A new breed of legal services called 'Law Firm 2.0' is emerging, characterized by small, AI-driven businesses focusing on specific legal matters.
Zach Posner, founder of The LegalTech Fund, is launching an accelerator for companies rethinking legal services and tackling the automation of legal work through AI.
The LegalTech Lab will support 10 companies with investments up to $250,000 each, focusing on tech solutions aiming to compete with traditional law firms.
While the legal tech market is growing, concerns arise about the crowded space and long-term sustainability as customers choose established vendors.