The legal world’s sometimes glacial pace does not obviously lend the industry to being disrupted by new technologies—but venture investors seem to be betting big on exactly that.

“When you look at the cloud and other technology, the legal industry has been resistant to it,” said Jesse Wedler, a partner at CapitalG who has been watching the legal tech space for about eight years. “Now you are seeing people have an increasing appetite for this technology. But it’s still early innings—like the first or second inning.”

Legal tech companies have already seen more than $1 billion in venture capital investments so far this calendar year, according to Crunchbase data. That number smashes the $510 million invested last year and the all-time high of $989 million in 2019.

Industry insiders say the increased investment is due to challenges brought about by the COVID-19 pandemic and what was already a plodding, but steady, change in the legal world to accept cloud and other technologies that are attempting to bring the sector into the 21st century.

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