26th August 2023 (10 Topics)
1
Aug
2
Aug
3
Aug
4
Aug
5
Aug
7
Aug
8
Aug
9
Aug
10
Aug
11
Aug
12
Aug
14
Aug
15
Aug
16
Aug
17
Aug
18
Aug
19
Aug
21
Aug
22
Aug
23
Aug
24
Aug
25
Aug
26
Aug
28
Aug
29
Aug
30
Aug
31
Aug
Barriers for India’s Legal Technology awakening
Context:
There is an estimation of increase in LegalTech's growth to 69.7 billion dollars by 2032, led by US and Europe, while Asia-Pacific (APAC) countries faces challenges and declining growth in terms of Technology inclusion.
LegalTech industry in India
- Challenge for Legal Industry and Technological Shift: LegalTech's growth in India faces resistance due to traditional methods, hindering innovation adoption.
- Dual Perception among Professionals: Survey reveals acknowledgment of LegalTech's significance but reluctance to embrace due to time constraints.
- Innovation vs. Billable Hours: Balancing learning new methods with chargeable work hours poses a barrier to LegalTech integration in practice.
Challenges of Technology
- Technical Constraints in LegalTech: Simon Chester (a pioneer in applying LegalTech in the practice of law) highlights legal complexity and data access issues as key hurdles to effective LegalTech implementation.
- Data Access and Privacy Concerns: Limited data access hampers machine learning's potential; cybersecurity threats demand a security-aware legal culture.
- Data Breach Challenges: Legal ecosystem grapples with uncertain breaches, hindering swift response; identifying breach sources requires resources and expertise.
Way forward
- Customization vs. Standardization: Lack of industry standard poses challenge for law firms to choose suitable LegalTech tools. There is a need for standardization.
- Strategic Selection over One-Size-Fits-All: Law firms should identify specific needs, avoiding complicated tools; industry tailored solutions needed.
- Overcoming Barriers for Progress: Despite obstacles, legal tech integration depends on innovation, awareness, and education fostering tech-friendly legal practices.
You must be logged in to get greater insights. click here to login
Courses
Study
Notes
Home
Resources
More
