The legaltech startups helping lawyers - or making them redundant
It may not get the same attention as other sectors, but the legal field is seeing similar digital disruption in Israel
But why? According to data from 2018, Israel has the highest number of attorneys per capita in the world - one out of 114 people, a total of 70,000 people, are registered lawyers. And they deserve to benefit from Israel’s entrepreneurs as much as its doctors, bankers, or insurance professionals.
Here, we outline some of the Legaltech companies operating in the country that are helping digitize the sector.
LawGeex helps businesses automatically review and approve contracts. It assists legal teams to speed up review turnaround, ensure legal compliance, and improve efficiency based on a pre-defined checklist from the general counsel. This is achieved due to its machine learning algorithms, text analytics, and knowledge from lawyers to highlight unusual, problematic, or missing clauses in contracts.
Product: AI-powered contract review automation
Founders: Noory Bechor (CEO) and Ilan Admon (CTO)
Founding Year: 2014
Funding: $41.75 million
Investors: Aleph, lool Ventures, Corner Ventures, La Maison Partners, LionBird, Rami Lipman, Eilon Tirosh
Not strictly a startup, LawFlex provides a network of lawyers to help corporations and startups with legal services on a flexible basis. The firm has 600 lawyers who can assist in legal process outsourcing, part-time legal counsel, legal operations, and more.
Product: Legal resourcing for financial institutions, corporations, and startups
Founders: Zohar Fisher (Chairman) and Jackie Donner (CEO)
Founding Year: 2015
LitiGate is developing a claims analysis solution to help litigators with their daily workload. Its solution uses text-analysis algorithms to compare the written arguments of opponents with past cases. It does this by structuring commercial and civil disputes from pre-action protocols all the way to the appeals stage focussing on the ‘semantic DNA’ of the arguments and nature of the circumstances.
Product: AI-powered litigate platform
Founders: Nimrod Aharon (CEO) and Guy Uziel (CTO)
Founding Year: 2017
Funding: $5 million
Investors: Brighteye Ventures, Firstime Venture Capital, Rhodium, Shibolet
Ettorney’s mission aims to get rid of the bureaucracy surrounding legal services and help save time and money. It does this by offering a variety of online services and fixed prices for startup entrepreneurs, small businesses, and families with things like company incorporation, bank account and tax file opening, trademark registration, wills and inheritance registration, and company dissolution.
Product: Automatic legal document preparation
Founders: Ron Hadar (CEO)
Founding Year: 2015
Funding: $1 million
Investors: AltalR Capital
K-Lawyers operates as a marketplace that can help law firms outsource their work domestically to U.S.-licensed contract lawyers. This can help firms take advantage of reduced costs when compared with in-house or temporary hires. Based in Israel, it can also help contract lawyers have access to steady streams of assignments and the potential for industry networking.
Product: Marketplace for freelance lawyers
Founders: Aviv Hillo (CEO), Adi Peleg (COO), and formerly Omer Hertz
Founding Year: 2016
Coretext Technologies is a B2B SaaS company helping businesses manage their legal affairs by leveraging Natural Language Processing and machine learning technologies. It provides a self-starting and self-guiding solution that provides visibility into data and business insights.
Product: Self-guiding legal affairs software
Founders: Ori Rosen (CEO)
Founding Year: 2018
Suitup operates as an app to help match jobs in the legal field with candidates based on their qualifications and desires. Candidates are sorted using an algorithm that pairs job profiles with the personal interviews that took place. Suitup also allows people to look for jobs with discretion. Its clients include Firon & Co., KPMG, Monday.com, eToro, and APM & Co.
Product: Job search platform for legal professionals
Founders: Reut Kaplan-Rosenthal (CEO)
Founding Year: 2017