June 1st: Lega Emerges and TBG Secures Private Equity Backing
Lega launches LLM platform, while TBG secures private equity backing. Trends reveal streamlined payments and integrated technology driving efficiency and client service
Welcome to your daily briefing for June 1st. Here's what happened in Legal Tech Yesterday.
TLDR; Listen instead:
Have less than a 1 min? Three takeaways from yesterday
- Explore Lega's LLM Provisioning and Governance Platform: Gain control over legal operations with Lega's innovative platform, allowing secure and efficient implementation of generative AI while ensuring compliance with internal policies and external regulations.
- Embrace Embedded Payments: Streamline payment processes by leveraging automated payment methods, optimizing cash flow management, and enhancing client service through virtual operations and hybrid workforces.
- Emphasize Integrated Technology in Legal Operations: Develop multi-year technology strategies and roadmaps to connect different practice groups and major software systems, enabling improved decision-making, reduced operational costs, and enhanced efficiency and client service.
Trends from yesterday
Yesterday was an eventful day in the world of legal technology, with significant developments and exciting advancements taking place. Legal tech startup Lega made headlines by launching its groundbreaking LLM provisioning and governance platform, empowering law firms and organizations to maintain control over their legal operations. The platform provides a secure and efficient way to explore, assess, and implement generative AI while ensuring compliance with internal policies and external regulations.
In another notable development, The Barrister Group (TBG) made history as the first chambers to secure private equity backing with an eight-figure investment from LDC. TBG, which includes Clerksroom Chambers and Clerksroom Direct, aims to expand its offerings and invest in technology, further enhancing its innovative approach to remote-based legal services.
Trends
Embedded payments, an increasingly popular trend in the legal industry, were in the spotlight yesterday. Law firms are turning to automated payment methods, leveraging virtual operations and hybrid workforces to streamline processes and improve cash flow management. With digital payments speeding up the collection process by 62%, both clients and firms benefit from enhanced client service and operational efficiency.
Integrated technology in legal operations is also gaining traction, with legal professionals embracing multi-year technology strategies and roadmaps. This approach allows for greater efficiency and strategic value across organizations by connecting different practice groups and major software systems, leading to improved decision-making and reduced operational costs.
Analysis
One of the most significant developments in legal technology yesterday was the launch of Lega's LLM provisioning and governance platform. This platform addresses the pressing need for law firms and organizations to explore the capabilities of large language models (LLMs) while ensuring responsible usage. By providing secure access and real-time compliance checkpoints, Lega empowers legal professionals to leverage generative AI tools without compromising internal governance policies or external regulations. This platform's launch marks a pivotal moment in the legal industry, where innovative technologies can be harnessed responsibly to benefit law firms and their clients.
Furthermore, the rise of embedded payments and integrated technology in legal operations signifies a shift towards enhanced efficiency and client service. By automating payment processes and integrating legal technology with major software systems, law firms can streamline operations, reduce errors, and gain valuable insights for growth and success. This trend is expected to continue as law firms seek to optimize their operations and financial management capabilities.
Key stories
Women in eDiscovery, a nonprofit organization focused on technology in the legal profession, has announced the expansion of its leadership team with the addition of three positions. Patti Zerwas will serve as the director of programming, responsible for implementing programs aligned with the organization's strategic objectives. Maribel Rivera will take on the role of director of special events, overseeing the planning and execution of various events. Emily Bartkowicz has been named director of charity and will manage the organization's charitable operations and programs. This expansion demonstrates Women in eDiscovery's commitment to empowering its members and providing educational and leadership opportunities. The newly appointed directors bring extensive experience and a passion for supporting the organization's mission. With the addition of these roles, Women in eDiscovery aims better to serve its community and the legal tech industry. The organization is also seeking to fill positions for an IT specialist and director of marketing and communications to enhance its leadership team further. Overall, this expansion showcases Women in eDiscovery's dedication to fostering growth and professional development for women in the legal tech field.
New York-founded start up Lega launches LLM provisioning and governance platform (Legal IT Insider)
New York-based startup Lega has officially launched its LLM provisioning and governance platform, offering law firms a secure and efficient way to explore and implement generative AI technologies. The platform, built on the no-code platform Betty Blocks, allows firms to build and configure API-driven solutions easily. Lega aims to provide guardrails for employees to explore new technologies while ensuring compliance and regulation. With the ability to bring their own API keys, law firms can test various models side by side, simplifying the process of exploring different generative AI tools. The platform also provides a governance layer, enabling firms to manage secure access, set compliance checkpoints, and control traffic to and from the models. Lega's launch marks a significant step in safely harnessing innovative technologies in the legal industry, allowing firms to explore and benefit from generative AI while maintaining control and security.
All stories
The Barrister Group secures PE backing from LDC in Bar first (Legal IT Insider)
Legal services firm The Barrister Group (TBG) has become the first barristers' chambers to secure private equity backing, with LDC investing an eight-figure sum for a minority share. TBG allows barristers to work remotely using its proprietary Chambers365 management software. The investment will help TBG develop its technology and business model and expand its offering to a wider talent pool.
GRE Building A Better Test… But Is It Still A Good Test For Law Schools? (Above the Law)
The GRE General Test will take less than two hours to complete from September 2023, making it the shortest and most efficient test among top professional, business, and law school admissions test options. The changes include the removal of the "Analyze an Argument" task in the Analytical Writing section and a reduced number of questions in the Quantitative and Verbal Reasoning sections, leaving law school admissions officers less to work with when weighing a GRE score against a standard LSAT result. While the changes are student-friendly, they may not benefit law schools as much as other disciplines.
4 Keys To Effective Mentorship For Your Small Firm (Above the Law)
Small law firms have unique opportunities to develop young attorneys who may one day take over the firm's operations by fostering relationships that naturally form in close-knit working environments. Capell Barnett Matalon & Schoenfeld, a firm tackling various legal matters with a team of 20 attorneys based in New York City, Long Island, and Miami, focuses on mentorship. The firm fosters natural mentor-mentee relationships, builds confidence, creates comfortable communication, and spurs career growth to maintain a firm culture that encourages attorneys to stay.
Contract management is too integral to keep it just within legal (Legal Dive - Latest News)
Legal operations have evolved beyond their traditional scope to become an integral part of the enterprise, with legal operations professionals increasingly involved in strategic initiatives outside legal. Technology is crucial in enabling legal teams to work smarter, not harder, and focus resources on higher-value work while reducing operational costs. Integrated technology that leverages AI can help legal operations broaden their impact by extracting data at scale and making it accessible, ultimately driving change and increasing efficiency and performance.
CROWN Act takes root in Texas (Legal Dive - Latest News)
Texas has become the latest state to pass the CROWN Act, which prohibits hair-related racial discrimination in the workplace, schools, and housing. The law will go into effect from September 1, 2023. The CROWN Act has already been passed in several other US states and aims to address the fact that legal definitions of race have previously excluded hair texture and protective hairstyles.
Legal Tech vs. the Billable Hour: Experts Weigh In (Legal Tech Monitor)
The billable hour symbolizes the legal industry's commitment to maintaining the status quo. It has endured for a long time.
Algorithms and Antitrust Require 'Under the Hood' Knowledge of AI (Legal Tech Monitor)
The question at hand is whether pricing decisions made by algorithms or artificial intelligence should undergo additional antitrust scrutiny. This is an emerging issue that needs to be addressed. The concern is whether the use of technology should change the way antitrust laws are applied to pricing decisions.
Law firm Bernstein Shur has partnered with Nexl, a CRM and revenue operations platform, to enhance client relationships and drive growth. The platform will allow Bernstein Shur to monitor client opportunities and referrals, manage projects and tasks, and facilitate communication within the firm. The partnership will enable the law firm to streamline business development and project management processes and launch business development activities quicker using accelerators for key client development and partner business development plans.
Getting Paid Faster: Embedded Payments (Attorney at Work)
Embedded payments refer to storing a payment method in an app for easy access to a service or product. Law firms are turning to automated payments for faster and more accurate billing and invoicing, which can improve client service and operations. As embedded finance options expand, law firms can make or accept payments, obtain financing, process payroll, pay vendors, or provide insurance quickly, all within a familiar practice management workspace.
