The number of legal tech mergers and acquisitions (M&A) reached 32 in the third quarter of 2020, the highest figure recorded during the time period studied. The second quarter of 2020 saw just nine deals completed. According to the source, this was likely caused by the onset of the coronavirus (COVID-19) pandemic.
Legal tech overview
Legal tech, or lawtech, refers to the use of technology software and solutions to support the legal industry and provide legal services, with the global legal tech market set to undergo sizeable growth in the coming years. The adoption of technology within the legal services industry has been heavily influenced and, on occasions, accelerated by major global events. Examples include the 2008 financial crisis and the coronavirus pandemic in 2020, with technology forming a key part of changes seen within the legal services industry whether it be companies, courts, or the classroom.
Legal tech investment
As a result of the growing demands for technology, recent years have seen record levels of investment be directed toward the legal tech market. Legal tech investment has been attracted from a variety of sources: leading law firms, venture capitals (VCs), and other investors have recognized the opportunities available in the legal tech space. This has been supported by the growing return on investment (ROI) that can be achieved through the adoption and development of such technologies and solutions.
Legal tech mergers and acquisitions (M&A) deal volume worldwide from 3rd quarter 2017 to 3rd quarter 2020
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