I. Introduction Although the trend in recent years is changing, the “time is money” aphorism is still present among lawyers since most of them charge for their services on an hourly basis. However, not every task of running a legal practice is billable, in fact, most of them are not. 2020 Legal Trends Report found that law firms […]
When discussing about Legal Technology, or shortly just LegalTech, we may quickly get uncomfortable, since one might have in mind the law to which certain technology applies to (e.g. fintech, regtech, e-discovery, competition law etc.), while on the other hand, some define Legal Technology from the other perspective, in particular how particular technology is applied to the […]
I. Introduction Smart contracts are becoming more and more important and represent an integral component of many digital platforms and applications through the usage of Blockchain. In this article, we shall pinpoint what you need to know as to what are smart contracts, their advantages, and spotlight some functions of smart contracts through to their actual […]
During the pandemic we have seen many incentives and new legal tech solutions in legal market, especially as the legal industry scrambled to accommodate remote workflows during the pandemic. What is more, in 2021, the LegalTech market generated revenues of 18.43 billion U.S. dollars worldwide, with the market forecast to grow at a compound annual growth rate (CAGR) of […]
The legal industry has not fully embrace the potential of legal data. Legal data represents various data included in different sources of law, from legal theory data to data generated through legal practice. Legal documents, legal knowledge base, spreadsheets, billing systems, policies, emails and external data sources such as case law and legislation are stored […]
For an average person, decoding the law can be very challenging. What is more and legal experts will (surely) agree, is that law can be sometimes hard to understand even among lawyers. In this hyper-regulated world with uncountable number of legal rules, explaining the law has sometimes became mission impossible. If we add unstructured legal […]
Today’s users are becoming more and more demanding when talking about delivery of wide range of services. The Internet and Mobile technologies result in radical transformation of connecting demand and supply with the support of the technology and data analytics. Sharing economy model’s ultimate goal is to connect customers to service providers in innovative ways. […]
In general, automation represents different more or less advanced technological solutions to reduce human assistance for particular task or process (e.g. turning off the lights automatically when leaving an apartment). Similarly, legal automation is the usage of LegalTech software solutions to automate and execute tasks that are frequently performed manually by lawyers. On a more advanced level is the […]
I. Introduction Not a day passes without a trending news story related to LegalTech. Ambitious lawyers and entrepreneurs are trying to enter the more and more competitive legal market, while convincing users how brilliant the LegalTech solution is they have brought to life. As a consequence, we may witness a number of similar LegalTech products based […]
Welcome to LexRatio web page. This page contains plenty of useful information about LegalTech.
Legal Research of LegalTech is creative activity and the process of identifying and retrieving information necessary to support legal decision-making.
Legal assistance means provision of legal advice, counseling and representation by a competent lawyer with sufficient expertise in certain field of expertise.
Legal Innovation is a set of steps where the goal is to made legal practice more efficient. As a consequence clients get valuable legal solution.
Legal design is the application of human-centered design to the world of law, to make legal systems and services more human-centered, usable, and satisfying. Gamification is a step further, where adding game elements encourage user to achieve certain goal.
Legal automation and process improvement is execution of legal tasks, processes, and workflows, in part or entirely performed by machines previously trained by experts.
In the legal market legal services are provided either by the automated platform or a lawyer. Legal marketplace concentrate legal services and facilitate its delivery to the users.
LexRatio mission is to encourage LegalTech enthusiasts and the ones interested in LegalTech to take the initiative and use the technology while making the law more accessible and effective. LexRatio aim is to aggregate fragmented and sometimes confusing information on LegalTech and present it in simple and structured manner.
