Q: Is legal tech a fad or the real thing?
A: Chris Combs believes that legal tech is here to stay. Historically, lawyers have done things manually, but going forward, technology and software will be essential to how they run their business. With the growth of AI, particularly generative AI, legal tech products will significantly impact the day-to-day work of lawyers.
Q: What does it take for LinkSquares’ success story to be repeated in an industry with many newcomers?
A: LinkSquares’ customers have seen remarkable success, with companies saving 10,000 hours in a single year on contract review projects and millions of dollars annually on projects that would normally have been outsourced. Legal tech software, like LinkSquares, offers automation that helps users identify key terms, risks, and important dates, making the legal team’s work appear like magic. When this information is presented in a dashboard, it can be leveraged in board meetings, showcasing the legal team’s valuable contributions.
Q: What does it take to be a winner in the legal tech industry?
A: To be a winner in the legal tech industry, companies need to focus on two key aspects. First, the products must address the various tasks that legal teams and general counsels handle daily, going beyond a single vertical. Winning products will assist companies across a wide range of legal matters, from contracts and agreements to H1B visas and employment law. Second, successful teams in the legal tech industry will be strong and multidisciplinary, with expertise in both legal matters and technology, particularly in the rapidly evolving world of AI and generative AI. This multidisciplinary approach is crucial for executing in a market that is growing and changing so quickly.
