Can Legal Technology be the next Fintech? This question is being propositioned due to two factors. First, the technology landscape is changing rapidly and several new technologies are emerging. Second, legal firms are not shy of experimenting with them and are coming up with innovative use cases and trying to be at the forefront of technology adoption. Let us take the example of artificial intelligence (AI). We know cases of how it is becoming a game-changer in the Indian legal industry. There are startups, for instance, CaseMine and NearLaw that are applying new and emerging technologies to legal research as well as contract analysis.
But AI is not the only technology being leveraged and examples abound as to how it is being used in conjunction with several other emerging tech to provide solutions that seemed far-fetched before. For example, one of India’s leading legal firms Cyril Amarchand Mangaldas (CAM) recently came up with an innovation, which applied a combination of three technologies that are schema-less database, graph database, full-text search engine, powered by the RAVN Artificial Intelligence engine, and leverages the full potential of available solutions to find information, discover knowledge and provide deep business insights that would otherwise remain hidden.
Need for Innovation at Cyril Amarchand Mangaldas (CAM)
Large volumes of valuable information are typically locked away inside most organization’s business systems. Gathering relevant insights from large volumes of legal documents and unstructured data remains one of the biggest challenges for legal firms. CAM was faced with several such business challenges. The project named, Legal Document Management Insight, arose from a need to accurately interpret critical business information from a large repository of documents, with minimal human intervention, for the relevant stakeholders, all from a single user interface. In fact, getting more value out of the data that is already available was the primary goal of this project.
According to Rajesh Pai, CIO, CAM, the innovative solution has enabled the organization to unlock the full value of documents and unstructured data, by leveraging the power of AI to make managing that data faster, easier, accurate and more relevant. This enables the lawyers to analyze more data to quickly provide the right answers to their clients and constituents. It has managed to reduce manual labor costs significantly and transform unmanageable projects into streamlined and profitable processes.
With the right talent, technological resources and legal directive, the Indian legal system could play the role of a vanguard as far as adoption of new technologies is concerned.