New Paradigm Investment Makes Seed Investment in Legal Tech Startup 'Loyerd'

New Paradigm Investment, an accelerator specializing in 4th industrial revolution investments, made a seed investment in the AI legal tech startup 'Lawyered Company.' From the left in the photo: Bae Sangseung, Co-CEO of New Paradigm Investment; Son Suhyuk, CEO of Lawyered; Moon Junsik, CTO; Park Jehyeon, Co-CEO of New Paradigm Investment.
[Photo by New Paradigm Investment]

[Asia Economy Reporter Kim Jong-hwa] New Paradigm Investment, an accelerator specializing in 4th industrial revolution investments, announced on the 20th that it has made a seed investment in the AI legal tech startup 'Lawyered Company.' Legal tech is a newly emerging business field combining law and technology.

Launched officially in June, Lawyered is a startup that enhances lawyers' work efficiency and supports scientific litigation through AI technology.

Currently, Lawyered provides the work transaction platform service 'Bokdaeri,' which connects lawyers. This service is highly regarded in the industry for improving efficiency by reducing travel time between distant locations, allowing lawyers to focus on legal work. It has created new services not previously available in the industry, such as record transcription, detention center visits, and investigation participation, and differentiated its service by introducing automatic completion of Bokdaeri power of attorney forms.

As of July, 1,500 lawyer members are active on the Bokdaeri platform, and approximately 2,000 transactions have been conducted during about one year of service operation. Based on this, the long-term goal is to secure more than 15,000 lawyer members and achieve an annual transaction volume of around 60,000 cases.

Lawyered plans to launch a sentencing simulation tool called 'Lawyered' in the second half of this year. It analyzes judgments to predict sentencing and finds precedents with high similarity to the case. Additionally, it provides information such as trial duration and worst precedents to assist lawyers in their work. By dissecting cases with 30 to 70 variables per field, it enhances the precision and accuracy of the analysis.

Starting with an analysis service for forced molestation precedents, Lawyered plans to expand searchable areas to other criminal cases such as drunk driving, fraud, and defamation, providing the verified data to lawyers during this process. This service is expected to improve the chronic issues in the legal market that relied on intuition or former officials.

Son Su-hyuk, CEO of Lawyered (lawyer), stated, "Lawyered's core is to break the monopoly of information held by a few by database-izing and advancing past judgments to provide expert-level data, thereby increasing information accessibility for many lawyers." He added, "We will create solutions that lead a virtuous cycle to resolve polarization in the legal community based on data and science rather than titles and experience, and to restore trust in the legal market."