AI companies are booming, and legal technology is riding the wave as investors search for new sectors where generative AI, the latest breakthrough, will have a significant impact. This burgeoning interest in legal tech is positive news for both lawyers and consumers of legal services.
According to a recent article, investor enthusiasm in legal tech “seems to only be growing.” Legal tech startups raised $871 million in 2023 and have already surpassed that figure in 2024. Such investments and valuations ranging from 30-100x revenues indicate an atmosphere that feels almost bubbly. Nevertheless, unlike the conventional wisdom about bubbles, this trend promises substantial benefits for the consumers of legal technology.