Legal technology is one of the most valuable convergences of law and technology that has been facilitating automation in the field of law. With the rise of legal tech automations in India, more and more legal professionals and in-house counsels of companies are changing their traditional workflow and are embracing the new technology-enabled processes. This has only resulted in an increased efficiency, helped maintain accuracy and increase time management across the legal departments of companies. Lexplosion, being an extensive team of in-house lawyers and technology professionals, we combine law with technologies to bring out high-end legal risk management software that help mitigate legal risks for companies. The increased usage of technology-enabled legal processes has led to many new legal tech innovations by several emerging legal tech companies in India. Let’s discuss some of these trends and analyse how it is changing the face of legal automation.

The impact of Covid-19 on Legal Technology in India

With the pandemic situation and associated lockdown, there had been an immense restriction in movement which further increased the need for technology-enabled processes. With the transition to a work-from-home environment, companies, being represented by their legal team along with law firms or legal consultancy firms are relying more and more on technology to be able to connect employees and drive efficiency with the help of cloud integration and collaboration.

A variety of processes and automations have been introduced in the field of legal technology that increases the accuracy and efficiency of legal processes. While most of these developments are under progress, many legal tech companies across the globe are continuously coming up with some interesting enhancements which include:

1. OCR technology: OCR or Optical character recognition technology is a solution that will help in automating the process of extracting data from printed or written text from a scanned document and convert the text into a machine-readable form. In the field of contract management can help automate the process of contract drafting or maintaining obligations out of executed contracts. It allows the system to monitor crucial details like renewal dates, terms, and more limiting the scope for errors.
2. Smart contracts using blockchain technology: Blockchain technology refers to a shared database storing data or information in blocks that are linked together with cryptography. These contracts can be stored as a program on a blockchain which function on the fulfilment of conditions which are predetermined. This technology helps in automating the entire process of agreement execution and automation of a workflow that would trigger the next action when certain conditions are fulfilled. programs stored on a blockchain that run when predetermined conditions are met.
3. Case hearing sync: Nowadays several legal-tech companies are coming up with the innovative technology of syncing the next case hearing date from e-court portals of several tribunals and courts to obtain the next hearing data for a case. This technology is gaining popularity as more companies seek to automate the entire process of litigation management.
4. Predictive analytics: This technique refers to the process of identifying the probability of future outcomes based on historical data by using several machine learning techniques, algorithms, and data. The legal counsel of companies issuing this technique to help identify correlations, patterns or any form of abnormalities or ambiguities among large sets of data which may help develop an effective legal strategy, analyzing the opposition strategies, and even predict case outcomes.
5. Document automation- To help lawyers cut the hours of work put behind the drafting and help them become more productive, automated machine drafting tools can help make the process of contract drafting a lot less time-consuming and accurate. Therefore, companies are incorporating document automation platforms that provide templates and clauses which are standardized for the purpose of facilitating the automated legal drafting process. The basic outline of the process involves the parties entering into a contract by utilizing previous drafts and customizing them, on completion of which the tool takes the signature of the signatories and the same is stored on the blockchain (digital information stored in a public database).
6. Legal chatbots- These refer to the usage of artificial intelligence and automating the customer service element for law firms and the legal consultant companies. The chatbots are pre-programmed with relevant data so that they could read and thereby respond to clients through a live chat on the entity’s website. They are used not only to answer client queries but also the data stored by these chatbots can be used by the entity to identify the needs of the potential client and follow up with them. This trend not only helps in effective time management for lawyers since they could focus more on their other legal tasks but also helps in showcasing proactiveness on part of the entity by answering client queries immediately.

Innovating Legally at Lexplosion

At Lexplosion, our aim is to make law more inclusive and accessible to businesses of all kinds, irrespective of size, nature or scale. We converge disruptive technology with extensive legal domain expertise to create solutions that help mitigate legal risks ranging from compliance, contract or dispute management therefore increasing efficiency and reducing costs. Our product portfolio includes:

1. Compliance Management Software: Komrisk – It is an automated statutory compliance management solution that helps monitor and manage compliance risks across all industries of industries & operating units of several types. With its unique features like comprehensive compliance repository, alerts &escalations on non-performances, predetermined email alerts sent to the task owners and escalated on non-compliance, maker-checker concept and standardized compliance workflow, real – time updates due to change of law, real – time dashboard providing compliance statuses and comprehensive reporting at all levels (department wise or category wise. Know more.
2. Audit Management Software: Komplied – It is a user-friendly and comprehensive regulatory audit management software to help organizations carry out audits of any function or operating unit at a granular level. Know more.
3. Contract Lifecycle Management Software: Komtrakt – It is an automated contract lifecycle software that takes care of the entire cycle of pre-execution drafting and post-execution tracking of contracts. It helps in mitigating risks with efficient workflows, smart, real-time reporting, contract repository, contract creation and amendment, version control and tracking. Obligation tracking and customizable review/approval mechanism. Know more.
4. Litigation Management Software: Komlit – This is an all-in-one litigation case and notice management software that aids in monitoring, managing and reporting on all your disputes/notices and litigations. With features like bills and budget tracker, online repository of matters, contact/witness database, comprehensive reports, calendar of matters and notices. Know more.
5. 3rd Party Compliance Management Software: Komsight – This is an easy-to-use 3rd party compliance management software that helps identify and track the critical compliances of your vendors, suppliers, contractors (3P), that affect an organization, devolving them from any kind of risk due to non-compliance. Know more.

Conclusion

While more legal technology-enabled processes are taking over the society and being developed further to cater to human needs, the main intention is not to replace humans but only to compliment them. This enables in generating outcomes of a higher quality while combining legal expertise with technological automation. In today’s world a large chunk of legal tech companies in India are coming up with technology-enabled legal processes and tools to generate the high-quality output by converging law and technology effectively. Resorting to these technology-enabled legal processes and tools would further lead to the futuristic development of the legal field, saving time and increasing the efficiency of legal professionals and the legal arm of organizations all over the world. To get more updates on legal technology and compliance management, please get in touch with Lexplosion Solutions.

Written by: Nishtha Chakrabarti

Co Authored by: Ayon Chakraborty, Saikat Mondal

Disclaimer

All material included in this blog is for informational purposes only and does not purport to be or constitute legal or other advice. This blog should not be used as a substitute for specific legal advice. Professional legal advice should be obtained before taking or refraining from an action as a result of the contents of this blog. We exclude any liability (including without limitation that for negligence or for any damages of any kind) for the content of this blog. The views and opinions expressed in this blog are those of the author/(s) alone and do not necessarily reflect the official position of Lexplosion Solutions. We make no representations, warranties or undertakings about any of the information, content or materials provided in this blog (including, without limitation, any as to quality, accuracy, completeness or reliability). All the contents of this blog, including the design, text, graphics, their selection and arrangement are the intellectual property of Lexplosion Solutions Private Limited and/or its licensors.

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