ALTA Report Says Things Looking Rosy For Aus Legal Tech

Reported via Australian Lawyers Weekly who write…..

Australia’s legal technology market is “burgeoning” with new start-ups and is being bolstered by “fertile” market conditions, a new report says.

The “Global Legal tech Report: Australia 2020”, from Alpha Creates and the Australian Legal Technology Association (ALTA), showcases the nation’s trajectory as a hub for innovation by way of responses from 54 Australian legal tech companies. It is one of numerous such global reports that have been produced, with other profiled regions including Asia and New Zealand.

When asked about company sentiment regarding revenue outlook, an overwhelming majority (87 per cent) of Australian legal tech companies said they are feeling positive about their revenue outlooks for the next 12 months. None reported feeling negative about it, while just 4 per cent said they were neutral.

Further, Australian legal tech companies appear to have promising levels of access to funding relative to regional counterparts: 41 per cent of tech companies across the country say they have such access, compared to 44 per cent of outfits in Asia and 31 per cent in NZ.

In tandem with the fiscal findings is the indication from almost three-quarters (72 per cent) of Australian legal tech companies that they desire to expand overseas, while 28 per cent did not indicate this is on the horizon.

Interestingly, fewer Australian legal tech companies are seeking to expand abroad than regional counterparts, with 77 per cent of NZ-based companies and 82 per cent of Asian companies expressing similar desires.

Read more at  https://www.lawyersweekly.com.au/newlaw/28798-revenue-expansion-outlooks-overwhelmingly-positive-for-aussie-legal-tech?utm_source=LawyersWeekly&utm_campaign=06_07_20&utm_medium=email&utm_content=1&utm_emailID=882dfb433067b4011c87c45ff376fe5c42fdf5fc8de3c999c59a0ade0bb38b91