In the BigLaw market, what is the fate of online legal services such as interactive advisory systems? It does not look good now but I am optimistic longer term .
Five Year Review Back to the Future in LegalIT (UK) provides a great perspective on recent legal technology trends. The section on online legal services observes that many large firms built online services but few turned a profit. “[Linklaters’ Blue Flag] remains the only major online legal service to have turned a profit…. But in most cases, firms quietly retired their online legal service brands shortly after the dotcom bubble burst.”
I believe that the cost pressures law departments face will create demand for online legal services. I prevously reported a Cisco-led multi-client effort earlier this year to create a virtual human resources law advisor. A few more GC who think outside the box or a well-capitalized third party willing to develop systems on speculation could tip the market.