Startups in the legal tech or services market have traditionally had to go up against more robust legacy companies with an established toehold in law firms or legal departments. But the economic disruptions brought about by the spread of COVID-19 may be pushing firms and other consumers of legal services to consider pursuing less established—and in some cases less expensive—alternatives.
To be sure, startups are occupying the same legal tech market as legacy companies, a space that has already seen some collective belt tightening among both businesses and clients alike. Law firms are engaging in salary cuts, layoffs and furloughs, while legal tech providers like e-discovery company DISCO have also trimmed staff to ”proactively address and reduce potential risk” in the face of COVID-19.
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