Legal Tech and Big Dollars- $1.2 Billion invested in 2019 so far
We follow legal tech investment at LawSpaceMatch.com, and we are amazed at annual dollar investments in legal tech. Thanks to Bob Ambrogi, a Massachusetts lawyer, writer and media consultant, who has shown the research for us.
What is legal tech investment? Investement in services and platforms used by lawyers and law firms. With over $1 billion, yes billion, spent just through third quarter 2019, legal tech services such as contract management, email security, contract review and automation are becoming plentiful and refined for lawyers around the globe. You probably know the big four: Clio, Onit, Icertis and DISCO - with cumlative investment amount of approximately $649M in 2019.
We are watching some other legal tech firms too: Notarize https://www.notarize.com/ (spending $36 Million); and Tessian https://www.tessian.com/ (spending $42 million for email security).
Not only do these investments advance law firm growth but it must spur the global economy.
Here is Mr. Ambrogi's full blog https://www.lawsitesblog.com/2019/09/at-1-1-billion-2019-is-a-record-year-for-legal-tech-investments-and-its-only-september.html - check out the research of these 41 companies.
Mr. Ambrogi points out these numbers may be low as it does not include current deals, mergers and acquisitions.