Surge in legal tech patents around the world

Using data gleaned from the World Intellectual Property Organization (WIPO), the company said that 579 patents covering new legal services technology were filed last year, a sharp rise on 2012’s figure of 99.

The information giant said it believes “the figures reflect the rise of alternative legal services, such as virtual law firms, and the rapid expansion of the online legal industry”.

US patents accounted for the greatest share of the total at 38 per cent, followed by China with 34 per cent and South Korea with 15 per cent.

“Technological innovation across the financial and professional services industries has grown rapidly over the last few years and the legal sector is investing to stay ahead of the curve,” said Charlotte Rushton, managing director of U.S. Large and Midsize Law Firms for Thomson Reuters.

She added: “Traditional law firms are facing increased competition, so many are adopting cutting-edge technology to streamline processes and reduce operating costs, or are outsourcing to an external provider.

“Systems such as matter management analytics allow law firms to coordinate live deals and business development programs throughout their global networks.”