In an industry not traditionally known for its innovative zeal, legal technology companies, or legal tech as commonly referred, are driving change and modernization. The annual ranking published by Fast Company attests to this fact with four legal tech companies being included in their selection of the most innovative enterprises globally.
Fast Company’s innovative business selection spans 606 organizations, each lauded for their innovation and their tangible impact on business and industry. Let us delve into the legal tech companies that made it to this distinguished list.
Casetext, a legal tech enterprise under the Thomson Reuters umbrella, has garnered recognition for its cutting-edge product, CoCounsel, in the category of most innovative applied AI companies. CoCounsel eases the burden on attorneys by providing legal research assistance in real-time, efficiently reviewing numerous legal documents during the discovery process, and searching specific contract items in vast repositories of data.
In the domain of business services, Fulcrum GT made the list for innovating legal spend management. Corporate legal spending ballooned by an average of 29% between 2022 and 2023 – a trend which Fulcrum GT’s product, RapidX, intends to mitigate, thus rendering it as a critical tool for businesses.
When it comes to applying technology for societal good, Hello Divorce is a shining example. By converting a typically complicated and expensive process into a smoother journey, this online divorce company is redefining the conventional perceptions attached to divorce proceedings. In 2023, their services expanded to all 50 states in the USA, bringing their full-service divorce options to 11 states, thereby realizing significant cost savings for its users – almost $13,000 each on an average.
Representing the Asia Pacific region, legal-tech startup SpotDraft clinched a spot on Fast Company’s list. The Indian startup aims to rid companies of the arduous task of crafting legal contracts by offering automated contract creation and review with the help of templates and automating the process of extracting contract data.
These four entities represent how legal tech continues to forge ahead in harnessing tech innovations to usher in a more economical, efficient, and accessible future for the legal industry. Check out the full list of Fast Company’s most innovative companies here.