Top 10 Legal Technology Solution Companies - 2020

Artificial intelligence (AI) is beginning to transform the legal profession in numerous ways. In most cases, it is augmenting a lawyer’s efforts, allowing them to take on higher-level tasks that require human analysis and expertise such as advising clients, negotiating deals, and appearing in court.

Historically, document production, whether in the context of discovery or due diligence, has been labor-intensive and prone to human error. Now, E-discovery solutions are being used by lawyers and paralegals to perform routine tasks such as reviewing documents and contracts, performing due diligence, and predicting legal outcomes with exceptional accuracy. Documents are scanned and processed through automated systems using optical character recognition and other forms of AI to turn massive piles of paper into easily searchable sources of data or evidence. Then, smart data management tools are being utilized to image, code, analyze, review, and manage the enormous amount of electronic evidence and data. As a result, AI-driven software is poised to become common in a law office as word processing or accounting packages. Also, the cloud-based platforms are enabling teams to manage billing and diaries remotely and collaborate on cases in real-time. This capability allows solicitors and barristers to be more responsive, accurate, and transparent in their working practices.

Currently, in the most modern advent of transformation, the blockchain is redefining security, automation, and contractual arrangements. Legal professionals can securely store digital information on the blockchain and share it with team or relevant parties in real-time. The blockchain documents information to prevent fraud and with the permanent nature of the ledger, lawyers can rest assured that their data can’t be meddled with in any way.

Lawyers are leveraging blockchain technology to streamline and simplify their transactional work, digitally sign and immutably store legal agreements. Using scripted text, smart contracts, and automated contract management reduces excessive time spent preparing, personalizing, and maintaining standard law documents. Industry experts expect blockchain to be able to create more sound, tamper-proof, and legally unassailable agreement based on smart contract technology. Though the issue of torts can’t be ended, blockchain should cut down significantly on the number of legal disputes clogging courts—saving time and money for the innocent parties. The technology could also be expected to reduce the cost of notary services, FOIA requests, and corporate filings while streamlining and enhancing several other facets of the legal industry.

Perfectly understanding these demands of the industry, CIOReview offers assistance with a list of “10 Most Promising Legal Tech Solution Providers 2020.” This catalog encompasses a set of skilled new-age vendors that have translated their acquired expertise into successful technology deliveries. Being closely scrutinized by a distinguished panel of judges, including CEOs, CIOs, CXOs, analysts and CIOReview editorial board, we believe that these companies have the technical skill sets and business acumen to deliver more innovations to the legal market and support the growth of this segment.

We present to you 10 Most Promising Legal Tech Solution Providers - 2020.

Top Legal Technology Solution Companies

BanyanRFP is an online platform that enables corporate legal departments to make better counsel selection decisions. The enterprise’s proprietary application allows legal departments to configure RFP’s quickly and easily for any type of legal engagement—from rate cards for counsel panels, to long term engagements or one-off matters. Their financial metrics of proposals are calculated automatically and presented in easy to read dashboards and reports allowing for side-by-side proposal comparisons with a single click. BanyanRFP’s platform enables real-time competition by letting clients disclose the metrics of competing proposals on an anonymous basis

Founded in 2015 by an experienced Wall Street attorney joining forces with a team of software developers, Celant Innovations develops and operates cloud-based and on-premises solutions relating to document drafting and analysis for legal, accounting, and financial services industries. The firm focuses on text manipulation and related technologies that make computer-assisted legal drafting possible. Celant’s goal is to create easy-to-use products that resonate with its customers. The enterprise is revolutionizing the way professional documents are drafted and analyzed by providing dynamic and intuitive tools that streamline existing processes

Earth Class Mail, the leader in office mail automation for over a decade, provides businesses with the most efficient and secure way to deal with physical office mail. As the world inches closer to becoming completely digital, the company solves a problem faced by most businesses today, especially those receiving important, time-sensitive mail, or mail received on behalf, or in service, of their clients. For small firms to larger enterprises, Earth Class Mail provides the network of virtual addresses, receives and scans postal mail, deposits checks, and provides expert handling of virtually anything else that comes with the management of physical office mail and parcels from USPS, FedEx, UPS and others (sorting, storing, forwarding)

Headquartered in Beaverton, OR, Exterro is a privately held company incorporated in 2004. Built on a simple concept of process optimization, Exterro helps organizations address their regulatory, compliance, and litigation risks more effectively and at lower costs. Exterro is the exclusive ACC Alliance partner for e-discovery software. Services provided by the company are Legal Hold, E-Discovery Project Management, ESI Collection, Cloud Computing, Early Case Assessment, Enterprise Software, In-Place Analytics, E-Discovery Data Management, E-Discovery Review, Data Processing, Information Governance, Privacy, Data Inventory, Privacy Compliance, and E-Discovery. More than 60% of Exterro's clients are Fortune 500 corporations and AmLaw 200 Firms

ikaun is a management platform for the legal services industry. Built based on the needs of business development, marketing, and knowledge management, ikaun offers a unique solution for streamlining how experience is discovered, shared, and reused by business development and fee earners. The business’s mission is to create an ever-evolving knowledge set of experience that is always current and easily reused when cross-selling, staffing, and generating pitches and proposals. Artificial intelligence, SaaS, sales enablement, intranet, experience management, knowledge discovery, collaboration, digital content management, and legal knowledge management are some of the key specialties of the business

Trusted by over 50,000 lawyers, recommended by 47 state bars, powering more than 30 integration partners, and the only payment solution offered through the ABA Advantage program, LawPay is the proven payment partner for legal professionals. Developed specifically for law firms looking to accept online credit card payments in their practice, LawPay separates earned and unearned payments so lawyers can trust that their credit card transactions are handled correctly. And, with technology that exceeds Payment Card Industry Data Security Standards, clients can rest assured that their transactions are secure with LawPay

Established in 2014, Legito is a privately held company based in New York. Legito has introduced more than 20 essential inventions in document drafting and management automation. Among others, smart documents (inclusion of documents and questionnaires), data-based default and favorite settings of documents, automated translations and bilingual docs, bundles (suits) of logically inter-connected documents, web-based 100% programming-free (no coding) editor for automation of documents, auto-extraction of data from automated documents, smart documents which can communicate with public registers and other external sources, or real-time document management over automated templates with work-flows and negotiation features. Currently, Legito has clients in 27 countries and is used in about 50 countries by over 100 000 users

Legal Analytics helps to inform your motion strategy. For example, if it costs $100,000 to craft and litigate a motion that has a 29 percent probability of success, you can make a data-driven decision to proceed with that approach. However, if the data shows that your judge frowns upon excessive pre-trial motions, you can avoid squandering your client’s resources and save them for the trial. Lex Machina focuses on outcome analytics - what happens in cases like yours - something that no other product specializes in. “Unless you know about the possible outcomes for a proceeding, you cannot design a winning formula for litigation success

LexisNexis Legal & Professional is a global provider of legal, regulatory, and business information and analytics that help customers increase productivity, improve decision-making and outcomes, and advance the rule of law around the world. LexisNexis Legal & Professional, serves customers in more than 130 countries with 10,000 employees worldwide, is part of RELX Group, a global provider of information and analytics for professionals and business customers across industries. They help lawyers win cases, manage their work more efficiently, serve their clients better, and grow their practices. The company partner with leading global associations and customers to collect evidence against war criminals and provide tools to combat human trafficking

Hubshare

Hubshare

Hubshare is a privately-owned software company within the Nikec Solutions Group, providing secure file sharing, team collaboration, extranets, and project management software. The business has customers in the legal, accounting, and corporate sectors. Its product was originally created by Nikec Solutions in 2012 with the birth of Nikec Docstore, a file-sharing platform. In 2015 the platform was enhanced to add Nikec Hub, a secure extranet platform. In 2018 the two platforms merged to form the Hubshare platform, and Hubshare Solutions Ltd was formed. They have offices in the UK, France, and Hong Kong, distributors in Australia and North America and resellers in many other countries globally