The term “legaltech” can be defined as the application of advanced technologies such as artificial intelligence, machine learning and blockchain technology into the legal processes. It touches both legal firms and legal departments of corporations. Use cases of legaltech cover legal analysis, online dispute resolution, small claims, contract review, contract automation, spam fighters, machine learning solutions and many more. In a world where technology has been disrupting every aspect of our lives, even the conventional law world is undergoing a transformation. Thus, being a lawyer in the future will not only require deep knowledge and wisdom of the law. The future lawyer also need a good understanding of technology and how to combine all this to provide a good service to clients. Of course, no one expects lawyers to become software developers nor have to write code themselves but they do have to learn how the new business models and their underlying technology work.
As Hackquarters, we have been arranging LegalTech Online Startup Challenge powered by Esin Attorney Partnership and Baker McKenzie. LegalTech Online Startup Challenge aims to make an impact in the legal practice by providing access to domain expertise and market credibility. By disrupting the legal practice, we try to reshape it by empowering the most innovative solutions in the sector and inspiring new generations of entrepreneurs to think far beyond the technology of tomorrow. Do not hesitate to apply for the event, as it is not purely for "law" startups. LegalTech Online Startup Challenge covers interesting areas that relate to legal technologies such as consulting, fintech, AI, machine learning, blockchain, and cross-border technology.
Last year, 10 startups selected out of 90+ applications. They pitched their solutions during the pitching session. In addition to LegalTech, the program covers the startups in fintech, artificial intelligence, blockchain, consulting technology, and cross-border. A nice track-record has been starting to exist and we know there will be pretty cool success stories in this year, too. For example, Techsign (2019, 1st) attended 3-day program in The Legal Innovation Hub Frankfurt powered by Reinvent and they had a chance to work with Baker McKenzie. Thanks to the program and working with Baker McKenzie, they successfully increase the quality of their product by incresing the number of the features and platform integrations, then penetrating and scaling better in the global market. Verilogy was the 2nd winner of the last year challenge. They participated in TechCrunch Berlin Event. It was a mind-blowing experience for the whole team. Prospects that they have met during the event helped them increase the MRR and their reputation seriously inceased after the event. They closed pre-seed round just after 3 months.