Legal Tech India 1581617090882
Legal Tech India 1581617090882
Legal Tech India 1581617090882
I you google, you are bound to find many existing startups in the legal tech
field, however I would still go out on a limb to say that as of 2019 the field is
not yet saturated, there is a lot of scope to gain a monopoly or capture the
market in both the b2b and b2c market.
Marketplace
Document Automation
Practice Management
Legal Research
Legal Education
Analytics
I will go through each of the categories in detail and provide examples of
some of the best startups working in that particular field along with their
funding and LinkedIn pages wherever possible.
Marketplace
Startups that help connect the customers with the legal firms or practitioners
fall into this category. This is one of the most prominent fields with a lot of
small and medium sized startups working towards their individual solutions.
The B2C framework helps match the customer with the relevant legal firm.
Each lawyer needs to make a profile on the website/app and the startups take
a percentage of the fee a ter a customer has successfully purchased the
services of the lawyer. Few of the startups in this field use review based
systems to help increase the credibility of the lawyer.
The startups in this category serve to both customers and firms mainly
comprising of small businesses and startups.
LawRato : Founded in 2013, the platform helps connect people with lawyers.
It recently raised an undisclosed amount in its seed funding led by Indian
Angel Network (IAN) .
LegalRaasta : Founded in 2015, the startup helps startups and small business
owners to solve problems pertaining to legal compliance. The startup raised
$1 million in angel funding.
VakilSearch : This startup caters to both individuals and businesses for their
respective legal requirements. A ter winning the Ritz Entrepreneurship
award in 2015, Vakilsearch has drawn investors’ attention and has raised Rs̀ 16
crore in funding — Rs. 6 crore in February 2015 from Kalaari Capital and
Rs.11 crore in March 2016 from Kalaari and Dr Agarwal’s Group.
Document Automation
Few startups are working to automate the tasks that lawyers face on a daily
basis: such as document reviewing, updating documents and contracts, and
defining templates for various types of contracts etc. Majority of the legal
tech solutions focus on this area, primarily in the US where we can find a lot
of tech startups using Machine Learning solutions to parse, classify, and
review the documents in an autonomous manner.
Few of the emerging legal tech startups working on this field are :-
Lawgeex : Lawgeex help legal teams automate the review and approval of
day-to-day business contracts. There solutions aim to reduce the legal
bottleneck, and help to focus legal’s time on more strategic tasks. Founded in
2014, they have in 2018 raised $12M for its AI-powered contract review
technology bringing their total funding to $21.5M .
This type of solution can be used not only by lawyers or legal firms
but also by individuals who might want to DIY their own contracts. A
persona could easily download the required templates such as rent
agreements or NDAs etc and fill the relevant information in the
documents. A few of the tech startups have worked on questionnaire
for each type of document which would make it easier for an
individual to fill out a form. Also, chatbots are being used for the /A
style of template customization.
Prose : It is an advanced LawTech so tware that lets the user create legal
documents by providing dra ts and templates for user’s specific needs.
Rocket Lawyer : Founded in 2008, Rocket lawyer has been in the market
long enough to diversify their services in many of the categories. In addition
to providing legal templates to practitioners and other businesses, Rocket
Lawyer also provides legal help and connects people to lawyers. They also
provide cloud infrastructure to securely store or access legal documents.
Practice Management
There are relatively fewer startups working in the field of practice
management. The main innovation areas is allowing the lawyers the
flexibility to work from anywhere and anytime. Solutions provided by the
startups focus on capturing time of calls with clients, time spent on input,
edit, approve or delete of records etc. The lawyer can choose their fee per
activity, generate invoice automatically and securely send it to the client
online. Apart from the above focus areas, there are multiple additional
features such as full case life cycle support, easy integrations for existing
enterprise solutions and automatic conflict of interest check.
The average time a lawyer takes for the research on his case can vary from 10
days to 30 days, depending on the experience, type of case and the
jurisdiction it corresponds to. In order to reduce the research time, many of
the startups are working on solutions to increase the relevancy of the data
that is presented to a lawyer given a particular case. Using AI based
technologies, and leveraging the state-of-the-art machine learning models, a
lot of online databases are dominant in the market. The emerging startups
tend to focus on intuitive search query methods, increasing relevancy of
context based searching, automated summaries of legal cases and optimizing
the cost of each of their services.
In India, quite a few startups have picked up their pace to expand their
databases, however, many startups in the US are already raising funds to
tailor the search queries according to the practitioners needs. The lag in the
Indian ecosystem is partially because of the lack of digital copies in the
Indian courts. Indian legal system has yet to advance to a digital age which
would in turn help the users utilize the advancements achieved in the
technology sector.
Manupatra: One of the biggest sharks in the indian legal system, Manupatra
started its operations in 2000, and launched its flagship product, the online
database www.manupatra.com in August 2001. Manupatra has one of the
largest online databases and affordable subscription fees.
SCC Online : SCC stands for supreme court cases. SCC online is another
shark which caters to a greater market than manupatra, mainly due to their
very low subscription fees. The company not only provides online legal
research tools but also provides summaries and short descriptions for all
supreme court cases. SCC Online also has a subscription based model for
magazines, digests and books accounting for weekly,monthly and yearly
cases. The platform is used by student, practitioners, law firms and research
organizations.
Legal Education
Due to the nature of the studies in the legal field, there is yet to see any
breakthrough in this category. Using video lectures, tutorials and interactive
video sessions is something which not only startups or coaching centers but
also universities are trying adopt.
Analytics
An emerging field in the legal tech industry is Legal Analytics. Legal analytics
is the discovery, interpretation or communication of valuable and actionable
insights in legal data. The primary focus area of the startups in legal analytics
field are :
In India not many startups are currently working in this sector which is
mainly due to the lack of a proper digital infrastructure to carry out the
analysis. However, one such startup in Canada, “Loom Analytics” is steadily
becoming one of the prominent player in the sector of legal analytics.
Loom Analytics : Mona Datt , 38, is the co-founder and president at Loom
Analytics, which launched in June, 2016. Loom Analytics aims to organize the
level of access of the huge amount of legal data that makes it possible to get a
big picture and bird’s eye view of a particular area of law.
Apart from the above categories, there are a lot of other problems that
companies are trying to solve. The field is filled with a lot of startups,
however, very few of them are able to survive past the 3 year and the 5 year
benchmarks. This observation could be correlated to the mix of legal and
tech expertise required for a successful solution in this field and to be honest
you will not be able to find any more diametrically opposite fields.
I hope this article has helped the reader to get a better understanding of the
legal tech field. In case of any questions, please feel free to reach out or
comment below :)
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