One of the biggest barriers to legal technology uptake has been the combination of a traditionally very risk averse industry combined with a sea of technology vendors all cramming for a slice of the cake. The weight of deciding on vendors for the long term, when there is still relatively little integration between many products on the market is a major hindrance to adoption of technology in legal circles.
The recent announcement of Thomson Reuters' acquisition of HighQ is just the start of what could be a significant period of consolidation in the legal tech landscape. Whilst reduced choice in a market is traditionally seen as a bad thing, in the case of legal technology, I wonder whether the emergence of a select few vendors will make the decision making process easier in the short term and in the long term, as mindsets continue to change, will open up the market to the more smaller players.
I suspect that the key to the success of these emerging providers will be their continued ability to innovate within new features and functionalities and to open up their platforms to third party developers to leverage their technology.
Please do share your thoughts in the comments section below but the take home message is to watch this space!
Thomson Reuters (TSX/NYSE: TRI) today announced that it has acquired HighQ, a leading collaboration platform for the legal and regulatory market.