PracticeLeague brings order to enterprises' legal workflows
Pune-based PracticeLeague caters to over 100 clients across 21 verticals. It provides a suite of solutions to empower legal departments of enterprises as well as law firms.
Legal departments at enterprises suffer from a perception problem—although considered vital, these teams are often considered slow and inefficient by other stakeholders in the business.
While startups in the legaltech industry currently offer point solutions to improve workflows, these tools still result in business and legal teams operating in siloes. Pune-based breaks these silos by providing teams with an easy-to-use Artificial Intelligence-powered unified legaltech platform.
Founded by Parimal Chanchani and Praveen Kulkarni, the startup began its journey in 2016. Its platform brings all entities of the business legal ecosystem onto a virtual grid empowered with AI, blockchain, and a secure cloud for a seamless exchange of data.
The idea for the startup came when Parimal and Praveen were building their first company. “We first met during a large IT project for an established IT company. Subsequently, we continued talking, resulting in our first startup in 2000—Uberall Solutions Limited, an innovative and bespoke product development outsourcing provider. The idea for PracticeLeague, legaltech on cloud, was born in Uberall,” says Parimal.
The startup currently caters to over 100 clients across 21 verticals, including enterprises in banking, insurance, ecommerce, media and entertainment, pharma, and several unicorns. About 40% of corporate law firms in India, including Khaitan & Co., DSK Legal, ELP, and IndusLaw, use it.
What does it offer?
PracticeLeague automates necessary tasks and integrates enterprise legal management. It focuses on governance, risk management, and compliance.
Some of its solutions include Razor365, RazorLex and RazorSign.
Razor365 is An AI-powered contract lifecycle management (CLM) software that enables enterprises to automate end-to-end contract processes.
"The AI functionality in Razor365 can expedite the contract review processes by classifying and analysing them, identifying standard and missing clauses, and identifying the obligations within contracts. It reviews the entire contract and summarises it in short form, whereby a full contract is summarised into a few lines, a paragraph, or a single page," Parimal says.
Its practice management platform RazorLex includes a comprehensive suite of legal business solutions meant to enable agility and transformation within the law firm.
RazorSign is a document execution platform that enables secure document execution as a standalone solution and an integrated plug-in. It includes all forms of prevalent document signing options, including secure e-sign, Aadhaar sign, digital signature certificates (DSC)-II, and DSC-III.
How does it work?
The solutions are delivered via the Microsoft Azure cloud infrastructure, which offers high security and scalability.
Over 10,000 lawyers currently use PracticeLeague’s platform.
"Our solutions are modular in nature—the client can choose the entire platform or can start small with a single module and can expand later based on usage and adoption," says Parimal.
PracticeLeague has an annual subscription model, and charges are based on various parameters, such as modules, number of legal users, number of business users, and others.
The startup manages over 250,000 contracts and handles over a million legal requests per year. It says it onboards 3-6 enterprises and law firms every month.
PracticeLeague has a presence in India, with representative offices in Singapore, the US, and the Middle East.
Currently, the Indian market accounts for 80% of its revenue, and the Asia Pacific, DACH (Germany, Austria, and Switzerland), and UAE markets account for the rest.
Since enabling its software, the startup says that clients have achieved 100% digital-only transaction goals, with a 40% increase in their efficiencies. They have witnessed a significant increase in productivity of over 35%.
Market and way ahead
In India, the legaltech market is currently worth approximately $380 million.
According to future market insights, the legal tech market revenue totalled $27.6 billion in 2021 and is expected to reach $69.7 billion by 2032, growing at a CAGR (compound annual growth rate) of 8.9% for 2022–32.
According to the report, the top five countries driving demand for legaltech are the United States, Germany, the United Kingdom, India, and China.
The startup plans to generate $10 million in revenue and double its client base in the next two to three years. It competes with Thomson Reuters, , Clio, Mitratech, , and , among others.
Co-founder Parimal has over 20 years of experience and has held various positions in the Unilever Group.
Prior to PracticeLeague, he co-founded Uberall, a product development company focused on building innovative solutions.
Co-founder Praveen has worked on projects for various clients across Asia-Pacific and the Middle East.
The startup has 65 members on its team.
Edited by Affirunisa Kankudti