Jun 14th: Will the future be passwordless?

Welcome to Law Tech Daily, the podcast that keeps you in the loop on all the latest legal tech news happening each week. Tune in every Monday, Wednesday, and Friday to find out what's happening in the ever-evolving world of law and technology. Be sure to hit that subscribe button to stay updated on all the latest episodes! In today's episode, we'll cover the rise of passkeys and emerging tech in legal tech trends, EvenUp's series B funding, and the state of cloud services adoption.

Let's get started!

Legal tech is a rapidly advancing industry that offers tremendous opportunities for legal professionals. In recent news, there have been several exciting developments worth noting.

One such trend is the move towards passkeys, which use biometric data like fingerprints or facial recognition instead of passwords. Google and other tech giants are already embracing this trend, allowing users to access their accounts with ease and security. Law firms are also beginning to adopt passkeys as a more straightforward means of secure access.

As an aside, with Apple's recent announcement of their Vison Pro headset, it will likely bring passwordless computing to the forefront. Though we'll let the privacy professionals have the first stab at the implication for those types of devices!

Another trend that's worth noting is the importance of keeping abreast of emerging technology - that's why Law Tech Daily was created! Legal industry experts are stressing the need for firms to stay up to date of the latest advancements to remain relevant and competitive. The American Bar Association's (ABA) annual technology survey for 2022 found that most lawyers and firms are now integrating cloud services into their IT, which we'll discuss in more detail shortly.

In Legal Tech news, Lit Software has appointed Derek Miller as its strategic advisor, emphasizing the ever-evolving nature of legal tech. Meanwhile, Litera is withdrawing support for DocsCorp and Workshare Compare to focus on Litera Compare, and Dye & Durham has also been appointed as a strategic partner of the Law Society of England and Wales for business services.

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Let's dive into our key stories.

EvenUp, a legal tech start-up that aims to level the playing field for plaintiffs' lawyers in personal injury cases, has just raised a whopping $50.5 million in a Series B funding round.

This impressive round was supported by Bessemer Venture Partners, Bain Capital Ventures, Clio Ventures, and Scott Belsky, founder of Behance.

The company uses AI to transform medical documents and case files into demand packages for personal injury lawyers...

Why is this important? Well, in Personal injury cases, more than 90% of cases end up being settled privately, which makes it pretty tough for lawyers to know the true value of their cases. EvenUp wants to change that. With this latest investment, EvenUp's total funding now amounts to $65 million, and its valuation sits at $325 million.

After a slow period of funding in legal technology, and more generally, it's good to hear more rounds being announced.

For our second key story, we shine a light on the state of cloud computing, specifically when it comes to lawyers and law firms. According to the American Bar Association's annual technology survey, cybersecurity is becoming a big concern for the legal sector. But what's interesting is that the adoption of cloud services is rapidly increasing, even though only 11% of respondents expected to replace an existing software tool with a cloud tool in 2022.

It seems that lawyers are embracing cloud technology, but they're also cautious about disrupting existing processes. Perhaps that's why the use of consumer and business cloud services is outpacing the adoption of legal-specific cloud services. This highlights the need for customized solutions that cater to the specific needs of the legal market.

In conclusion, the survey findings show that cloud services have become an essential part of the IT equation for lawyers, and their adoption is set to continue to grow in the coming years. So, it's clear that as we move further into the future, the cloud will play an increasingly important role in the legal field.

And that's a wrap.

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