I think everyone recognises that we have seen more change in the LegalTech market in the last three years than the thirty before. It begs the question what will the successful lawyer and partner of the future look like?
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Given the pace of change in the market we thought it might help to share a few thoughts for 2025 and beyond (thankfully we are building these on what we said in 2024 which means we were in the right ballpark!).
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It’s no secret that more has happened in the LegalTech market in the last five years than the twenty five before. We have seen the rise of PropTech, IPTech, DisputeTech and MarTech, but to mention a few. It seems there are endless “techs” for everything to solve every problem presented by modern day legal work.
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Open AI is now over 8 years old and worth around $80 billion following its recent investment from Thrive Capital. It was originally created by Sam Altman and Elon Musk to apparently challenge the dominance of Google. Despite the length of its gestation period ($10 billion a year capital growth is still pretty impressive) it only arrived on the world scene just over a year ago.
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A few months back we wrote a piece setting out what could happen to the market with Generative AI - The Future of Law Post Generative AI (October 2023) — Hyperscale Group Limited. We did this to benefit the market and thought it might be helpful to set out our latest thoughts based on client discussions.
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There are many reasons you could argue how it is tough to be a smaller or SME firm – competition, recruitment, increasing costs to mention a few. That being said there are some positives in how technology, flexibility and innovation are perhaps levelling the playing field with their bigger competitors
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