AI is advancing into the law field, but it is not replacing lawyers, just complementing them. AI helps lawyers predict what is relevant to a case by scanning documents and help cut down on the hours lawyers need to do this research. AI is disrupting the law industry by offering lawyers an extra hand so they can better focus on clients’ needs.
LawGeex is an Israel-based company and has received $9.5 million after three rounds of funding. The company uses AI to review and approve contracts, which saves businesses hours of work and thousands of dollars. The AI reads contracts and suggests edits based on the company’s practices and policies. Contracts can be approved in as little as an hour giving companies fast turnaround time to increase efficiency.
Founded in 1998, vLex is located in Barcelona and has received $5.16 million after one round of funding. The company offers a legal research platform for academia, governments, and professionals. The platform has partnerships with publishers such as World Bank Publications, ProQuest, United Nations Publications, Gale Cengage Learning, and the Commonwealth Secretariat, among others. More than 940 independent publishers participate across the world.
Premonition is located in Miami, FL and has received $5 million after two rounds of funding. Premonition helps people find the right attorney based on which judge they are appearing before. The platform gives information such as the track record of an attorney, co-counsel who has never lost in front of a judge, analysis of the court, selection of expert witnesses, and ranks arbitrators based on their track records.
Located in Pittsburgh, PA, LegaSifter has received $4.35 million after two rounds of funding. The company uses AI to help people manage legal opportunities and obligations. LegaSifter provides information on NDAs or Terms and Conditions that people may be unfamiliar with. The document is uploaded to the website and the AI points out things that should be avoided. The advice will help speed up negotiations and cut costs associated with the back-and-forth of negotiations as well.
Founded in 2016, Doctrine is in Paris and has received $2.21 million after one round of funding. The company aims to revolutionize the traditional publishing and legal research industry. Users can search litigations, court decisions, and jurisdictions in real-time while the AI provides customized search results.
Knomos Knowledge Management Inc is located in Vancouver and has received $621.6 thousand after one round of funding. The company created a management platform for corporate legal departments to enhance their knowledge using deep machine learning and data visualization. The company’s goal is to organize legal information so it is available to everyone from law students to lawyers practicing in the courtroom. The platform also puts concepts and facts into visual networks so people can understand the patterns as the laws change over time.
Located in Brisbane, TrademarkVision has received $325.84 thousand after one round of funding. The company uses image recognition and machine learning to search through trademark images. They aim to cut down the process of searching for a logo that is trademark free so company’s get to start their brand off right. A person can upload their design and see trademarks that are similar from all around the world.
Founded in 2014, ROSS Intelligence is in San Francisco, CA and has received $120 thousand after two rounds of funding. The company created an artificially intelligent lawyer. Law firms use the AI lawyer to assist with everyday legal activities and the AI learns it is used. The AI is simple to use so it is up and running within a few minutes and starts integrating with the workflow.
Counselytics, headquartered in New York City, has received $1.5 million in funding over two rounds. The company is squarely in the contract discovery and analytics space, using AI to find, analyze, sift and manage large amounts of legal content and data, including from invoices, POs, leases, sales agreements, and emails. The platform also transforms unstructured data into actionable BI and insights, which makes companies more productive while saving money.
BookLawyer is located in Dallas and was founded in 2014. The company aims to make legal knowledge more accessible for lawyers and it saves clients’ money by reducing research costs.
BookLawyer will be releasing its new legal research platform in 2018.