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EUVC
E342 | EUVC | Panel discussion on the intersection of Law & Tech - a deep dive into legal innovation
Aug 13, 2024
Tom McGinn, General Counsel at Northzone, and Zach Posner, Co-Founder & Managing Director at The LegalTech Fund, dive into the exciting world of legal tech and its intersection with AI. They discuss how generative AI is reshaping the legal landscape and emphasize the need for law firms to adapt to new tools cautiously. The conversation highlights client pain points and the importance of user experience in tech solutions, while also tackling the unique challenges of innovation in a traditionally risk-averse industry.
59:41
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Quick takeaways
- Legal tech serves as a vital community label, helping firms navigate their identities while fostering innovation within the legal industry.
- The rise of generative AI gives legal tech companies opportunities, but firms must prioritize practical implementations that enhance efficiency and mitigate risks.
Deep dives
Understanding Legal Tech Terminology
The term 'legal tech' plays a significant role in how companies and entrepreneurs identify themselves within the legal industry. It serves as a label that helps establish a community for businesses that are innovating legal services, yet many companies don't initially classify themselves strictly as legal tech firms. The panel discusses the distinction between viewing legal tech as a vertical versus a horizontal construct, highlighting that while many companies operate within the legal domain, they may classify themselves differently based on their product offerings. This nuanced understanding fosters a sense of belonging among entrepreneurs, aligning them with relevant peers and resources.
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