Legal Tech and Big Four Competing For Legal Services Market

Legal Tech companies are hiring senior staff with services experience away from Big Four accounting firms in a push to offer services as well as products for law firms and corporate legal departments. The Big Four are responding by hiring from high-growth legal tech companies, to expand their own legal departments. Since its inception, the legal tech market has been dominated by small companies offering single solutions tools to speed up document review, or to spot key words in court filings. Now the tech companies have begun competing with law firms by offering consulting services. Tech companies are consolidating as well, using large infusions of cash from private equity companies, which recognize that legal tech is no longer a luxury but a necessity. Legal costs are rising too, due to the pressure to manage data and cyber risks.