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Does Anyone Notice How Much Legal Tech Matters?
October 6, 2022
Even if no one notices, legal tech matters. To understand why, we have to consider value chains, a vast network of activity on many different levels with different inputs going into the creation of a product or service. Woven through it are professional services — including lawyers, and in-house teams, which rely on external lawyers. The majority of legal tech tools are aimed at this part of the “legal value chain.”
Economic expert Michael Porter stated that legal input was at the back of the line in the value chain. Legal tech is one step behind it. So the question is, does legal tech software input really matter? Yes, it does, and this is why: Legal tech is here to serve. In the case of commercial legal needs, legal tech is primarily here to aid lawyers, the external law firm serves the client’s in-house team, the in-house team serves the company, and the company serves the customers and its shareholders. Whether or not the vast majority of people on this planet are aware of legal tech tools, legal tech has a profound impact, feeding into the wider, global mass of value chains, which in turn feed society with what it needs.
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