Rising demand of legal-tech startups in India

Abstract

Lawful innovation is customarily alluded to the use of innovation and programming with a view to help singular legal counselors, law offices, medium and enormous scope organizations with training the executives, record stockpiling, charging, bookkeeping and electronic discovery. Since 2011, Legal Tech has developed and connected more with innovation and thereby new companies given individuals admittance to online programming that diminishes or at times wipes out the need to counsel a legal advisor, or by interfacing individuals with attorneys all the more productively through online commercial centers and attorney coordinating websites. Advances in innovation, for example, computerized reasoning permits present day programming to filter authoritative records, smooth out interchanges and to find applicable casework for legal advisors.

In recent years, legal technology had got a lot of attention as digitalization came along with it. The incredible rise of technology led to the foundation of many startups across the world. It tremendously transformed the industries and startups and took them to the next level. Legal technology is the use of technology to support the legal field in every aspect. This technology is providing legal services to people using the online mode. The purpose of legal tech companies is generally to amend the traditional legal field and its scope.

This technology is to deviate the physical meets for the consultation to the problems of the client and to promote legal advisors, legal clients, law firms, and other legal institutions. It took many changes to the legal field at every point in time. People visit lawyers and consult about their problems but this technology allows meeting through the online mode and at any place, even sitting at their own house.

In a normal law office, there’s typically tons of action and maybe twice as much administrative work. Generally, when a lawyer readies a report, it takes around 16 to 20 hours in social occasion, the information and investigating chronicled cases that are accessible on the web and outside information storehouses. When gathered, setting up the archive takes around an hour. After this, it is then screened by topic specialists or contracted bookkeepers or attorneys and so forth, where the main pass-audit exactness is somewhere around 60% to 65%.

Further, because of supply-side failures, 80% of the expense and lawful capacity’s time is spent in getting the information and 20% in examining it, which straightforwardly impacts the main concern of the business.

While tech arrangements have focused on information revelation, search and investigation level, no efforts have been done in effectively mechanizing the documentation cycle. Other than Precily, the list of AI-focused lawful tech new companies in the nation additionally incorporate Volody, One Delta, SpotDraft, CaseMine, CaseIQ, Pensieve, and Practice League among others.

Lawful tech startup Precily’s Bharath Rao reviews that five years prior there was this enormous dread around mechanization apparatuses diminishing the billable hours for legitimate firms, which directly affected their income. As of now, Precily professes to assist its customers with accomplishing 305% in income. Rao said that charge and legitimate firms are confronting both market interest level weights on efficiency. Precily asserts a first pass-survey precision level of 92%. Pass-audit or pass-in-survey is a cycle of investigating a report on numerous occasions by different specialists or senior legal counselors, before the draft or accommodation is concluded.

RISING DEMAND OF LEGAL-TECH STARTUPS DURING THE PANDEMIC

Pandemic is another reason for a surge in the demand for legal tech services as this pandemic confined people to their home, with most people seeking online solutions to their physical problems. The office visits and physical meets were prohibited which meant that the problems had to be sorted out online. People under the influence of legal distress, were looking for instant legal consultation. These legal distresses included property disputes, disputes related to divorce and financial issues, etc.

Such startups are also challenging the notion that like legal advice come with a heavy price tag. The legal technology made legal advice easily accessible for those who are financially unstable. It brings down the cost of legal advice to end-users. Many legal startups have launched services where people who are engulfed in any kind of distress, can talk to a lawyer and get adequate legal advice at any moment. These startups were not only helpful to the clients during the pandemic but also helped lawyers and legal advisors to work from home and thereby stay safe. They can give services to their clients from the comfort of their homes. Rao, originator of Precily, is of the opinion that presently with Covid-19, a lawful and consistence computerization stage, accepts that clients are getting more receptive to innovation that has prompt quantifiable monetary advantages as far as both cost-investment funds and opening up new income streams are concerned.

HIGHLY DEMANDED LEGAL-TECH STARTUPS

  1. Among the hottest legal tech companies in India, PracticeLeague is one of the few. PracticeLeague provides a host of solutions for law firms and legal departments across the country and around the globe. Some of the services provided by the company include Legal Contract management services, Matter and Case management, IPR management, Document management among others. The company offers legal technology solutions to diverse industries with some of the Fortune 500 companies as its clients.
  • LawRato:  LawRato launched a real-time video consultation with lawyers, where initial advice is free of cost for users. After the launch of this service, the portal is witnessing about 500 video consultation calls per day where people can consult their problems, says Rohan Mahajan founder of LawRato. This idea of providing services reduced the time and physical meets. As technology is continuously growing, law and technology is going to be hand in hand.
  • Presolve360: Mumbai based legal-tech platform, high in demand platform specializes in resolving financial disputes through electronic and media mode. It provides a great opportunity to consult about commercial disputes. It providing an online arbitration module for commercial disputes. It helps disputants settle their legal cases out-of-court in a manner that is cheaper, faster and better.
  • Legal kart: According to the legal kart, it had started instant legal advice in which anyone could take legal consultation with lawyers by paying as low as rupees 249 onwards.  This startup was founded in December 2018 and currently has a network of around 5500 lawyers across the country. According to the legal kart, it received 25500 legal help requests for legal advice from 500 cities across the country. A lawyer with Legal Kart Application can also connect with its existing clients and also accept new client assignments making it an ideal app to grow in the field of legal practice. In the short term, this venture has enabled lawyers to adopt technology so that all the manual processes can be automated and they should be able to focus more on their core strengths. In the long term, the team sees Legal Kart’s evolution as an AI-enabled system which will do predictive analysis of cases, auto contract drafting, document vetting, smart legal research using Machine Learning and Natural Language Processing and it will be an integrated ecosystem of all the stakeholders including clients, lawyers, and businesses.
  • Ipleaders:  It offers over 60 in-depth online courses through LawSikho.com and top universities. It also offer legal courses to large corporations to fulfill their internal training requirements as well as to colleges which want to train their students better for emerging needs of the legal industry. Courses are used by top players in the industry, both individuals and organizations. From lawyers, law students to managers, government officers, directors and consultants, their courses cater to a wide range of people. It plans to make lawful instruction more open to the general population. They maintain an Online Business Diploma Course from National University of Juridical Sciences, Kolkata. Alongside that, they give Bar Coaching and preparing to requirement of hostile to anti- sexual harassment rights.

Conclusion

With the increasing growing tech trends, the changes in the work process, and the enhancement of efficiency of the services to the clients is the main course of legal technology. The increasing demand for advanced technology has gone beyond traditional law practices. With the introduction of artificial intelligence, legal tech is rapidly increasing and providing services to people. The goal of legal tech startups is to expand the quality of services and providing support to the law. The use of legal technology is not only for the general public, but the legal tech is a helping hand for the lawyers as well. The lawyers need to be well-known about the technology and adaptation of technology. A big number of legal tech startups have come up in the market to provide legal tech services and support to the people and reducing the gap between the lawyers and the client. The acceptance of legal tech at such a large scale is because it is cost-efficient and reduces the time taken to deliver certain services and ensures a better way of consult to their clients. These startups are well known in India now and are increasing their strength day by day with the increasing technology.

By- Moin Alam

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