The international legal guide of Chambers and Partners has been a leader in ranking law firms and attorneys around the world since 1989. For the first time, Chambers and Partners conducted their extensive research with a focus on Legal Tech, which was just released.
The rankings are based off several criteria which include technical legal ability, professional conduct, and client services, among others. When a company is ranked, they are placed into six groups numbered Band 1 through Band 6. Band 1 is the highest rated, but even being placed in band 6 is a major accomplishment.
It should be mentioned, Chambers & Partners is considered by many to be at the forefront of creating international legal guides, stressing the impressiveness of being placed in any of the bands.
We now find ourselves with the recent rankings that Chambers and Partners are delving into for the first time, Legal Tech. The guide ranked 10 different categories in the legal tech sphere:
- Business Management
- Compliance and RegTech
- Consumer Services
- Contract Analysis
- Document Automation
- Incubators and Accelerators
- eDiscovery and Dispute Resolution
- Practice Management
- Workflow Management and Service Platforms
Narrowing the focus in this article, we will break down and describe the category of “LawTech document automation.”
First, let’s define what it is. In a nutshell, Document Automation refers to AI software’s that assist in the creation of electronic documents. These software’s save lawyers valuable time by creating an accurate document with all necessary clauses in the matter of seconds.
In this specific category, only 8 companies were placed into band 1, and among them was the Israeli based legal tech company of “LawGeex.”
LawGeex, founded in 2014 by Noory Bechor and Ilan Admon, offers services for contract lifecycle automation. This means that the AI assists with every step of the document process: drafting, negotiating, extracting, and storing. Key features of the LawGeex software include their revolutionary redlining technique that highlights unacceptable or missing clauses based off the firm’s own policies. Some notable LawGeex customers include Dun&Bradstreet, eBay, HP, Pepsi, and PWC.
After using the software, eBay stated, “[LawGeex] Contract Review Automation is fundamentally changing how we work, helping us be more impactful.”
The other companies honored with a placement in band 1 were Avvoka, Bryter, Clarilis, HotDocs Limited, Ironclad, Juro, and Kim Technologies. These companies from all around the world offer different ways to create documents and share them with a firm’s customers simply and effectively.
This is a monumental step for Israel and the legal realm — a company that has only been around for few years has been globally recognized as a leader in its field, bringing more attention to the Israeli market. LawGeex is paving the way for many other Israel-based legal tech companies and its influence is clear. LawFlex, Litigate, and Darrow are among the several companies looking to follow in its predescesors footsteps and gain such global recognition. Currently, Israel has over 50 legal tech startups, and it is not long before several others join LawGeex in global recognition.
A recent projection predicted that the legal tech AI industry will be worth $7.3 billion by 2027. The field is drastically growing, and LawGeex has already solidified itself as a market leader and a powerhouse for the near future. When a field grows, there is room for many other companies to grow as well. With over 50 legal tech companies, Israel is in a great position to be leaders in the legal tech field, already having one globally recognized company.