Wisutsunthornwas founded in 2009has been oriented towards Europeis a consulting & commercial brokerageis also a player & investor in the Fintech
Legal Tech
While lawyers have to spend hundreds of hours analysing countless documents and conducting reports, AI tool does it in a few seconds, after “training”. That means law firms and their in-house counterparts can save time and money, and inevitably, their headcount of lawyers, by having AI do the repetitive work.
The threat has never been so close for lawyers now that the first batches of AI tools have landed their jobs in law firms since 2016. But the legal tech story started at least 10 years ago, when pioneering companies like Rocket Lawyer and LegalZoom elbowed into the legal market to compete with traditional law firms and information companies. These young players changed the legal market with new business models that were quickly picked up by start-ups around the world.
But compared to other tech industries with billion-dollar investments, legal tech is still nascent, even for relatively developed regions in Europe or North America. In 2016, the investment in legal tech was only US$155 million for 67 deals, the biggest one being a US$18.6 million financing of e-Discovery software CS Disco, according to consultancy CBInsights. Nonetheless, it is undeniable that legal tech is rising.
With economic growth in the Asia-Pacific region, Western legal tech pioneers have moved eastward. In early 2017, Cyril AmarchandMangaldas deployed the AI tool Kira for its legal work, claiming to be the first law firm in Asia to use AI. In September, WongPartnership also embraced AI as the first Singaporean law firm of this kind adopting technology from London-based AI firm Luminance to support its corporate/M&A practice. The platform’s intuitive solutions to transaction documents ensure that the firm’s lawyers can focus on key documents from the outset to conduct due diligence and other contract review processes more effectively.
The threat has never been so close for lawyers now that the first batches of AI tools have landed their jobs in law firms since 2016. But the legal tech story started at least 10 years ago, when pioneering companies like Rocket Lawyer and LegalZoom elbowed into the legal market to compete with traditional law firms and information companies. These young players changed the legal market with new business models that were quickly picked up by start-ups around the world.
But compared to other tech industries with billion-dollar investments, legal tech is still nascent, even for relatively developed regions in Europe or North America. In 2016, the investment in legal tech was only US$155 million for 67 deals, the biggest one being a US$18.6 million financing of e-Discovery software CS Disco, according to consultancy CBInsights. Nonetheless, it is undeniable that legal tech is rising.
With economic growth in the Asia-Pacific region, Western legal tech pioneers have moved eastward. In early 2017, Cyril AmarchandMangaldas deployed the AI tool Kira for its legal work, claiming to be the first law firm in Asia to use AI. In September, WongPartnership also embraced AI as the first Singaporean law firm of this kind adopting technology from London-based AI firm Luminance to support its corporate/M&A practice. The platform’s intuitive solutions to transaction documents ensure that the firm’s lawyers can focus on key documents from the outset to conduct due diligence and other contract review processes more effectively.