All areas of society, including the legal sphere, have become dependent on technology. Find the top 7 legaltech companies in India in 2022.
The use of technology and software to deliver legal services is referred to as legal technology, or simply legaltech. Legal tech startups in India arose as a result of technological advancement.
They intend to replace traditional methods of completing legal work used by attorneys and other legal professionals with innovative technology-driven alternatives.
Here are the top 7 legaltech companies in India in 2022:
Provakil is a SaaS platform that provides legal management solutions to corporate legal departments and law firms. Litigation management, contract management, and compliance tracking are examples of legal operations management systems.
Furthermore, Provakil provides solutions for automatically tracking and updating intellectual property. The technology, which is connected with over 8000 courts in India, allows lawyers to remain up to date on case statuses and judgements.
It can also handle billing and invoicing, calendars, papers, docketing, and expenditure monitoring.
Legistify is one of the world’s leading and fast growing legal technology companies. Their flagship offering LegisTrak is a single integrated, end to end legal management suite for enterprise customers. The platform covers varied areas of law including contracts, litigation, legal notices, IPR as well as compliances through its in-built, fully customisable and automated modules.
As per the company, their platform is used by over 300 large enterprises across multiple countries. Other than their various functional modules, Legistify also leverages machine learning to provide intelligence and insights using historic case data specifically across India. Some of the company’s backers include Y combinator, Cathexis ventures, Indiamart, GSF, Java Capital and Titan VC.
3. Practice League
Practice League is a set of legal technology solutions that is widely used by mid-sized to major law firms. This integrated platform can help law firms and businesses improve their legal efficiency.
Practice League, in addition to contract lifecycle management solutions, also provides litigation management, tax management, internal audit, compliance management, and intellectual property management. Among other innovative technologies, Practice League products make use of blockchain, artificial intelligence, and secure cloud storage.
Another large company, PepsiCo India, has joined with Practice Leagues to automate and manage their legal processes.
SpotDraft, a legal technology startup in India, provides contract management solutions for businesses and law firms. Spotdraft’s platform enables users to immediately draft, review, update, and maintain legal agreements, saving them significant time and resources when dealing with several clients at once.
SpotDraft, which is powered by artificial intelligence, has automatic reminders and payment management capabilities. These capabilities may be used by in-house legal teams (as well as law firms) to speed contract execution, decrease disputes, and lessen supervision costs.
Users, as well as compliance and risk management tasks, have access to a consolidated data storage system.
Presolv360, an online Conflict Resolution (ODR) firm, offers a company online dispute settlement system to consumers in India. The platform allows online dispute settlement in India through e-arbitration and e-mediation. By including ODR terms in its contracts, a platform’s third-party expert assists users in resolving disputes online.
Qualified arbitrators or mediators can raise disagreements, specify end goals, and settle conflicts. Disputes are often settled on the platform within 45 days of the opposite party being onboarded for the user.
Volody is artificial intelligence-powered contract management software that automates and digitizes the formation of legal contracts.
With a single application, users may design, negotiate, approve, and testify to legal agreements. Furthermore, the software may be coupled with other practice management systems, like as email systems and CRM applications.
Within a seven-day implementation timeline, business users may fully customize agreement templates, the approval system, access settings, digital signature integration, and contract administration.
Volody delivers board meetings and insider trading solutions in addition to board meetings and compliance management.
LegitQuest, a legal research tool, using artificial intelligence to help attorneys, law firms, and law students do legal research in a more natural manner than traditional keyword-based research. The various price choices for the trial, personal, and corporate programs are all free tools (but with limited uses).
It has three functions:
- iSearch: This search engine function allows users to identify relevant cases depending on their query. Cases, citations, and the name of the judge can all be utilized to narrow down your search.
- iDRAF: The “Decision Reasoning Arguments Findings” function allows researchers to identify multiple aspects of a judgment, such as arguments, reasonings, findings, and choices. A detailed examination of the decision, rationale, arguments, and judgment conclusions.
- iGraphics: This feature records citations, overrules, followings, and approvals in a case. There are also graphs and figures.
LegalMind is another legal tech business in India that specializes in legal research, artificial intelligence, and predictive analytics. Users can utilize Analytics to forecast the decisions and behaviors of parties and judges. In this manner, users may create their thesis and construct powerful arguments for their themes.
Another software tool that assists attorneys in sorting through findings from fragmented and unconnected data is Document Summarizer. Lawyers may obtain documents and rulings pertaining to legal notes, moot cases, and decisions in addition to identifying applicable case laws using the AI-based Deeplex function. Users may try the service for 14 days for free before deciding on their regular or premium subscriptions.