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How AI Is Powering The Next Wave Of Legal Innovation In India
- The legal industry in India has traditionally been slow to adopt technology, but the Covid-19 pandemic has forced it to embrace online solutions and is driving digital transformation.
- Generative AI is automating tasks such as contract drafting, legal briefs, opinions and filings.
- Corporate law firms are adopting AI tools to quickly and accurately process vast amounts of data, allowing them to store, organise and access files with more ease.
- Legaltech start-ups are partnering with large law firms to bring innovative online tools and solutions to the table. Meanwhile, some have pioneered solutions for citizens who need legal information and guidance.
- Although bootstrapping is the norm for legaltech start-ups in India, some are starting to attract investors. However, funds remain limited, with the potential for investment in the space expected to be, at most, $3m.
- Data protection laws may hinder AI adoption in the legal sector, as lawyers must handle sensitive client information.
- The US is currently leading in trusted products among corporate firms, which suggests Indian legaltech founders will need to develop more proprietary models and innovative solutions.
- The Indian legaltech industry could find significant opportunities in achieving greater control and automation or developing technology that can assist the courts and the entire legal system.
- However, overcoming challenges will be crucial for the sector to tap into the global market, which is projected to grow at a 10.2% CAGR to reach $47.8bn from $26.7bn in 2024.
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