Future of Legal Startups


Future of Legal Startups


INTRODUCTION
The future of every department and its growth relies upon the integration of smart technology featuring artificial intelligence and machine learning. Ever since the advent of Artificial Intelligence (AI) and Data Analysis in the modern era, each and every field such as e-commerce, educational sector, health sciences etc. have been making the best utilisation of technology, possible.

The use of technology has always had a significant improvisation compared to its negation. The onset of globalization has marked tremendous wonders especially if we consider the technological aspect in every field of human life. The discovery of the high-value concepts of quantum computing and machine learning neural networks have profoundly reduced manual labour and as a result, the human minds after understanding such tangling concepts can sip on their tea while their prodigies bear the fruit of their ancestors’ excellent minds. Perhaps even allow the entrepreneurs to leave all the computations to the cloning human-mind-neural-network machines. However, we must not forget that the sole purpose of the invention of AI is to reduce the human manual work and not to replace us, humans.

The technological boon has made its impact in the Legal sector also taking its growth to new heights and setting a much greater benchmark. The introduction of corporate sectors has made the presence of legal fraternity a profound necessity in all kinds of corporate firms. Mostly all the sectors have changed into a corporate form which eventually creates a lot of issues inside the corporates or between the corporates.

From the establishment to the dilution of a corporate firm, everything has to be done legally as corporate firms are to be taken as a legal and not a personal entity. The legalestablishment of any corporate firm begins with their registration thus requiring a corporate lawyer or for that matter an entire law firm’s backup and intelligence for the smooth running of the firm.

The law firms which have been or are being established have its employees and legal capacity. They are given employment on their capacity and ability to handle everything from partnership issues to all-round company affairs. As new companies and organisations sprout, the corporate lawyers are getting overburdened with the pile of numerous issues. They have to cope with multiple issues that are generated by in-company affairs.

At such a time the Legal tech start-ups or Legal Start-ups come to be the lifesavers to ease the workload of lawyers and law firms. The legal start-ups have emerged globally and have eased the lawyers’ manual labour. A Legal start-up is the integration of legal work into technological aspects.

How can technology perform the processes of maintaining law and helping the legal sector in the promotion of justice work is another concern. The legal sector is piled up with various documents to read, draft and check the legal issues attested to any particular document. When we take up the issue ofthe corporate sector, whichsolely depends upon documents only unlike criminal affairs, the mind and eye tiring task of going through prolonged documents has been duly dealt with the drive of modernisation with the help of AI and Data Analysis tool that has made the manual reading task much easier and is also capable of checking up on legal issues with much efficiency.

The phenomenon of  Machine learning integrated with Neural Networks can be easily explained, it is just like humans gaining lessons from past experiences which the machine does by learning through all the integrated data saved in a cloud or an edge-computing system and with those experiences the machine learns to find patterns and make comparisons in its system that often gets reflected in our mind after we have read through and analysed a legal document. After the artificial mindful analysis of the documents, they rapidly put forth the possible legal issues and legal outcomes that stand out in the document through self-learning algorithms. This makes the assessments by the lawyers much more efficient and easier.

Apart from this, a majority of other work that a lawyer faces intracing back like cases, approaching the client, updating the client and also reading up the relevant provisions and statutes can be performed via the help of AI. The aforementioned tasks can be made easier by introducing sundry of software which can be provided by Legal Tech Start-ups. The information can be stored in a cloud, the software can provide for a real-time meeting with the client, analyse data and provide a list of suitable past cases and statutes from its database. All these are the future development strategies of legal firms that would sequentially develop in India.

We can trace back the origin of the phenomenon of integration of technology into the legal workforce we as early as 2017. There were two major legal incubators that stood up using legal tech in London. ‘MDR LAB’ of Nick West, a CSO at Mishcon de Reya and ‘ALLEN & OVARY’ that launched the software called ‘FUSE’ during the same year. Following the same, in 2018 Slaughter & May transformed into a Legal Incubator. More recently the‘Thomas Reuters Corporation’ has incorporated latest and cutting edge technology into its legal field not as a mere temporaryautopilot mode but with the idea of a long term investment so as to make a positive and a win-win situation for their firm. The use of Legal Tech Start-ups is very common in the USA where almost 100% of the legal population is using some form of technology to stay ahead in their field of competition and beat the odds of losing.

Currently, in India many such Legal Start-ups are popping up. To mention a few, Amazon has introduced an IP Accelerator platform to provide Intellectual Property services in a single touch which suggests top rated and highly reviewed law firms and lawyers that a customer could choose for IPR services. Law Rato is also one such Legal Start-up that suggests lawyers for the clients and also provides the ways to reach out to the desired lawyers via mail or in person. Vakil Search is another platform that prepares legal documentation both online and offline at nominal and reasonable charges. Vahura is a legal job opportunity platform. Whereas,  Lawctopus is another platform which is entirely dedicated the fraternity law students and reflects the entirety of law school life. Many such legal start-ups are nowadays available promising a safe and efficient investment upgrade toa law firm. But unfortunately, only 4% of the Indian Lawyers are utilising such legal technology and plucking the fruit of benefits from it.

To conclude, the automation of law firms is a future most desired and will certainly place a lawyer as an individual and a firm in much greater prosperity. E-stamping, E-filing and E-documentation have reduced the bulk of workload and have made it easier for a lawyer to reach a certain opinion. Office digitisation is an affirmative approach for the establishment and upheaval of a lawyer or a firm. Technology will provide for a proper practice management system to manage clients, listen to them and to train the legal team of the firm to stay updated. The Legal Start-up technologies also act as a time saviour and update the details and progress of the case in a real-time messenger system. Legal Start-ups will eventually be the future of Start-ups and owing to the current pandemic-stricken world and situation it is further a fact of evidence that only the technologies can save this world and keep the wheels of justice running in motion in the present era.


 

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