Where a profession in legal studies is all about analysis, this sector historically has been ignored by the entrepreneurs and investors. We see why is this the right time to launch start-ups related to the legal field in India.
Entrepreneurship and entrepreneurs are important sources of innovation and growth.
With stories coming up every day about how lawyers ruin or save start-ups or restrict growth of innovation, there are not many who believe that even lawyers could be a part of the entrepreneur kind.
Where a profession in legal studies is all about analysis, this sector historically has been ignored by the entrepreneurs and investors. We see why is this the right time to launch start-ups related to the legal field in India.
Turnover
An estimated report on the Indian legal industry suggests that the turnover of India’s top fifty corporate firms ranges from 2.2 cr INR to 1590 cr INR. The report included things like expert tools that lawyers rely on, technology lawyers use to provide their services, consultancy and all of those aspects they succumb to in professional life.
The methodology involved interviews with Indian and foreign law firm partners and corporate counsel. What the report does not include is the investment in the legal education background. While most of the students who pursue legal studies opt for administrative services or company secretary jobs, internships and job opportunities in this field, as a mainstream job, is very less in number.
Technology
Technology has advanced from carrying bundle of files in hand to saving cases on a cloud computing network. Data is something that is abundant in the legal sector. From a history of cases to solutions to a company’s entire email archive, the legal industry was never low on relevant data. What we need to create is a platform where extraordinary cases or not-so-popular ones can be shared and utilized in an effective manner. Lawyers work with and create new solutions every day. With increase in the platform space using technology, prospective lawyers will be given a support to grow professionally.
Supply and Demand
Quantity does not ensure quality. There are very few corporate houses, which hire freshers in bulk. Every year approximately 60,000 to 70,000 graduate in legal studies out of which not more than 25,000 get their desired profile. While areas like engineering and graduation have more supply than demanded for, the legal industry does not have enough to give as compared to the demand. Urgent steps need to be taken in the industry of legal education, to ensure that fresh pass outs receive sufficient training to deal with rapidly evolving practice of law in India and abroad.
Approach
Families, which fall into middle class or lower categories, hesitate to take legal help, even when they hold a strong case against the prosecution. Many legal needs are going unmet due to this phenomenon. By lowering cost structures, the demand for lawyers would be met and they would also get a chance to get experience in the market.
The lawyers of today become the lawmakers of tomorrow.
To make consumers more aware of their legal rights, to create alternate paths for litigation and last but not the least, to make the nation free of crime and corruption, the legal industry needs an opportunity.
So, for a profession and industry that literally has an impact on every single person in the world, start-ups in legal department need to be launched.
