Legal Tech Sector Sees Growth, Unicorns in 2021
Summary
The sector involves products for eDiscovery, legal spend analytics, lawyer selection, document review and contract management. LegalZoom.com, CS Disco and Intapp all had initial public offerings (IPOs) this year, and multiple legal tech companies attracted venture capital and private equity investors. Scott Mozarsky, managing director at M&A advisory firm JEGI Clarity, said that 2021 saw a much greater amount of capital in the legal market, and that investor attraction has been gaining in recent years. Per Reuters, some of the additional factors to this growth could include greater pandemic-driven tech usage, with law firms joining the many various industries doing more work online. “The pandemic has certainly shone a light on tech capabilities that some legal professionals would never have sought out proactively,” said Lucy Bassli, founder and principal of consultancy InnoLaw Group PLLC and a former assistant general counsel at Microsoft Corp.