M from Menlo Ventures in an effort to prove its model is suited for law firms of the future. It’s possible that legaltech startups like these will soon be changing the law profession for the better.
Article via Above the Law, September 29, 2015