As the Big Four accounting companies are starting to invest more heavily in legal tech, will law firms need to stay on their toes to remain relevant?
The race to legal tech is certainly picking up speed. News broke earlier this week that the accounting firm of EY had inked a deal to begin using AI contract review platform Luminance inside of its global legal network, making it the third of the Big Four accounting firms to adopt the legal machine learning platform.
The move comes just a few months after EY acquired the alternative legal services provider Riverview Law, signaling a deeper commitment to the managed legal services track. EY isn’t the only Big Four member building ties to the legal tech industry either. Earlier this month, an alliance between Deloitte and e-discovery software provider Relativity spawned a workflow platform geared toward managing Freedom of Information Act requests.
Unless accounting companies are planning on tossing all of this legal tech in a garage somewhere until the next rainy day, law firms may have to move faster to distinguish the types of client services they provide in an increasingly crowded marketplace. [read more]
Source: Frank Ready | Legaltech News