By 2016, the US legal services market was worth $437 billion, and more open for business than ever before. A few young, legal tech companies with diverse product offerings were lining up to conquer the industry. Cost cuts over the past decade push corporate legal departments all over the country to opt out of time intensive, labor-based solutions, making legal tech the ticket to success. But why aren’t these fresh legal tech startups faring as well as they had hoped? Baretz+Brunelle decided to find out. They put together the first ever Legal Tech Go-to-Market Report and here are its results.
Corporate legal departments have hundreds of billions of dollars to spend on innovative legal tech support. Legal tech companies need to devise strategies and overcome the maze that is the market now, to get to the finish line and claim their gains.
1Baretz+Brunelle, 2018. Boom or Bust- The 2018 Legal Tech Go-to-Market Report.