Legal Tech startups are a relatively new phenomenon in the Indian startup ecosystem. In this article, we will explore what legal tech startups are, how they work, and how one can benefit from them.
In India, there is a huge opportunity for Legal Tech Startups to reduce the time and cost of legal services with advanced technology. With a population of over 1.3 billion people, there is a lot of potential for growth in this sector.
We have compiled a list of 9 legal tech startups in India that you should know about.
Section 1: What are Legal Tech Startups?
Legal tech startups are quickly becoming an important point of conversation in the legal industry. If you’re a late bloomer, no worries – there’s never been a better time to get involved! Legal technology has the potential to transform how legal services are delivered. Whether it is optimizing research for lawyers, streamlining operations for businesses and law firms, or enabling access to justice for citizens at large. Learn More.
This young sector has been seeing great interest in the Indian entrepreneurial ecosystem, especially in the last 5 years, with many entrepreneurs coming up with unique legal tech solutions for problems that have been ignored for decades, if not centuries. Here, we highlight 9 of those legal tech startups in India that are moving the law forward.
Section 2: Top 9 Legal Tech Startups In India
Provakil is an easy-to-use SaaS platform that offers solutions for your legal management needs. It includes all the features you need to track litigation, contracts, and more. It also provides automatic status updates so you know what’s going on at all times!
Stay on top of your work and never miss a beat with the help of this integrated platform for lawyers! It offers features such as billing and invoicing, calendar management, case notes editing, docketing, documentation, expense tracking, and more. Learn More.
The app is also available for download on iOS and Android devices.
2. Practice League
Practice League is the leading legal tech product on the market today. It has a suite of products that have been tested and proven to improve efficiency and cost-effectiveness, making it a no-brainer for any law firm.
Practice League is the integrated platform that helps you stay on top of all of your legal needs. It has solutions for contract lifecycle management, litigation management, tax matter management, risk management, insider trading, compliance management, and IP management – all in one place.
Practice Leagues is a firm that uses new-age technology to automate legal and matters management for big conglomerates. Their suite of products also includes blockchain, artificial intelligence, and secured cloud storage.
SpotDraft is an India-based legal tech startup that provides legal document management solutions for enterprises and law firms. SpotDraft’s customers can draft, review, edit and manage their agreements through their platform, saving them time and resources.
SpotDraft is a helpful and cost-cutting tool for businesses that makes it easy to manage contracts and legal documents. The artificial intelligence-based software also comes with automated reminders and payment management features that make managing your business simpler.
You can now have your contract disputes resolved through an online system. Presolv360, one of the first legal tech startups in India, provides a platform for e-arbitration and e-mediation to help you resolve disputes quickly.
Smart contracts offer a way to resolve disputes quickly and efficiently on the Ethereum blockchain. Once a dispute is raised, users can describe their end goal and connect with a qualified arbitrator or mediator within the platform. The average dispute-finding resolution time for Smart Contracts is 45 days or less.
Legal agreements are hard! Volody is an AI-powered software that makes them easy. The software can also be integrated with other business tools so that you have one central hub for all of your company’s legal needs.
When you sign up for the platform, you can be sure that your project will be done in no time. The platform’s features include customized templates, an approval system, and much more!
Volody offers solutions to help you manage your compliance, including board meetings, insider trading, and other such solutions.
LegitQuest is a research tool that’s designed to make legal research more intuitive and harness the power of artificial intelligence to assist the search. You can now make a better case in court with LegitQuest.
If you’re looking for a free-to-use tool, Nuclio is a great option! We also have trial, personal, and enterprise plans that you can upgrade to at any time. Learn More.
Three features are available in the tool:
iSearch: Searching for cases can be a lot of work! But fret not, because we have a search engine feature that does it for you. Just enter your query and get relevant cases in seconds, customized to your preferences.
iDRAF: The Decision Reasoning Arguments Findings feature allows you to pinpoint the various segments of a judgment, such as arguments, reasonings, findings, and decisions.
iGraphics: With this feature, you can get a better understanding of the number of times a case has been cited, overruled, followed, and approved. You can also see all this information in charts and figures.
Among all legal tech startups, LegalMind is the newest legal tech startup in India, and it’s got something for everyone. From analytical tools to predictive analytics, LegalMind offers new ways to help with your legal research.
The thesis is an easy-to-use app that lets you form your argument and set the tone for your essay.
The legal tool allows lawyers to easily find relevant case laws with its AI-based Deeplex feature, which has a Document Summarizer feature that makes reading through scattered and disconnected data for hours for lawyers a thing of the past.
You can try it for 14 days and see how you like the experience. If you like it, you can opt for a standard or premium plan on your next renewal.
OneDelta is a legal tech startup that offers three tools to help you optimize compliance, contract, and due diligence activities.
Complius: Legal compliance is a pain. It always seems like there’s more to do and not enough time to do it. Luckily, with this software, you can automate compliance tracking and management, auditing, etc. It’ll take some of the stress off your plate!
Contractum: Contractum is a contract lifecycle management tool that helps you initiate contract drafting requests, create contracts, and manage the lifecycle of your contracts. It also has an in-built agreement template that can be customized to your liking.
Virtual Data Room: OneDelta not only offers secure storage space for your legal, internal collaboration, and file-sharing needs, but also for any other data you need to keep safe.
9. Mike Legal
If you’re looking for a way to manage your intellectual property, Mike Legal is the perfect startup for you. It comes with multiple legal tools, including an intelligent assistant.
Mike TM Search: Mike TM is the simplest way of conducting trademark searches. It’s also free for most organizations, and it might save your customers some of your time. Learn More.
TM Watch: Copyright infringement is a serious issue and we’re committed to protecting the rights of both our creators and users. With our new tool, you can analyze your portfolio and take prompter action against infringers.
Mike TM Manager: When you download the Intellectual Property Management Tool, you can manage your IP portfolio and track how it is being used.
Mike Litigator: Legal research just got a lot easier with this AI-based case law research tool, which can search mammoth databases and documents for you. You can also leverage natural language processing to streamline your research and get the results you need in minutes, not hours!
If you’re frustrated with the way the legal industry works, these are just some of the many legal startups that are reimagining how things are done to make it more efficient and structured.
Section 3: How Do Legal Tech Startups Work For Entrepreneurs?
In legal tech, technology is used to provide or optimize legal services. In addition to reducing the cost of services, optimizing tracking of time, storing documents, facilitating legal work, and eliminating security risks, new software can fulfill many other purposes. Learn More.
The legal technology market is booming! The number of new legal technology patents grew by 484% in just five years, and investments are on the rise. It’s no wonder that Thomson Reuters’ research found that 83% of law firms said they would need to hire more programmers to keep up with demand for these services.
1. What can companies offering legal technology contribute to the conversation?
Uses and Purposes of Legal Technology
Legal tech startups are taking the first steps toward revolutionizing the legal market by developing software that can make professionals’ lives easier. Legal tech startups use new technologies like AI, cloud hosting, big data, and blockchain to solve problems facing professionals today. These are just some of their key purposes:
- If you’re looking for management software tailored to your firm, look no further than Legal Practice Manager. This includes any type of document storage system, time trackers, and more. It can be integrated directly with your billing and accounting system.
- Document review automation software has revolutionized the way lawyers do their work. By scanning documents to find ones that contain certain keywords, you can quickly find the right document and get back to doing what you do best.
- We can help you find a lawyer online in no time. Check out our platforms and apps, and we’ll help you find the perfect professional for your case.
- What’s the best way to communicate with your clients? With a variety of communication tools, you can choose the one that suits you best.
- Data protection is no joke. Criminals and hackers are always coming up with new ways to steal your information, and we want to help you stay one step ahead. Check out our solutions today and see if they’re right for you.
Legal tech startups are filling the need for innovative and scalable solutions in the legal industry. Here are five startups to watch out for.
Luminance has the power to make document analysis fast and simple by utilizing AI and machine learning algorithms. You can use Luminance for any language or jurisdiction, making it an effective platform that will work for you. This software is designed in such a way that the more you use it, the better it gets.
The main benefit of this technology is that it saves lawyers an enormous amount of time. It conducts document search and analysis and spots any abnormalities in the texts. Instead of hours upon hours of reading hundreds of pages, a lawyer can now use this software to save their time.
2. Ravel Law
Ravel Law is a legal tech startup that’s taking the world by storm. This software can predict legal outcomes and analyze open-source court documents to save you time and money. The company has already gathered $9.2 million in investment, and has been purchased by LexisNexis in 2015!
The PACER-API is an incredible software that uses natural language processing, machine learning algorithms, and legal documents to find relevant information. Learn More.
This startup is changing the way people deal with death. It is created for clients rather than lawyers, but it’s worth noticing. The process of writing or changing the will becomes ridiculously easy and accessible. A person can do it all from home just with their laptop. Clients can also arrange a cremation on this website.
With this new legislation, it is now easier and more affordable to have your will updated. It is so easy to access these legal services, which forces lawyers to adjust and make their services more beneficial.
Meet Enoron Legal, a small legal startup with big ambitions. They want to make lawyers’ lives easier by creating perfect management software that combines tasks, activities, time tracking, and client management all in one. It’s designed to create a collaborative environment that optimizes all processes and increases productivity and transparency.
Introducing the new and improved time-saving solution for lawyers. This solution not only automates regular tasks but also allows lawyers to link their client data with scheduled tasks. And best of all, it can even update the client on the progress as soon as a task is completed!
Lexoo is revolutionizing the legal market by leveraging technology to offer legal advice for businesses and individuals. Thousands of lawyers are now part of this movement, working in 65 countries across the world!
Big corporations and businesses are using this service to save themselves time and money. If you want to take advantage of this incredible opportunity, you can sign up and start saving today!
Section 4: Why Are Legal Tech Startups Important?
Legal-tech companies are introducing start-ups to the legal system! Practice League, for example, helps lawyers to manage their day-to-day functions digitally. This legal solution helps lawyers to track their client relationships, manage important documents, and manage cases. Talk about innovation! Learn More.
Section 5: What Is The Future For Legal Tech Startups In India?
Legal-tech start-ups are flourishing in India, with the future looking bright. The pandemic is a major reason for the success of these companies, and it looks like they will overtake traditional law firms in the coming years.
Now that court hearings are online, and everything is done online, it’s easier to find the legal solutions you need. There are plenty of legal solutions to choose from, so you can finally see efficiency and standardization in the legal technology market.
We’ve come a long way since the pandemic! Not only do we have legal-tech companies that help to give us advice, deal with contracts and agreements, and offer research material, but we have a whole range of traditional law firms that have been assisted too.
The law firms have become more flexible and a reliable client-lawyer relationship can be seen. With the improvement in technology, lawyers are now more assured of not being cheated.
Legal solutions are hard to find, but now you can find the help you need right at your fingertips. With legal-tech companies providing such a vast array of services, Indian lawyers are worried that they’ll lose their jobs and their data will be lost!
Section 6: Conclusion
Technology law is undeniably a desired element breaking into the legal tech startups, which plays an essential role in a world dominated by large firms who will eventually have to offer their support and use their technology to improve the delivery of legal services. A game we must all support for the sake of our clients and the future success of the industry.