PEXA data reveals property market trends

PEXA Property and Mortgage Insights report has been published covering the year to September 2020. PEXA is “helping 20,000 families a week settle safely on their homes” the report states. Major banks win market share “A lending shift has occurred from non-major banks to majors for both new mortgages and refinances, with majors entering a ‘net win’ refinancing position from May 2020 onwards.” “Refinances have grown progressively, starting with a 20 per cent year-on-year increase in January 2020 and, at the peak, reaching a 70 per cent year-on-year increase in June 2020. This increase in refinancing activity may be a […]

Investor funds flowing into these two legaltech segments

What are investors getting excited about in legaltech at the moment? From the broad array of technology in legal services, two segments stand out: contract management and eDiscovery. Of these two, the number of eDiscovery capital raisings is fewer but much larger in average dollar value. eDiscovery Technology In September 2018, Australian-founded eDiscovery company, Nuix acquired Ringtail software from FT Consulting for US$55 million. Nuix has raised significant amounts, particularly from Macquarie Capital which has built a stake in Nuix of 65%. It is now planning an IPO with a potential valuation of the company at A$1.5 billion. On 15 […]

Sharp bounce-back in demand for employed solicitors

Just four months ago in June 2020, the demand for employed lawyers – as measured by number of job advertisements – was down 66% compared to the same time last year. That is a shocking drop – 66% fewer job advertisements for solicitors Australia-wide – but it is even worse than that because June 2019 year was already down by 7% compared to June 2018. The bounce-back has been strong but by end September 2020 it had only recovered about half of the decline. The latest Australia-wide job advertisement numbers are 32% fewer than September 2019. The demand for solicitors […]

iManage Announces Global Strategic Partnership and Technology Integration with Foundation Software Group

Initial phase to focus on development of out-of-box connector for iManage Knowledge Unlocked powered by RAVN iManage, the company dedicated to transforming how professionals work, today announced a strategic partnership and integration with Foundation Software Group, developer of a firm intelligence platform for law firms, to extend the capabilities of iManage Knowledge Unlocked, powered by RAVN, for lawyers, legal teams and other professionals. The partnership leverages the innovation of two industry leaders enabling mutual customers to access the rich, comprehensive metadata in Foundation directly from Knowledge Unlocked, enriching enterprise search results. The development of a new connector streamlines integration with […]

Predicting what kind of services clients will require from law firms – Baker McKenzie and SparkBeyond

Baker McKenzie and SparkBeyond have announced a market-first collaboration to apply SparkBeyond’s technology “to disrupt the legal industry and reimagine what legal services might look like for clients in the future.” The collaboration will initially see Baker McKenzie – through its new global innovation arm Reinvent – apply SparkBeyond’s artificial intelligence-powered problem-solving technology over the coming months to predict what kind of services clients will require from law firms, the unseen drivers of client demand and how Baker McKenzie might evolve its business to meet those needs. Thereafter, the parties plan to explore client facing collaborations across the M&A, antitrust […]

Diversity in the legal profession measured for the first time in Victoria

For Lawyers in Victoria Country of birth 78% of lawyers who responded to this question were born in Australia. This was followed by the United Kingdom, Malaysia, New Zealand and China. Ancestry The majority of lawyers report either Australian or European ancestry. The top reported ancestries are: 45% Australian 23% English 11% Irish 9% Scottish 8% Italian 5% Chinese 5% Greek 3% Indian Languages spoken 22% of lawyers report speaking languages other than English. Lawyers report speak 150 different languages. The top languages spoken are: Italian Mandarin Greek French Cantonese German Spanish Arabic Hindi Vietnamese Data on cultural diversity within the […]

In light of recent findings, Clio transforms its product roadmap to help the legal industry create a better normal

News from U.S.A. At the eighth annual Clio Cloud Conference, Jack Newton, CEO and Co-founder of Clio, unveiled findings confirming a rapid and compressed transformation of the legal industry brought on by the pandemic. To better support these permanent changes, Clio is expanding its mission to transform the practice of law, for good, to include how society engages with, delivers, and experiences legal services. “The notion of returning back to normal is altogether shortsighted,” said Jack Newton, CEO and Co-founder, Clio. “Instead, we should be thinking about how we can build a better normal. With this, we are looking beyond merely […]

Justice precinct a step closer for Sydney’s south west

Justice precinct a step closer for Sydney’s south west A $1 million funding commitment to examine the development of a multi-purpose justice precinct at Campbelltown, in Sydney’s south west, has been welcomed by the Law Society of NSW. The Federal Government, NSW Government and Campbelltown City Council today issued a joint statement announcing a $1 million strategic business case to investigate the potential development of a Community and Justice Precinct in one of Australia’s fastest growing regions.  The strategic business case will examine how Campbelltown could benefit from a new economic base focused on justice and community service professions.  The […]

LegalVision to launch in New Zealand

The innovative law firm is expanding its operations into New Zealand from 1 January 2021. LegalVision, Asia-Pacific’s fast growing law firm, has announced plans to expand its operations into New Zealand from 1 January 2021.  LegalVision has assisted over 150,000 Australian businesses and will replicate in New Zealand its successful tech-driven model of providing highly responsive, fixed-fee legal services. “The New Zealand market is similar to Australia in that there is a large number of SMEs and high-growth startups that are underserved by the traditional law model,” said Taylor Gray, LegalVision General Manager, New Zealand.  “We think our transformational approach […]

Legal technology company Lawcadia® launches new intelligent engine

Lawcadia, a leading provider of matter and spend management solutions for in-house legal teams and their law firms, has announced the launch of a new intelligent engine that will drive all aspects of its platform. Lawcadia Intelligence™ incorporates machine learning with business logic and no-code automation, providing a powerful engine for Lawcadia’s end-to-end operating system. Its new plugin architecture allows for rapid product development, giving customers, partners and Lawcadia’s own development team the ability to build new plugins quickly. Founder and CEO Warwick Walsh said the new engine was designed to help cater to the individual needs of every in-house […]