Prerequisites for introducing IT technology
The use of IT technology to automate a law firm’s processes boosts its productivity dramatically. You can develop a law firm much like a start-up and make it geared at capitalisation gains.
Legal work is done by hand. Most of the cost comes from the time lawyers spend analysing information, negotiating, and writing legal opinions.
Whether the case is for 100,000 roubles or $10 million, a lawyer will spend the same amount of time on it.
The customer will only pay a high fee for legal services if the issue he needs to be resolved is critical. Even if a lawyer writes an excellent opinion for a lawsuit worth 100,000 roubles, the client will not pay a significant fee to the lawyer.
It turns out that small sum cases are unprofitable for law firms since the lawyer’s time is worth more than the prospective recovery.
Many law firms concentrate on serving high-paying customers. This is unquestionably one of the most effective ways for increasing corporate efficiency.
This article discusses how to make a mass business thrive. To succeed as a mass business (or a retail chain, if you prefer that term), you must replace manual labour with automated labour and create a scalable product.
All companies need to transform in the conditions of Industry 4.0. “The Fourth Industrial Revolution, 4IR, or Industry 4.0, conceptualizes rapid change to technology, industries, and societal patterns and processes in the 21st century due to increasing interconnectivity and smart automation.” Wikipedia, Fourth Industrial Revolution — Wikipedia (last visited 18.02.2022).
Typical legal difficulties can now be handled automatically thanks to modern IT technologies. A neural network, a chatbot, or templates can all be used. The solutions available are guided by cost constraints and the availability of IT professionals.
Legal tech is a new industry that focuses on integrating information technology into the legal sector. Legal tech’s mission is to use innovative software solutions to simplify and streamline the delivery and receipt of legal services.
The United States is the world leader in legal tech. Clio, eDiscovery, Icertic, Fastcase, and LegalZoom are some of the most well-known projects.
“In Russia, the COVID-19 pandemic pushed the development of legal tech much forward. The Presidium of the Supreme Court of the Russian Federation issued Decree No. 821 on 8 April 2020. The regulatory act prohibited citizens from appearing in court in person and recommended that documents be accepted electronically. In 2020, more than 3 million lawsuits were filed electronically as a result of the new directive. A total of 400,000 meetings were held using video conferencing.” Legal Tech in Russia: Examples of Automation in the Legal Field, Apexcom Journal (01.12.2021), LegalTech (apexcom.net) (self-translation).
The Gosuslugi portal intJulyends to launch «Justice Online» in 2024, a super-service that will enable 100% remote litigation.
“A statement of claim, statement, complaint, presentation and other documents in electronic form can be filed with the court through the federal state information system ‘Unified portal of state and municipal services (function).’” See Arbitrazhno-Protsessualnyi Kodeks Rossiiskoi Federatsii [Code of Arbitration Procedure], Sobranie Zakonodatel’stva Rossiiskoi Federatsii [SZ RF] [Russian Federation Collection of Legislation] July 29, 2002, № 95-FZ, art. 4 (self-translation).
PLATFORMA, VisaBot, Pravo.ru, and Doczilla are the most well-known projects in Russia.
Undoubtedly, operations become more efficient when automated processes are in place. A company can serve many customers while keeping operating costs low.
Another thing to consider is that we live in the age of ecosystems, in which all services are intertwined.
Larger companies can be happy buyers of legal tech start-ups. Developing an IT product, putting it into practice, and growing a customer base are all assets that can affect a company’s gains.
“As practice shows, even the most incredible idea can be combed and turned into a successful project.” How to Pack a Start-Up into a Business from Scratch?, Apexcom Journal (05.09.2021), How to Pack a Start-Up into a Business from Scratch? (self-translation).
“Selling mobile applications is the same business as selling any other product.” Selling Mobile Apps and Internet Projects, Apexcom Journal (05.10.2021), Selling Mobile Apps and Internet Projects (self-translation).
Our company, Apexcom, is engaged in M&A and investment promotion. Then there is our own legal tech project, a mobile app for automated legal services, which you can find out about by visiting App Store: APEXCOM and APEXCOM — Apps on Google Play. Since February 2022, the app has been available for download from the app store.
We welcome legal tech partnerships and are working to integrate legal companies involved in the collection of penalties under equity participation agreements into our mobile app.