(Sep 27) Actionstep acquisition, Elite appointment, and funding updates

Welcome to Law Tech Daily - the podcast that keeps you informed on the latest happenings in the legal tech world. Join us every Monday, Wednesday, and Friday as we explore the cutting-edge advancements and breaking news in the industry. Make sure to hit that subscribe button so you never miss an episode! In today's episode, we'll discuss Actionstep's acquisition of Soluno to create a unified platform for mid-sized law firms and the ruling that Ross Intelligence copied Westlaw's headnotes and the ongoing complex copyright and legal tech issues.

Let's dig in!

In recent legal tech news, there have been significant developments in the form of acquisitions, new appointments, and the continued impact of machine learning. Companies in the legal technology sector are actively seeking to optimize their operations for growth and efficiency by harnessing the power of machine learning. Let's take a closer look at some of the key trends and analysis shaping the industry.

One notable highlight is Elite's appointment of Lindsey Moorley as the new CFO. Moorley's experience as a former NielsenIQ SVP indicates Elite's commitment to driving strategic growth within their SaaS portfolios. Additionally, AI is making significant strides with eDiscovery Assistant's introduction of AI-generated case law summaries using ChatGPT. This revolutionary platform offers concise analyses of court decisions, signaling an exciting AI-driven transformation in the legal industry.

In terms of acquisitions, Actionstep, a practice management firm from New Zealand, recently acquired legal accounting firms Soluno and AffiniPay. This move enhances Actionstep's position in the U.S. and Canada, aiming to become a unified platform for midsize law firms. Furthermore, Dye & Durham Limited launched the Unity Global Platform in the UK, streamlining legal practice operations and supporting international firms.

The industry-wide shift towards embracing AI and software-driven solutions is clear. Companies like LexisNexis are focusing on providing detailed and updated legal resources tailored to specific markets, demonstrating an increase in customized solutions. While these advancements promise increased efficiency, they also raise questions about copyright infringement. Ongoing trials, such as the one between Thomson Reuters and Ross Intelligence, will define legal boundaries related to copyrighted content.

Partnerships between traditional law firms and tech innovators, such as Orrick, Herrington & Sutcliffe partnering with AltaClaro to create an AI training program, are encouraging signs of responsible AI adoption in the legal field. This indicates that the industry is gradually moving towards an automated, convenient, and connected legal landscape. The integration of automation and AI services in legal tasks holds great potential for transformative change in professional roles and processes, enabling law firms to achieve greater efficiency and enhance client services.

Actionstep, the cloud-based practice management software provider, has announced its acquisition of Soluno, a legal accounting software firm based in Toronto. This move is part of Actionstep's strategy to create a unified platform for mid-sized law firms by integrating Soluno into its existing offering. The integration will provide customers with the option to access both Soluno and Actionstep as standalone products.

The acquisition of Soluno is a significant step for Actionstep as it continues to enhance its market position. In addition to the recent acquisition of FilePro and LawMaster in 2022, this strategic move highlights Actionstep's commitment to innovation and growth. With a strong presence in the US, boasting around 1,000 legal professional customers, Actionstep is poised to expand its reach and provide an even more comprehensive solution for the legal industry.

By integrating Soluno into its platform, Actionstep aims to streamline the accounting processes for law firms and provide a seamless experience for its customers. The unified platform will bring together the strengths and capabilities of both companies, offering enhanced efficiency and productivity for mid-sized law firms.

This acquisition further solidifies Actionstep's position as a leading provider of practice management solutions in the legal industry. The company's dedication to innovation and expansion, particularly in the US market, demonstrates its commitment to meeting the evolving needs of legal professionals and supporting their success.

In a copyright lawsuit between Thomson Reuters (TR) and Ross Intelligence, Judge Stephanos Bibas has made a partial ruling in favor of TR. The judge acknowledges that Ross copied Westlaw headnotes and other copyrighted content from TR, and the evidence for this was largely provided by LegalEase, who admitted to the act. However, Bibas described the overall case as a "factual mess" and decided that a jury should determine other aspects of the presumed copyright infringement. Among these aspects is the validity of TR's copyright claim on its key numbers and headnotes and questions surrounding Ross's fair use defense and other legal issues.

This decision adds a complex layer of uncertainty to the ongoing debate surrounding legal tech and copyright laws. It highlights the need for clear guidelines and interpretations in this evolving sphere. As the case continues, it will be interesting to see how it shapes the future of legal technology and intellectual property protection. The ruling emphasizes the importance of respecting copyright laws while also encouraging innovation in the legal field.

And that's a wrap.

Subscribe, follow, and join us next time to learn “what happened in legal tech this week?”
... Stay informed, get ahead.