AI Related Start-Ups In Legal Industry

INTRODUCTION

The legal industry has a reputation for being complex and time-consuming. However, with the establishment of Artificial Intelligence (AI), startups worldwide, including India, are reshaping the legal landscape by providing innovative solutions and services for the legal sector. Literally, for every legal concept, there is a legal tool online. So be it legal research and news, addressing the users' grievances, choosing the lawyers, and much more. Artificial intelligence startups use cutting-edge technologies to automate repetitive tasks, improve legal research capabilities, and streamline operations for legal professionals.

By harnessing the power of AI, these startups enable legal professionals to work more efficiently, reduce manual efforts, increase accuracy, and provide better value to their clients. As a result, some of the leading legal-tech startups available globally and in India have taken the Indian legal market by storm, as will be discussed further in this article.

Global AI Startups in the Legal Industry

Technology has dominated the world more than ever before, and all sectors of society, including the legal field, have become dependent on it. Legal technology, or simply LegalTech, refers to using technology and software to provide legal services, improve lawyer efficiency, provide legal services more quickly, and make legal content more accessible to the general public. The advent of technological progress has led to the emergence of legal tech startups that offer legal services via their online platforms using technology and software. Legal technology is quickly becoming an important sector of the legal industry. These startups are critical to transforming the legal landscape, allowing legal professionals to adapt to changing demands, provide higher-quality services, and drive innovation. The services offered by these startup companies are now being used by several superpowers, such as the UK, USA, and Europe. Various prominent AI startups that have made significant contributions and garnered attention are:

1. Kira System: Kira Systems provides an AI platform for the analysis of contracts. Their software uses Machine Learning Algorithms to gather the relevant data from contracts, accelerating Due Diligence and Review of Contracts.

,2. Luminance: The analysis of contracts is carried out by Luminance in the form of machine learning and Natural Language Processing. Their platform facilitates the detection of risks, anomalies, and additional significant information in legal documents.

3. Casetext: Casetext offers an AI-driven legal research platform. Their software assists attorneys in finding relevant case law, statutes, and regulations, improving legal research efficiency.

In the legal field, many more AI-based startups exist.

AI Startups in the Legal Industry in India

AI-related startups, including India, have made significant strides in the legal industry worldwide. In India, the legal system is slowly being taken over by various technological advancements. The legal-tech sector is slowly catching up with the traditional legal industry. Hence, here are some of the leading Indian legal-tech startups that have taken the Indian legal market by storm:

1. Spotdraft: SpotDraft focuses on contract lifecycle management using AI. They provide an automated platform for preparing, negotiating, and managing contracts, allowing businesses to run their legal affairs more efficiently.

2. LegitQuest: LegitQuest applies AI and machine learning algorithms in legal research and analysis. They provide access to insights, case law analyses, and full legal databases on their platform for lawyers and researchers.

3. CaseMine: CaseMine offers an AI-powered platform for legal research. Their database includes case law, statutes, legal documents, and advanced search capabilities.

4. MyAdvo: MyAdvo is a legal tech platform that uses AI to connect individuals and businesses with lawyers. Their platform offers services such as legal advice, documentation, and dispute resolution.

AI Startups in the Legal Industry Stepped Up During the COVID-19 Pandemic

The COVID-19 pandemic posed extraordinary challenges to the legal industry in India. Hence in such times, the most important thing to do was to stay at home and stay safe. So, all legal personnel were working from home. Their work was made easier due to the advent of legal technology. Fast, effective, and reliable legal solutions ranging from remote collaboration tools to virtual court proceedings support, automation of legal processes, access to legal information, and enhanced client services ensured the resilience and continuity of legal operations. The solutions were being provided to these legal-tech companies, not just to legal personnel but also to laymen. Hence, this is the future of the legal sector? This is a question that pops up. However, there cannot be a comparison between traditional legal solutions and those offered by legal-tech startups. This is because both are special and equally reliable in their own way. So, the best outcome from this will be when both these methods are used together, as that's where the real growth of the legal sector lies. Moreover, The invention of AI-based startups in the legal field began much earlier, but after the covid-19 pandemic, AI-based startups started forming more rapidly in the legal field.

Conclusion

AI-related startups are transforming the legal industry worldwide, and India is emerging as a hub for innovation in this field. The AI-based startups in the legal industry offer significant value by improving efficiency, accuracy, cost savings, access to insights, compliance, and risk management. Each startup brings unique features and capabilities to address various challenges faced by legal professionals, demonstrating the potential of AI in transforming legal processes and enhancing the efficiency of legal services. By offering technological solutions and AI-driven tools, startups in the legal industry facilitated the transition to remote work and improved efficiency. They ensured access to legal services during the challenging times brought about by the COVID-19 pandemic. These innovations continue to shape the legal industry's future, providing valuable lessons on the importance of digital transformation and the integration of AI technologies. The use of AI tools is, therefore, essential for legal practitioners and law firms to work quickly.

RIYA SHARMA

TRCL Mumbai