Marc Cohen says that big money is eyeing up and investing in the legal sector because of its immense size and disruption potential. Writing for Forbes, he predicts the pace of innovation will continue to accelerate for the next few years and points to Seyfarth Shaw and Allen & Overy as two law firms which have engaged in real innovation. However, he says most of the innovation has come from corporate legal departments and alternative legal services providers. Both groups now account for almost half of legal spend, he says.
Mr Cohen noted that legal technology companies were prolific and that artificial intelligence was part of the legal landscape. He said that global legal services providers like Axiom and UnitedLex had global footprints whilst customers were embracing delivery options different to the traditional partnership model.