Legal AI software enables legal firms and corporates to do their jobs more efficiently and cost-effectively by automating tedious manual legal processes and allowing them to devote more time to valuable and strategic work. Legal AI software solutions leverage Machine Learning (ML) and deep learning, and Natural Language Processing (NLP) technologies to cater specific as well as multiple applications in legal processes.
The global legal AI software market size is projected to reach USD 1,236.4 million by 2024, growing at a CAGR of 31.3% during the forecast period.The increasing adoption of AI by legal firms and legal professionals is expected to streamline various legal tasks.
Based on their performance in a predefined criterion, the startup vendors have been placed into 4 categories: progressive companies, responsive companies, dynamic companies, and starting blocks. The emerging 21 vendors in the legal AI software market have been evaluated in this report. These vendors include PracticeLeague Legaltech, Neota Logic, LawPavilion, Luminance Technologies, LEVERTON, Everlaw, Atrium, Kira, Nalanda Technology, LegalSifter, Autto, Cognitiv+, LawGeex, ROSS Intelligence, Intraspexion, Brightflag, Legal Robot, Omni Software Systems, Casetext, and Pensieve.
Vendors who fall into this category receive high scores for most of the evaluation criteria. They have strong and established product portfolios and a very strong market presence. They provide mature and reputable legal AI software solutions and services. They also have strong business strategies. Vendors who fall in this category include PracticeLeague Legaltech, Luminance Technologies, LEVERTON, LawGeex, ROSS Intelligence, Kira, LegalSifter, and Everlaw.
Innovators in the competitive leadership mapping chart are those vendors who have demonstrated substantial product innovations as compared to their competitors. They have very focused product portfolios. However, they do not have very strong growth strategies for their overall business. Vendors who fall under this category are LawPavilion and Neota Logic.
They are established vendors with very strong business strategies. However, they are low in product portfolio. They focus on a specific type of technology related to the product. Vendors who fall under this category are Nalanda Technology, Casetext, and Brightflag.
They are vendors with niche product offerings and are starting to gain their position in the market. They do not have very strong business strategies as compared to the other established vendors. They might be new entrants in the market and require some time before gaining a significant traction. Vendors who fall under this category are Atrium, Autto, Cognitiv+, Intraspexion, Legal Robot, Omni Software Systems, and Pensieve, Klarity.
Legal AI Software Startups Quadrant
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- Support Services
- Technical Support
- Post Sales Support
- Customer Support
- Others, please specify
- Pre-Sales Support
- Product Demos
- Use Cases
- Customer Success Managers (CSM)
- Feature and Functionality
- Types of Technology offered
- ML and Deep learning
- Product Offering
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