With the introduction of the tech savvy world, every industry has seen a sea change in the way they operate. Law firms are too picking up the trend and making use of the growing technology infrastructure making it a Legal-tech firm from traditional law firms. To support and make use of the best use of the technology, many new legal-tech startups are coming into limelight which have created a niche for themselves.
Every legal team is dealing more than ever with a commercial world that is becoming more and more digital. The delivery of legal advisors has evolved because of the digital revolution. This has caused Lawyers to look for available solutions to effectively handle the growing mass of digital information. We are witnessing many Legal Tech solutions being introduced which are useful to the digitalizing legal services landscape.
“Recently, a Legal-tech startup named SpotDraft raised the highest Series A funding of $28.1M. This legal-tech startup makes end-to-end contract lifecycles smoother, faster, and easier so lawyers get more time to focus on work that really matters.”
What is Legal-tech and how it is disrupting the Legal Services industry
Legal Technology, or Legal Tech as it is now known, is software and technology used by law firms or legal startups to facilitate and improve legal procedures. The goal of Legal Tech is to boost productivity, optimize present workflows, and improve overall knowledge and information management in legal firms or organizations.
A business that uses technology to develop new legal solutions is known as a legal tech startup. Legal Technology Firms have sprung up because of technological advancements in the legal profession. These startups use technology to improve the effectiveness, availability, and cost of legal services. Legal tech businesses may concentrate on a range of legal-related topics, including document management, contract analysis, e-discovery, legal research, case management, and management of legal practices. These startups offer tools to the lawyers for improving the flow of the work and increasing productivity.
The coronavirus pandemic impacted every sector of the world in one way or the other, so the legal system was also forced to shift its working online. New Legal-tech entrants have played a significant role in assisting legal tech businesses in offering legal aid in all aspects. As a result of the epidemic, the legal sector has been compelled to modernize and move towards digitalization. So, the legal-tech was a solution to every problem that the legal system was facing.
Clients can keep a direct check on the status of their case as the legal tech is very transparent. Legal tech is so efficient and quick that people are now again starting to trust the legal system more.
Factors contributing to the rise of legal-tech startups in India:
1) Cost effective: Startups in the legal tech sector offer legal services for less cost than established law firms. This is because they employ technology to automate processes and lessen the demand for physical labor. As a result, individuals and small businesses may find it easier and more cost-effective to receive legal services.
2) Changing consumer expectations: More transparency, efficiency, and accessibility are becoming standards among consumers of legal services. This is partially because of the development of digital technology and the on-demand economy, which have increased demands for convenience and customer service. Because they offer online platforms for linking clients with lawyers, giving real-time updates on legal matters, and offering various payment alternatives, legal tech businesses are particularly positioned to offer these kinds of services.
3) Efficiency: Startups in the legal technology industry provide products and services that help automate regular operations and simplify legal processes. For law firms and legal departments, this can result in time and resource savings.
4) Accessibility: Legal tech startups can provide legal services online, making them more accessible to people in remote areas. This is particularly important for people who may not have easy access to legal services due to geographical, financial, or other barriers.
5) Data-driven decision-making: Legal tech startups can offer insights on legal trends using data analytics and artificial intelligence. This can assist lawyers and clients in making knowledgeable choices on legal tactics, negotiations, and settlements.
6) Regular updates: Video conferences can be done to regularly update the clients about their case status.
7) Different opinions: Clients can get different lawyers’ opinions on their legal matters and that too not just across the country but from foreign country lawyers as well.
8) More productivity: Technology enables legal corporations to manage their data more efficiently, increasing the efficiency of their job.
Features of India’s legal technology market
1) Legal research and analysis: Because of the rise of legal technology, many Indian legal start-ups have started providing legal information from all over the world. Due to this, legal research has become very simple, effective, and less time-consuming.
2) Managing online contracts: Certain legal technology businesses in India assist lawyers in managing their contracts online. It takes a lot of time and effort to prepare a contract manually. These businesses assist lawyers and law offices with the drafting and online delivery of contracts.
3) Online dispute resolution: Online Dispute Resolution lessens the burden on the courts, where there are already a great number of cases pending. The people can file complaints exactly like with any other alternative dispute resolution. As a result, consumers benefit because their conflicts are successfully handled.
4) E-Discovery: It helps lawyers and other legal professionals in a variety of legal activities, including research, data collecting and storage, alternative dispute resolution, information exchange, etc.
5) E-Signature: Nowadays, Legal professionals are not required to sign or verify various paperwork and documents in person. Clients can use e-signature platforms to fill out papers, self-attest them, validate them, and transmit them all online.
6) Legal marketplaces: This assists consumers in finding lawyers online. People can get legal assistance from lawyers of their choice within the constraints of their budget and location.
Final Thoughts
Legal-tech startups use technology to deliver efficient and accessible legal services, thereby disrupting the lengthy procedures with realtime support. Startups which are working in the field of legal technology are accelerating digital transformation throughout the legal process with some of the key advantages including but not limited to security, scalability, rapid development, and fluid architecture. Numerous new legal-tech start-ups have emerged to assist the legal community and law students. These legal-tech companies provide not just legal professionals but also laymen with quick, effective, and efficient legal solutions. At Compliance Calendar, we help entrepreneurs with the registration, accounts, legal, tax and compliance services online with the use of technology to remain compliant and grow at larger scale promoting good corporate governance.
