Hello folks,

Welcome back to the Legal Tech Digest.

In this issue, we will cover a legal tech incubation program currently underway, legal tech outlook from an investment firm, global stories, and a podcast recommendation.

From the vanguard 🚀

  • CIL hackathon winds up selection rounds, incubation journey to begin in Jan

    • The CIL hackathon, an initiative by IIM-A’s tech incubator CIIE and the impact-focused investment fund ONI, is currently underway. They are selecting startups for incubation from three sectors: Legal Tech, Prop Tech, and Civic Tech.

    • The selected startups will go through a 10-day guided journey from problem-solution fit to business model generation, along with other benefits like mentoring from sector experts and cash prizes.

  • ONI’s legal tech outlook and investment thesis

    • Omidyar Network India (ONI) has published its legal tech thesis, where they discuss their outlook on the state of legal tech in India. It estimates the serviceable market for legal tech in India to stand at $ 380 million, the expansion of which is attributed to factors such as:

      • increasing availability of data

      • acceptance of digital technologies

      • a burgeoning innovation and funder ecosystem

      • explicit policy support.

    • The thesis focuses specifically on building contractual trust as a way to strengthen societal health in India. The document also presents interesting statistics per-segment that are worth checking out.

Around the world 🌍

  • TCS elevates its global CLM offerings with Agiloft partnership

  • ‘Fairness-as-a-service’ provider FairPlay AI secures $4.5 million in seed round

    • Positioning itself as the world’s first ‘Fairness-as-a-Service’ company, FairPlay is building an AI-powered tool to identify and rectify biases in automated decision-making models.

    • This tool will help other organizations answer questions about the fairness of their algorithms, how they could improve the “fairness quotient” of their algorithms could be improved, and what would be the economic implications of being fairer.

    • The funds received in the round (led by Third Prime and with participation from various other investors) for product development, go-to-market initiatives, and hiring.

  • Client intake and CRM provider Lawmatics raises $10M in Series A

Recommended listen 🎧

  • Check out this episode from the Kennedy-Mighel Report Podcast where the hosts talk about why lawyers don’t use document assembly (and why they should).

  • They discuss the common hindrances lawyers face in practical terms in using assembly tools, and the business possibilities that assembly tools can uncover for lawyers and law firms.

Quote of the week 💬

“This is an understandable view, given the character of our government’s regulation. Given its flaws, it no doubt seems best simply to keep government away. But this is an indulgence that is dangerous at any time. It is particularly dangerous now.

Our choice is not between “regulation” and “no regulation.” The code regulates. It implements values, or not. It enables freedoms, or disables them. It protects privacy, or promotes monitoring. People choose how the code does these things. People write the code. Thus the choice is not whether people will decide how cyberspace regulates. People–coders–will. The only choice is whether we collectively will have a role in their choice–and thus in determining how these values regulate–or whether collectively we will allow the coders to select our values for us.”

— Lawrence Lessig in his article ‘Code is Law‘

That’s all for this issue, folks.

Until next time! 👋

Parvaz

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