Tech is revolutionizing the old-school legal industry. Here are the startups to watch, and how they plan to tackle growth.

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The coronavirus pandemic has accelerated virtually every industry’s path to digitize, and the notoriously old-school world of law is no exception.

Legal firms are demanding more innovation in a bid to improve efficiency and as clients seek lower costs. VCs are seeing promise in the space, opening their wallets to fund legal tech startups.

Insider has been tracking the latest in legal tech, from startups looking to disrupt the complex and paper-dependent industry, to how legacy companies are adopting new digital tools. See the latest below.

Legal tech startup news

From contracts to e-discovery, buzzy legal tech startups are snapping up investments and making big plans for growth. Ironclad, a major player in the contract space, recently raked in a blockbuster $100 million in its Series D, and plans to use the fresh capital to double down on its in-house product development.

In January, e-discovery company Reveal announced both an acquisition and a $200 million investment from the private equity firm K1 Investment Management, signaling growth as it seeks to take on the e-discovery giant, Relativity.

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M&A and VC investments in legal tech

Venture capitalists’ interest in legal tech has been surging as more companies seek to digitize aspects of their businesses and shed costs. As some of these startups move beyond the early stage, big-league players like Clio and DocuSign are also making strategic investments and acquisitions in the space, while others, like the Big Four accounting firms, may also be poised to get in on the action in the future.

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Legal tech pitch decks

Pitch decks are often instrumental to a startup’s ability to attract investors’ attention, offering insight into the company’s mission, tech, and visions for growth. CEOs and founders of some of the hottest legal-tech companies walked Insider through their decks.

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Law firms warm up to tech

Though lawyers have long been described as risk- and, by extension, tech-averse, more firms are embracing tech solutions to streamline workflow and boost productivity. Some have launched their own innovation arms, or are partnering with legal-tech companies to give themselves a competitive edge. There’s also a business case for tech adoption: Innovative firms tend to perform better, make more revenue, and maintain better client relations than their older-school counterparts.

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