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Will LegalTechs have the same future as FinTechs ?

2020-06-12

In a very interesting article, Maddyness uses an Anglo-Saxon study to compare the development of the FinTechs sector, these companies having brought technological evolutions to the financial sector, and the development of LegalTechs, their equivalents in the legal field.

The article summarizes the development of FinTechs ten years ago as follows: First, disparate, marginal and little-known offerings developed. Then, in the space of a few years, the sector was structured around heavyweights and more comprehensive and diversified offerings. This is where the traditional players, led by the banks, began to look for partnerships with the most promising startups, enabling FinTechs to develop its full potential.

The LegalTechs sector could therefore follow the same development, as they are just beginning the structuring phase. In Luxembourg, we are even at the very beginning with the timid development of the first offers, including ours. The real question that remains, however, is whether legal players, including many independent lawyers, will be able to adopt the new technologies available to them as easily as the big banks. That is in any case all we want, in order to continue to support the daily activities of lawyers and to assist them in their digitalisation.

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