Unique Interview with Praveen Kulkarni, Director and Co-founder of PracticeLeague
by Analytics Perception
March 28, 2022
With the ever-growing demand for software program options in virtually each sector, the authorized business can be following go well with as applied sciences are taking on the digital hole between the authorized area and expertise. PracticeLeague Legaltech is an progressive Authorized Know-how startup based in 2016 by Mr. Parimal Chanchani and Mr. Praveen Kulkarni, with a mission of remodeling authorized companies supply. Analytics Perception has engaged in an unique interview with Praveen Kulkarni, Director, and Co-founder of PracticeLeague.
1. Kindly transient us concerning the firm, its specialization, and the companies that your organization provides.
PracticeLeague Legaltech is an progressive Authorized Know-how startup based in 2016 by Mr. Parimal Chanchani and Mr. Praveen Kulkarni, with a mission of remodeling authorized companies supply. Authorized is an important pillar of the enterprise – and works in collaboration with each enterprise perform and exercise and but has little or no automation. Thus, the group focuses on offering a complete suite of software program options for all of the authorized expertise wants of the group, connecting it and all its departments into one unified enterprise primarily based on a stable basis of all its authorized necessities.
It’s on a path to bridge the digital hole between the authorized area and expertise, with its Product Improvement expertise spanning Contract Administration, Enterprise Authorized Administration which incorporates Issues & Case Administration, Compliance & Entity Administration, Authorized Spend & EBilling and extra – in different phrases, a complete Authorized Operations platform. It additionally has a complete Follow Administration suite for Regulation companies, RazorLex which is without doubt one of the most complete Regulation Follow Administration options available in the market.
2. With what mission and aims, the corporate was arrange? Briefly, inform us about your journey because the inception of the corporate?
The corporate was arrange with a mission to bridge the digital divide that exists between company authorized departments and their adoption of expertise – successfully, enabling the transformation of Authorized Companies Supply. The target was easy – to determine itself sooner or later of time as one of many world’s foremost Authorized Know-how corporations, one that focuses on not simply blockchain and AI-based technological interventions, but in addition humanizing expertise and guaranteeing straightforward adoption post-implementation – all of the whereas guaranteeing a state-of-the-art safety system catering to information safety and encryption.
Its journey began with enterprise shoppers in Contract Administration and has now expanded to incorporate all the suite of merchandise protecting Authorized Know-how Options as acknowledged above. In consequence, the group has now expanded its unfold, or footprint, to over 10,000 authorized customers throughout 100+ corporations in 21 business verticals.
3. Point out a number of the awards, achievements, recognitions, and shoppers’ suggestions that you simply really feel are notable and invaluable for the corporate.
PracticeLeague is the one Indian firm that has been acknowledged by Gartner in its ELM Market Information for 3 consecutive years from 2019 to 2021. It has additionally been acknowledged in lots of different Gartner reviews, like its Authorized Spend & E-Billing Information & Matter Administration Information, or the Cycle for each Authorized & Compliance in addition to Cyber & IT Threat Administration. It’s the first Indian Legaltech firm to include superior Google Contract AI. It was additionally the primary in India to make use of Blockchain in contracting.
In its most up-to-date buyer satisfaction survey, the corporate obtained a 92% buyer satisfaction {CSAT} rating. The group has obtained quite a few testimonials from shoppers throughout the spectrum starting from Startups to Multinationals. The platform has now grown internationally having customers throughout a number of nations like India, the USA, UAE, Mauritius, Canada, Singapore, Hong Kong, Vietnam, Ethiopia, and so forth.
4. Temporary us concerning the proactive Founder/CEO of the corporate and his/her contributions in direction of the corporate and the business.
The corporate has been based by the entrepreneur duo Mr. Parimal Chanchani and Mr. Praveen Kulkarni. Mr. Chanchani, the CEO, leads the Product Operations and Advertising and marketing / Enterprise Development verticals, whereas Mr. Kulkarni is the CTO main Product Improvement and Know-how interventions internally. Each of them include over 2 a long time of IT SaaS product growth expertise. They’ve collectively been instrumental in organising an inside organizational tradition targeted on making customer-centric tech options which might be easy but superior, with a deep deal with consumer wants. On account of these efforts, PracticeLeague LegalTech is now certainly one of India’s solely Authorized Know-how startups which might be often listed in international business reviews as talked about above.
5. Inform us how your organization is contributing to the AI Analytics business of the nation and the way the corporate is benefiting the shoppers.
PracticeLeague Legaltech is targeted on constructing exterior partnerships and cooperative working fashions with AI specialist organizations like Google Contract AI, MS AI, eBrevia, and Cognitive+. This permits in its manner AI to develop additional, on condition that AI developments are a easy perform of ever-larger quantities of studying choices for the options. These deep integrations assist us as nicely, permitting us to internalize AI inside our technological studying scales as nicely.
These partnerships assist us ship strong analytical reporting and dashboards to customers, which give them wealthy intuitive insights into their enterprise’ present standing and developments – serving to them to compete and keep forward of the curve.
Because the state of affairs stands at present, LegalTech is poised for its subsequent massive leap; for too lengthy, it was ignored or thought of a decrease precedence. The previous few years have addressed that to some extent, however we at PracticeLeague really feel that one of the best is but to come back. The approaching years will see massive strikes forward on each applied sciences in addition to client-adoption fronts. Because the components of complexity, ambiguity, and enterprise modifications play out, we will see increasingly organizations transferring to an enterprise-wide single unified system connecting all Authorized facets of the enterprise. On the expertise entrance, as Blockchain adoption comes mainstream and AI ranges out with deeper work being achieved on ever-larger information units, smarter options with deeper insights are set to emerge as the ability of those two applied sciences is really harnessed
7. Kindly point out a number of the main challenges the corporate has confronted until now.
The authorized dept was hitherto handled as a price middle and often had restricted budgets. This was the primary problem – which was efficiently overcome with a minute client-centric method targeted on the mixing of the software program and its configurability which ensured the consolation of utilization to the shoppers. The second string was the deal with quick implementation, enabling the consumer group to comprehend a transparent worth but stay inside budgets.
Now, that is altering – because the ambiguous enterprise surroundings working within the backdrop of a altering regulatory ecosystem catalyzes a shift in direction of the Basic Counsel (GC) being a enterprise enabler and advisor.
The second problem that involves thoughts was Covid; as an alternative of feeling threatened, the group delved into its inbuilt flexibility to transform it into a possibility – guaranteeing that its companies, not solely continued however grew in choices, whereas the client-facing a part of the group set about guaranteeing continued help to the customers whereas continuously evolving progressive new options. This enabled the group to reap the benefits of the acceleration in buyer adoption caused by the pandemic, with rising demand for options like ESignature, Compliance in addition to Contract Administration, for instance. This enabled the group to not simply climate the storm however emerge secure out of it.
8. What’s your greatest USP that differentiates the corporate from opponents?
Our key USPs are three – A scalable full Authorized Ops Platform that grows with the consumer; secondly, the excessive diploma of configurability of our options which work effortlessly throughout 20 enterprise verticals and may be simply blended into present organizational methods, supported by robust and deep integrations with wider organizational methods. That is additional supported by software program design components that allow versatile adaptation to inside consumer workflows and templates. That is what provides our platform its configurability and adaptableness to consumer group necessities
The third key USP is within the velocity of implementation enabling us to straddle the uncommon Worth For Cash with a Excessive Product High quality platform with ease. This USP is ably supported by a 3rd factor – the complete vary of options that the corporate provides on its platform, which bridges the complete spectrum of Authorized Know-how.
9. How is AI evolving at present within the business as an entire? What are an important developments that you simply see rising throughout the globe?
Throughout the Legaltech area, the sphere of AI will see a whole lot of targeted motion across the Extraction of Sensible Fields, Summarising Work, and Doc Evaluate & Analytics. On the macro degree, because the pattern in direction of automation picks up, transferring in tandem with regulatory shifts – there can be an elevated deal with these facets as the amount of paperwork and contracts concerned can be just too giant to be dealt with by hand anymore, for any group.
On the micro-level, inside Legaltech, the significance of AI-based contract overview, pattern evaluation; predictive or sensible contracts are two fields which might be set to develop exponentially. One other fascinating chance is the utilization of AI in predictive facets for Relational contracts, a brand new contracting paradigm being examined by legal professionals. The opposite two fields which might be already in vogue – AI-based chatbots and AI-based authorized analysis are anticipated to proceed, as additionally the comparatively newer subject of AI utilization in litigation by way of each predictive and searching modes of operation.
10. Please transient us concerning the merchandise/companies/options you present to your prospects and the way do they get worth out of it
The PracticeLeague platform is unfold throughout 4 sub-brands, named Razor365, the Contract Lifecycle Administration Suite; RazorCube, the Enterprise Authorized Administration Suite, and RazorLex, The Regulation Follow Administration Suite. Collectively, these three present a full vary of authorized expertise options to just about all authorized expertise necessities of organizations. The newest addition is the RazorSign resolution, which offers a local inbuilt ESignature resolution that may seamlessly work with all of the above, or certainly, even by itself as a standalone.
Razor365 – Our Contract Lifecycle Administration software program fast-tracks the contracting course of and makes its administration easy.
RazorSign- E-signature platform with Adhaar to electronically signal contracts sooner and in a secured method.
RazorCube – This Enterprise Authorized Administration platform digitally transforms complicated end-to-end enterprise operations with simplicity, connecting contracts, issues/ circumstances, compliance, entity, paperwork, IP Portfolio administration into one easily functioning complete.
RazorLex – The built-in authorized tech ecosystem revolutionizing legislation companies and empowering them with agile and superior functionalities.