With more than 100 legaltech companies in China, China is gearing up to become a market leader in the legal space.
According to Liu Yan of Shanghai Bestone Information & Technology, the rapid development of artificial intelligence is modernising the legal marketplace in China. Speaking to China Daily, Liu estimated the market size of China's AI-assisted legal industry to be 80 billion yuan ($12 billion) in sales in 2016, adding that the the market was expected to reach 500 billion yuan ($74 billion) in the coming decade. Already China is using blockchain technology for evidence, whilst the State Council has issued guidelines on the development of AI last month and the Minister of Justice called for setting up a unified legal service network through technology.
The ambition was discussed at last month's Legal+Technology New Champions Annual Convention where artifical intelligence and China's role in developing the legal sector was at the top of the agenda. The event was hosted by Shanghai-based BestOne Information & Technology, a legal services provider with a consumer-facing platform for quick legal consultations delivered through an online and voice platform and which has seen 21 million legal consultations in the last eight years.