What has changed the legal market in Silicon Valley?
Recent changes in the technology industry have impacted the legal market. New solutions are attractive for lawyers tuned into technology and that look for more time to do things that really are important.
There is a growing concern among some lawyers that we need solutions to help with simple tasks, especially in process automation, legal research, e-discovery and consumers of legal service, in general. These tasks take a lot of time and are expensive for companies. Optimized professional workflows are a dream for all legal departments.
An unproductive legal department has lawyers concerned with repetitive tasks, who don’t have time to think about how they can help their companies grow, and who don’t understand the business. I have read many articles about lawyers’ roles and there is a big distance between expectation and reality.
In Silicon Valley, I can see entrepreneurs taking advantage of this vast “valley”, and they are creating solutions to do their jobs more effectively and efficiently. Lawtechs are startups that have disrupted this scenario, because they have created good solutions, with a new concept: open and for everybody.
In summary, legal startups have adapted this open mindset to the legal market; that is solutions that are easier, faster, and cheaper. By the way, are you ready for this?
Fortunately, in San Francisco we can see the transformations and we have already noticed that it is more important to have a team of lawyers who are more experienced and practiced in negotiation and business than lawyers who are conditioned to always repeat the same task. Legal departments are starting to give more value to lawyers with this profile and focus on strategic activities.
Finding an appropriate solution is part of the result for legal departments, including budgeting and transactional tasks, and especially, the management of massive amounts of litigation, contracts, deadlines, etc.
Definitely, all these changes lead to a conclusion: the new generation of startups proposes innovation and they already are causing disruption in the legal market.