One of the product categories that doesn't get a lot of visibility is the somewhat mysterious cross-section of law and tech disrupting the legal industry.
For anyone unfamiliar with this product category, let's begin with the basics:
What is the difference between Lawtech and Legaltech?
The terms "Lawtech" and "Legaltech" are often used interchangeably, but there is a subtle difference between the two.
Lawtech refers to using technology to improve the internal operations and processes of law firms, legal departments, and the legal profession. This includes using technology to streamline document management, timekeeping, billing, and case management.
Examples of Lawtech companies include:
- Clio - provides cloud-based practice management software for law firms, including features like time tracking, billing, and document management.
- iManage - offers document and email management software specifically designed for law firms and other professional services organizations.
- Onit - provides enterprise legal management software that helps legal departments automate and streamline their workflows and processes.
In contrast, Legaltech refers to the use of technology to improve the delivery of legal services to clients. This includes using technology to provide legal advice, automate legal processes, and improve access to justice.
Examples of Legaltech companies include:
- LegalZoom - offers online legal services to consumers and small businesses, including document preparation, trademark registration, and business formation services.
- DoNotPay - offers a chatbot that provides legal advice and helps users fight parking tickets, dispute landlord-tenant issues, and more.
In general, Lawtech focuses on improving the efficiency and effectiveness of legal work, while Legaltech is more concerned with improving the accessibility and affordability of legal services. The two terms, however, are often used interchangeably and can overlap in many ways.
Interested in the nuances when hiring product, marketing, or sales talent within these product categories? We’ve got you covered!
Keep an eye out for our blog next week, where we discuss the nuances in Product Marketer profiles for legaltech and lawtech startups.