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46 P E E R T O P E E R : I L T A ' S Q U A R T E R L Y M A G A Z I N E | W I N T E R 2 0 2 1 • Trust: The legal tech industry is growing rapidly with new entrants, including many early-stage start- ups. Which vendors will still be around in five years? • No Interoperability: Even after newly acquired tools are in place, the lack of interoperability between these tools and existing software limits efficiency and productivity. This frustration is exacerbated when compared to how many personal consumer apps works (for e.g., one-click purchases and installation). • Cost: There is often significant cost for consultation, implementation and set up for newly purchased tools. How are Law Firms and Legal Departments currently dealing with these pain points? Trying to work through these challenges and pain points can be a fragmented and lengthy process, including doing the following: • Searching on the Internet • Contacting peers at other organizations • Contacting various sales representatives, who may not respond as quickly as desired • Contacting customer support representatives for the products they currently use • Trying out different products by subscribing to trial plans, if any, and testing what works and what doesn't • Hiring an agency, freelancer, or in-house technologist to build custom applications Navigating each of these steps is time consuming and may not lead to desired results. How is the Legal Tech Industry evolving to help? To alleviate the pain points associated with researching and selecting the best legal tech available, new legal tech marketplaces were born. These marketplaces are directories of legal tech solutions that allow law firms and legal departments to discover what they want, when they want. The universe of legal technology solutions has grown rapidly in the last two years and the number of F E A T U R E S How are Law Firms and Legal Departments currently dealing with these pain points? Trying to work through these challenges and pain points can be a fragmented and lengthy process, including doing the following: • Searching on the Internet • Contacting peers at other organizations • Contacting various sales representatives, who may not respond as quickly as desired • Contacting customer support representatives for the products they currently use • Trying out different products by subscribing to trial plans, if any, and testing what works and what doesn't • Hiring an agency, freelancer, or in-house technologist to build custom applications Navigating each of these steps is time consuming and may not lead to desired results. How is the Legal Tech Industry evolving to help? To alleviate the pain points associated with researching and selecting the best legal tech available, new Pain Points No Interoperability Administrative Overhead Trust Cost

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