According to Legaler CEO and ALTA board director Stevie Ghiassi, who was the report’s global director, an examination of Australia’s legal tech companies reveals a “vibrant, thriving and kaleidoscopic market”, which is home to a diverse range of companies at many different stages of development.

“It will be interesting to track the impact of COVID-19 on this market, given it represents both a threat and an opportunity for legal tech companies,” he said.   

Looking more broadly, Alpha Creates researchers Eric Chin and Graeme Grovum said there were three “clear” themes emerging from the Australian market for those in the legal tech space to be aware of:

1.   Gender representation and differing focus

The report found that only 30 per cent of Australian legal tech companies have female founders or co-founders, it noted.  

“Australian legal tech companies founded by women are more likely to focus on a broader target market than just law firms and are also more strongly focused on the domestic market, with 44 per cent interested in international expansion compared to 84 per cent of those without female founders or co-founders,” Mr Chin said.

2.   AI companies are thriving

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“However, it is clear that AI-based companies are bullish on the future, with twice as many developers, almost universal plans to increase their developer teams and more ambitious international growth plans than non-AI based companies,” Mr Grovum observed.

3.   Integrated solutions attract external funding

“More integrated solutions providers (52 per cent) have been successful in attracting external funding than point solutions providers (32 per cent),” Alpha Creates noted.

Mirroring what was found with AI companies, integrated solution providers also have larger developer teams and stronger appetites for expansion into international markets, the researchers added.