The legal system of any country is among one of its distinguishing features. As an industry, the legal domain has been around for centuries. It is a human-centric and process-driven sector that has historically operated in a purely physical format with the additional weight of extensive documentation.
More recently, across the globe, the sector has been opening up to the integration of technology and has witnessed accelerated adoption in the COVID-19 pandemic era. It has been no different for India.
Over 47 million cases are pending across high courts and district courts in the country, yet over 19 million virtual hearings have been performed since the onset of the pandemic in March 2022.
Rooted in colonial laws and burdened by operating inefficiencies, the Indian legal system is ripe for innovation as the country strives towards sustainable economic growth.
As per India’s first comprehensive LegalTech Report titled – Beyond the bench: Promise of Indian legal tech startups” by CIIE.CO – the startup platform built at IIM Ahmedabad, India ranks second in terms of the number of startups, behind the USA, with over 650 LegalTech companies.
It identifies the sector to be a blue ocean of opportunities for investors with growth stage funding pouring in the past couple of years. The report also put forward the macro-level ecosystem changes that are required to unlock the full potential of the legal tech market in India.
With insights and opinions from entrepreneurs, investors, lawyers and law firms, enablers, stakeholders, and subject matter experts, the report outlines the current landscape and highlights promising opportunities in the Indian legal tech sector.
Read more about the potential for Indian Legal Tech Startups on the link below: