Fast Company is out with its annual ranking of the world’s most innovative companies, and of the 606 companies that made the list, just four are from legal tech.
“The 606 organizations that we honor as Fast Company’s Most Innovative Companies of 2024 have met our high bar for demonstrating innovation and the impact of those innovations on business and industry,” the publication says. “They lead their fields and are transforming the world.”
Here are the four legal tech companies that made the list, based on my review. If I missed any, please let me know.
Casetext
Casetext, now owned by Thomson Reuters, was selected in the category most innovative applied AI companies for its product CoCounsel.
In its write-up, How Casetext is assigning every attorney an AI co-counsel, Fast Company says: “CoCounsel can generate — at a blazing speed — legal research memos, review thousands of documents to answer questions during discovery, and find specific contract items in vast databases of information.”
Fulcrum GT
Fulcrum GT was selected in the category business services for simpifying legal spend management.
In its write-up, How Fulcrum GT built innovative tools to provide law firms with extra support, Fast Company says that Fulcrum GT’s product for corporate legal, RapidX, “is critical to businesses that, between 2022 and 2023, saw an average 29% increase in legal spending.”
Hello Divorce
Hello Divorce was named in the category social good.
In explaining its choice, Fast Company said, this online divorce company is turning a usually messy, adversarial, and costly legal burden into a smoother process.
“In 2023, the company rolled out services in all 50 states, and more than doubled the states in which it offers full-service divorce options from 5 to 11 — all while saving its customers almost $13,000 each.”
SpotDraft
SpotDraft was named in the category of Asia-Pacific companies.
In its write-up, This Indian startup wants you to stop wasting time drawing up legal contracts, Fast Company says, “SpotDraft helps companies simplify contract creation and review by offering templates and automating the process of extracting contract data, freeing up in-house legal teams to work on less tedious tasks.”
Related: How It Works: VerifAI from SpotDraft, Using AI in Word To Help Lawyers Review Contracts Faster.
