With LegalTech 2014 just a few weeks away the Lex Connect team decided to look at the new entrants for the 2014 class as well as vendors who attended in 2013 but did not repeat in 2014. While the data is not statistically huge, it does support general trends in the market.
click HERE for the full infographics
Most notably, the number of E-Discovery vendor is overall down, with 7 less vendors in 2014 compared to 2013. That supports a maturing E-Discovery market, especially at the high-end with many acquisitions in the past year.
In terms of newcomers, we note 6 vendors specialising in Security, either of data or documents. We also wlecome the arrival of a few more "Business Intelligence and Analytics" vendors. With some much data available to Law firms and Law Department, it is about time that data is analysed and utilised!
The graph below highlights the main movements: Blue bars indicate 2013 vendors not attending 2014. Grey bars denote new vendors for 2014
Interestingly, we have not identified a single new vendor that squarely targets the "Enterprise Legal Market" (software and services used by Law departments as opposed t Law Firms).
We also noted the "arrival" of two large UK players to the 2014 edition of : Tikit and Phoenix Business Solutions. We welcome the "internationalisation" of LegalTech which is still comprised almost exclusively of North American vendors.