So many legal tech companies making big promises and delivering so little. They have raised millions of dollars and their products do not work. Some have been boasting for years that their AI will replace lawyers and so far no replacements. Many CLMs suddenly have AI in their products, but do they really?
Everyday a new CLM or "AI" legal tech pops up in the industry. Most of these tools are NOT created/evolved by lawyers or legal professionals so they don't even understand the problem they want to solve. The industry is growing rapidly with millions of dollars invested in a handful of companies. What happens to the investors and users when these companies cannot perform or sustain?
Should there be a Theranos caution of legal tech companies? What are the risks to the general public, investors and legal industry if there are no ethical standards imposed?
Will regulatory investigations curb innovation and competition? Will no action cause a bubble burst for legal tech thereby causing a trust burst for users? 🤔