In recent years, LawTech has continued to boom. With the continuous maturation of artificial intelligence technology, a deeper and more thorough reform has occurred in the legal industry.
Richard Susskind, a British scholar who has studied technology and law for more than 30 years, pointed out in his book, Tomorrow's Lawyer: An Introduction to Your Future, that the legal profession has changed less in the past 200 years than it will in the next 20. This is not exaggerating. The legal profession is not immune to technological innovation. In the face of technological development, the inadaptability of the legal industry in terms of educational paradigms, organizational structure, payment paradigms and other aspects has been obvious.
Globally, the number of listed LawTech companies increased from 15 in 2009 to 1164 in 2016. The explosive growth mainly lies in nine areas: online legal services, electronic forensics, industry management software, intellectual property, artificial intelligence LawTech, litigation funding, legal research, lawyer referral, and notarization tools. Artificial intelligence technology has started transforming the entire law industry, and the degree and speed of the transformation will not only depend on the development of the technology, but also on the entire legal community's acceptance of new technology and patterns, which needs to be policy-supported and development-oriented.
In this international environment, the domestic LawTech market has begun to switch from the "Internet + law" paradigm to the "artificial intelligence + law" paradigm. Law related artificial intelligence entrepreneurship has become an important part of artificial intelligence entrepreneurship, and law related artificial intelligence products have gradually entered the LawTech market. This has led people to place high hopes on law related technology supported by artificial intelligence technology. The future has arrived. Legal professionals, are you ready?