These 7 legal-tech deals signal a new wave of disruption for the industry — and more IPOs in the pipeline
The PactSafe acquisition exemplifies the trend of"platformization" in the legal-tech market, where companies add different apps and products to their suite of offerings."There are so many different tools in contracting. What makes you expert in one doesn't make you expert in another," said Zach Abramowitz, a principal at the legal-tech consulting firm Killer Whale Strategies.
In May, DocuSign added Clause, which creates"smart agreements" that trigger actions such as payments and reminders. The deal was a sign of companies outside the traditional legal-tech ecosystem seeking to expand into the burgeoning market.Vaughn Ridley/Sportsfile via Getty Images Litera offers tech solutions for various legal practices, including corporate transactions and litigation. JEGI's Mozarsky said Litera's deal with Kira Systems is"an example of how legal-tech is about not only the business of law," such as workflow and billing, but also the"practice of law," such as Kira Systems' contract-analysis capabilities.
"With Bodhala, Onit can differentiate itself from other players in the ELM market, like Mitratech and Wolters Kluwer," Abramowitz said.Jack Newton, Clio's CEO and cofounder.The practice-management platform Clio acquired Lawyaw, a document-automation software, in September, adding to its growing suite of workflow, client-intake, and billing offerings. Clio also bought CalendarRules, which tracks court-rules information, in July.
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