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Rising Demand for Legal Tech Startups

Introduction

Justice, law, and order have turned into essential components for upholding certainty in the global world in which we live. Since legal services began to become a global phenomenon, the demand for legal document creation, approved applications, firm formation, and intellectual property management has surged. The need for a legal tech startup and the legal technology service market is no different as a result of the fact that there is little question that constantly developing technology has flooded the entire commercial world in general. The manner that the world’s top professionals work has evolved as a result of innovation and technology. The practice of law is one of these professions. The use of Legal Technology, more commonly referred to as Legal Tech, as a result of this particular technological innovation in the legal industry has significantly altered the legal environment. The use of legal technology has streamlined the work of attorneys and other legal professionals. However, the query, “What is Legal Tech and why do we require it?” still exists.

Prospect of legal technology

The response to the second of the aforementioned questions will come first. People in India typically do not feel at ease going to court to enforce their rights and remedies since it takes an outrageously long time to get a decision.[1] The pandemic has only further eroded public confidence. People lacked the means they needed to register grievances and obtain the justice they desired. It is safe to say that a lot of attorneys and clients are not comfortable with or even aware of virtual meetings and calls. Both for the attorneys and their clients, it might be challenging to comprehend someone else’s problems and concerns over the phone.[2] Legal technologists have continued to advance and link to innovations since 2011 to solve legal difficulties effectively and constructively.

On what is a Legal Technology

Let’s now address the query, “What is Legal Tech exactly?” The application of software and the internet to the delivery of legal services is known as legal technology. This benefits numerous businesses aiming to influence the legal sector, but it also benefits junior lawyers, aspiring lawyers, students, and other persons working in the legal industry to establish themselves through the use of a variety of internet research tools. Legal technology businesses’ main goal is to outperform the traditional legal profession and close some gaps. Now, Legal-Tech startups are a subset of the much larger enterprises that leverage these legal breakthroughs as a way to provide entire legal services via an internet platform, much like its older and more well-known “sibling,” FinTech (Financial Technology).[3] These types of start-ups sought to replace the traditional legal procedural work methods used by legal practitioners with more modern tech-based alternatives.[4] By making it more distinctive, changes were being made to the consumer experience in the legal industry. Apart from all that is stated above, they also provide a long list of legal services in a fast, efficient, and cost-effective manner. This benefits not only the customers but the firms too. Businesses in the legal technology sector can gain an advantage in the area of innovation thanks to significant investments in the sector.

The Role of Pandemic.

We owe the development and innovations in the field of Legal-Tech because of the Pandemic. Covid-19 has been a determining factor in the rapid pace at which Legal-Technology has impacted the lives of lawyers and law students. Initially, the rule was to attend in person even before courts to present one’s case. The Pandemic has compelled the legal system to create technology, such as online trials or teleconferences so that councilors and attorneys can present for their cases while in their homes.

Legal tech has aided the field of Law in the following way:

  1. Because Legal-Tech processes are transparent, clients can keep track of their cases at any moment and learn more about them.[5]
  2. Legal technology will be useful to both clients and attorneys. This means that lawyers can accept more clients concurrently, clients can pay less for their labor, and the strain on the lawyers is reduced.[6]
  3. People will once again have faith in the law as a result of legal IT setting an example of quick and efficient legal work.

The largest law firm in India, Cyril Amarchand Mangaldas, fostered “Prarambh,”[7] arguably the most significant legal start-up in India, in 2019.[8] This was the initial action to encourage legal innovation in the nation. The main goal of this was to assist students in finding practical solutions that would enable them to excel in their legal careers.[9] Indian legal technology providers offer a wide range of features that are assisting in their expansion. Online dispute resolution, electronic signatures, legal research and analysis, online contract management, legal marketplaces, management of intellectual property, electronic discovery, managing legal functions, document automation, accounting, billing, practice management, and other features are just a few of the features.

Now, we come to the highly demanded-legal tech startups-

First, there is “LawRato”: This interactive internet-based platform makes finding and hiring qualified attorneys in any Indian court or city much simpler and quicker. It is every person’s right to obtain the greatest, most expert legal advice from the best lawyers available. Then there is Practice League, which provides a wide range of services to law firms and departments all around the world. Among the services provided by the company are document management, case and matter management, IP rights management, and legal contract management services. The most important “private global Endeavour for law in the digital realm” is called “SoOLEGAL,” and it is a unique legal e-governance tech platform that provides “end-to-end services” to lawyers, paralegal officers, and other professionals in the legal field as well as law firms to optimize, streamline, and increase the productivity of both the practice and independent professionals. A group of dedicated lawyers striving to make the law more accessible to the general public is called “IPleaders,” and it is one of the organizations that is expanding the fastest of all. Numerous people, including consultants, lawyers, law students, and even the police, use these services. The next is “MikeLegal,” the first AI-powered legal associate in Asia, which helps legal groups automate various processes to improve competency and make data-driven judgments. It has helped legal organizations automate operations, saving time on repetitive tasks. Additionally, “Lawyer 24x” offers the best expert aid at a reasonable cost. A team of knowledgeable advisors will guide people through every stage of their journey and help them achieve their business goals. Last but not least, there is “Lawctopus”: It is a website geared toward law students that offers everything about law schools, including paper submissions, internships, moot courts, contests, and different job prospects. Other options exist besides these, including LegalKart, SpotDraft, Presolve360, and others. It is safe to say that the era of legal tech startups is only getting started and that many more are being created right now.

Conclusion

Thanks to the advancement of artificial intelligence, legal technology is quickly expanding and providing benefits to individuals. Legal IT companies want to help lawyers while simultaneously raising the standard of services. The use of legal technology benefits both the public and attorneys. Lawyers must be aware of technological advancements and changes. The distance between clients and lawyers has been bridged by the emergence of numerous legal tech businesses that provide customers with legal tech support and services. The extensive use of legal technology saves money, shortens the time required to complete specific tasks, and improves communication between lawyers and their clients. At the moment, these businesses are growing daily and are well-known even in India. On the other hand, it is impossible to compare legal-tech start-up solutions with conventional legal solutions. This is so because each is unique and equally trustworthy in its manner. The combination of these two approaches will therefore produce the best results because that is where the legal industry will thrive.

It is safe to conclude that legal technology is the future of the legal sector since data is the “money of the future,” according to specialists in the tech sector.  A vast network of legal technology has been put up in many nations, especially industrialized nations, providing a platform for the introduction of more cutting-edge legal technology in the future.  The nations outside of this global network are lagging, and their legal systems are becoming less efficient.  The benefits of legal technology are also numerous.  To reject it is to reject development and evolution.  As previously said, legal technology is also bringing in the element of operational transparency, substantially reducing the psychological distance between courts, attorneys, and clients.

Author(s) Name: Saptarshi Deb (University of Burdwan, George School of Law, Konnagar)

References:

[1] Raj Pipara, ‘Rising Demand for Legal-Tech Startup’ (The Critegal, 19 August 2021) <https://www.thecritegal.com/post/rising-demand-for-legal-tech-start-ups> accessed 22 November 2022

[2] Ibid

[3] Akash D, ‘Rising Demand on Legal-Tech Startups’ (Free Flow Zone, 23 November 2021) <https://freeflow.zone/rising-demand-on-legal-tech-startups/> accessed 22 November 2022

[4] Ibid

[5] S Chinmayee, ‘Rising Demand of Legal Tech Startups in India’ (The Legal Lock, 21 November 2021) <https://thelegallock.com/rising-demand-of-legal-tech-startups-in-india> accessed 22 November 2022

[6] Ibid

[7]‘India’s largest law firm is looking to back your next big startup; here’s what you need’ (Financial Express, 21 February 2019) <https://www.financialexpress.com/industry/sme/cyril-amarchand-mangaldas-is-looking-to-back-your-next-big-startup-heres-why/1494313/> accessed 22 November 2022

[8] Guiding legal-tech start-ups as they shape the future of Indian law’ (Cyril Shroff) <https://www.cyrilshroff.com/prarambh/> accessed 22 November 2022

[9] Ibid