Rising Demand for Legal-tech Start-ups

India, a country where around three crore cases are pending in the Supreme Court, the High Courts, and the Subordinate Courts for the last 20 years. Plagued by the limited working of offline courts in the pandemic, it has been a hectic situation for the Indian judiciary.


India is where people usually do not feel comfortable going to court for their rights and remedies solely because it takes years to conclude. Pandemic has only reduced the people's trust. No resources are available to people to file their complaints and get justice. Most of the lawyers and clients are not familiar with the technology of virtual meetups and calls. It is challenging to understand someone's problem on a phone call, both for a lawyer and his client. Since 2011, legal techs have developed and connected to innovations to solve legal queries effectively and constructively.


The primary purpose of these start-ups is to ease the legal load and amend the traditional legal work. Legal technology is the use of networks to support the legal field in every aspect. It is providing legal services to people through the online mode. The rise in technology has given rise to many tech start-ups across the country. This will help people avoid physical meetings for consultation and promote legal advisors, researchers, legal clients, law firms, and other legal institutions. With this technology, there will be no need to leave the comfort of one's home to talk or consult lawyers. One can do it from anywhere.


Ordinarily, it takes around 16-20 hours for a lawyer to read a report that completes 80% of work, and the rest is implementation. From this, we can see that the productive hours have been cut, and the same can be done by using an AI in just a few minutes. Additionally, because of supply-side failures, 80% of the expense and legal capacity's time is spent in getting the information and 20% in examining it, which straightforwardly impacts the primary concern of the business.


With time, clients are pressurizing the lawyers to use adequate technology for meetings and time management. Being tech-savvy also helps lawyers to go with the trend and help them with the market competition. In 2012, the American Bar Association voted for making amends in the rules of professional conduct, requiring the lawyers to be aware of the benefits and risks associated with relevant technology.


Legal tech is helping lawyers generate huge profits by working effectively and expeditiously. It is profitable for clients in the short term as it gives fast service, but in the long term, lawyers will make profits. It is for sure that clients will leave those firms that provide slow services for those that provide prompt services and are more aware of advanced technology.


Legal tech will assist the legal field in the following ways:

  1. Legal tech has the transparency in its process, which means clients will know about their case and can track it at any point in time.

  2. Legal tech will benefit both lawyers and clients. Clients can get their work done at cheaper rates, and lawyers can take up more clients simultaneously because their workload is reduced.

  3. Legal tech will set up an example of fast and steady legal work, and people will get their faith back in the law.


There is dialogue from a famous Netflix show titled "Suits", "SOMETIMES IT IS BETTER TO HAVE A WIN-WIN SITUATION INSTEAD OF LOSE-LOSE SITUATION."

A mixture of legal tech with the law is a win-win situation for both the lawyers and clients, thus improving their relation drastically.


Areas where legal tech has proven to be helpful:

  • Contract Management

  • Accounting

  • Billing

  • Document Automation

  • Document Storage

  • Legal Research

  • Case Management

  • Electronic Discovery

  • E-signature Platform

  • Practice Management


Most important legal, technological developments:

  • Legal tech goes global.

  • Legal research gets more innovative and comprehensive.

  • The cloud no longer looms ominously.

  • Law gets liberated.

  • Start-ups continue to proliferate.


Providing a platform to initiate a discussion between lawyers and clients is one of the benefits supplied by legal tech to cope with recent growth areas, along with:

  1. Tools for managing client relationships.

  2. Providing tools that enable individuals and businesses to cope with legal issues without the assistance of lawyers.

  3. Optimization of legal practice

  4. Analytics of data and contracts

  5. Platforms for succession planning, such as wills.

  6. The usage of a digital signature that aids in the verification of each signer's digital identification.

  7. Automation of legal writing or other substantive components of legal practice.

  8. Providing tools for dealing with immigration document preparation.


Legal tech and the Pandemic

The pandemic confined people in their homes, with most people seeking online solutions to their physical problems. The problems needed to be sorted online because the office meets and physical meets were prohibited. People under the impact of legal distress were looking for instant legal advice. These legal distresses included property disputes, violence against women, disputes related to divorce, and financial issues. Litigators have become accustomed to the workings of the courts over time and have shown a resistance to change. The rise of COVID-19, on the other hand, has compelled them to abandon their time-honored practice and adapt to the changes, providing consultation from their homes. The pandemic has demonstrated that technology is no longer an option but rather a requirement and that it must be regarded as an ally.


As a result, the long-awaited digitization of the legal profession has finally arrived. Legal digital start-ups have arisen as a savior for people in distress in these challenging times, providing them with a way to seek legal guidance. The pandemic has forced lawyers to rely on technology to provide remedies to their clients. They began with video conferencing and have now expanded to include a variety of additional legal tools.


Highly Demanded Legal-tech Start-ups:

  1. LawRato: As one deserves access to first-rate, professional legal counsel from Top Rated Lawyers, LawRato is an interactive online platform that makes finding and hiring such lawyers in any city/court in India faster and easier. They are on a mission to make the legal experience extraordinary by providing high-quality, cost-effective, and on-demand legal services for any need.

They are not a law firm, do not provide any legal services, legal advice, or "Lawyer referral services", and do not provide or participate in legal representation.


  1. Practice League: Practice League offers various services to law firms and legal departments all around the country and the world. Legal Contract Management Services, Matter and Case Management, IPR Management, and Document Management are just a few of the services offered by the organization. The firm provides legal technology solutions to a variety of sectors, including those that are not legal.


  1. SoOLEGAL: The most significant private global endeavor for law in the digital realm it is a first-of-its-kind legal e-governance technology platform, that offers end-to-end services to lawyers, paralegal officers (CAs, corporate compliance officers, and others), and law firms for optimizing, streamlining, and boosting the efficiency of individual professionals and the practice.

The platform provides an unrivaled range of services to the legal community. Case/practice management, document management, document storage, billing, invoicing, e-payment system, CRM, a marketplace for clients to interact with attorneys, and legal process outsourcing are just a few examples.

The site currently has a large online community of people from all around the world that are legally qualified to provide expertise.


  1. iPleaders: iPleaders is a group of committed attorneys working to make the law more accessible to the general public. The courses are used by diverse individuals, ranging from attorneys and law students to consultants and the police. iPleaders believe that if businesses are adequately trained and provided with the necessary tools, they can manage their legal challenges.


  1. MikeLegal: Asia's first AI-powered legal associate helping legal teams automate various processes to increase efficiency and make data-driven decisions. It has helped legal teams automate processes leading to less time on mundane tasks.


  1. Lawyer 24x: They provide the best professional services at an affordable price. A team of experienced consultants will help individuals excel in their business goals and provide support at every step of their journey. Using AI, we can identify previously missed data (if any) which helps improve the quality of work. Lawyer24x has been helping start-ups & small businesses with company registration, trademarks, licenses, GST, legal contracts since 2017.


  1. LegalKart: According to legal kart, it has launched quick legal advice, in which anybody may seek legal assistance from attorneys for as little as ₹249 and upwards. It was launched in December 2018. Furthermore, it has a nationwide network of about 5500 attorneys.

According to the company, LegalKart got 25500 legal aid requests for legal guidance from 500 locations around the country.


  1. Presolv360: Bhaven Shah, Namita Shah, and Aman Sanghvi created presolv360, a Mumbai-based digital start-up, intending to replace the traditional workings of the court by establishing a technology-backed system that would enable individuals to deal with the problem efficiently and cost-effectively.

It is an end-to-end platform where clients log in and file a dispute and choose their desired outcome. They try to settle disputes on average within 45 days.


  1. SpotDraft: Since 2017, it has established itself as a platform that uses legal technology to enable businesses of any size to analyze, write, and manage contracts. It assists clients in putting their business on autopilot.


  1. Lawctopus: It is a law student-oriented website that provides everything related to law schools, such as internships, paper submissions, competitions, moot courts, and various career opportunities.


Conclusion

The primary goal of legal technology is to modify the work process and improve the efficiency of the services to the clients with the rapidly emerging tech trends. The demand for modern technologies has surpassed conventional legal processes. Legal technology is quickly growing and offering services to individuals, thanks to the development of artificial intelligence. The objective of legal tech businesses is to improve the quality of services while also assisting lawyers.


The use of legal technology is beneficial not just to the general public but also to attorneys. Lawyers must be well-versed in technological advancements and adaptations. A slew of legal tech businesses has popped up in the market to provide consumers with legal tech services and assistance, bridging the gap between attorneys and clients. The widespread use of legal technology is cost-effective, lowers the time it takes to offer specific services, and provides a better means for lawyers to interact with their clients. These companies are now well-known in India, and they are growing day by day.


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