Wednesday, August 19, 2015
Recognition. Understanding. The capacity to communicate key concepts.
Legal Technology is an industry without a category among the large consultancies and business reviews that track growth companies and monitor sector trends. A recent article at Above the Law offered evidence of this oversight - one common among new industries where the dust has yet to settle and the industry has no clearly defined boundaries. With the Above the Law article's strong evidentiary foundation, it's a short step to a few key observations: 1) the Legal Technology industry lacks meaningful trend monitoring by the large technology consulting firm like Gartner and Forrester; 2) the Legal Technology industry remains ill-defined for those on the outside; and 3) the Legal Technology's growth and market is not currently tracked by large, visible, non-industry players.
Given those observations, what are the likely outcomes for the Legal Technology industry? Without a category, legal technology may be impenetrable to those from outside - that includes investors, educators and potential professionals. How does the industry train and recruit professionals? What are the skills necessary to succeed in this area of law and technology? With major reliable source metrics unavailable will the industry gain investment and grow?