Technological adoption and innovations, nowadays, have mostly changed the way most industries operate across countries. Even sectors which were hesitant to change have been forced to accept these advanced technologies because of the pandemic. One such industry is India's legal sector.
Legal Tech Sector-
Technology and digitalisation gave birth to a vital offshoot of the mainstream legal sector which is the legal tech sector.
These companies offer legal services through their online platforms by using technology and software. Legal technology companies provide a modern touch to the paper-based traditional law practices.
As per the Business Standard, legal tech startups raised around $57 millions in fundings in the last decade. The Legal Services Market in India is currently at the value of $1.3 billion, and currently there are 650 legal tech startups in India. As per the CIIE.com, India has the second-largest number of startup legal. Hence, the legal tech sector could be seen as an emerging market.
What is Legal Technology?
Legal technology is the one which provides legal services digitally. Legal software systems offer programs which help law firms manage their daily business operations. It will also help the legal professionals do more work and offer better service to their clients. Simply put, you may consult a startup lawyer through a website or app and even get a solution to any legal problem through an online platform.
Legaltech in now the new normal
Legaltech continues to find more customers for various reasons. The primary reason being that the clients believe that it would reduce cost and firms understand that it will reduce time and effort.
Technology has eased the access to many things, even including access to justice, by bringing down the cost.
Pandemic help Uplift the Legal Tech Sector-
Technology is simply changing the age-old system of accessing legal help. In the year 2020, COVID-19 pandemic accelerated digital transformation of even the legal profession. The sector, in its initial stages, has also witnessed the increasing digitisation of court proceedings.
What’s Next?
The present digital technology is assisting the legal tech sector to reach new highs. Also, the upcoming tech-savvy law graduates would further help shape the sector.
In case everything goes well, the legal technology sector could be a milestone in the judicial service journey of the country.
Who is a Legal Technology Professional?
A legal technology professional, could also be called as legal technologist, is a person who shall enable organizations to use the legal technology to deliver best legal services.
These individuals may not specifically need to come from a legal background or be legal professionals, yet legal technologists must be completely aware in order to help organizations identify problem areas or pain points and help solve them with help of legal technology.
Conclusion
In simple words, thus, legal technology helps, automate as well as enhance the work of law firms, lawyers, their clients, even the governments as well. It is, therefore, the use of modern technology to handle all challenges and other points the legal industry struggles with.
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