CONCLUSION

There is a traditional view of lawyers as the enemies of entrepreneurs. The risk-averse

attitude of lawyers often frustrates business leaders who complain of over-lawyering and
objection-raising when receiving advice from their counsel. There are a number of reasons
for this lack of entrepreneurial sensitivity among lawyers. The substantial part of the Indian
legal system rests on guidance from previous case law and focuses heavily on precedent and
risk-spotting instead of breaking stuff and disruption associated with fast-growth companies.

Worldwide the legal services industry faces major challenges due to technological and social
developments. Especially the application of technology such as Data Analysis, Artificial
Intelligence and Cloud Computing has had a major impact on the industry. As in many
businesses, this technological development started with the automation of administrative
processes. In doing so, manual work was replaced by automated systems. Next came the
development towards computerization. Information that was first reserved to knowledge
workers was made widely available, for example via the internet. The current phase is called
digitization in which legal processes are (almost) completely executed by systems. The
introduction of all these forms of technology in the legal field is collectively referred to as
'Legal Tech'. Lawyers are leaving the safe and well-paying world of law to build their own
fast-growing, tech-first companies. These lawyer-entrepreneurs are helping create what have
been called “legaltech” companies, using major advances in technology, including artificial
Intelligence, to solve archaic practices in the daily practice of law, which have remained
unchanged for decades. This boom has helped create a slew of new companies disrupting the
way legal services is delivered.

Today, Legal Tech has developed into a business where start-ups disrupt the legal services
industry. This is done, for example, by offering online services that involves no actual
intervention by a lawyer or notary, such as the online drafting of an employment contract. Or,
by using Data Analysis, to develop knowledge about the future demand for new legal
services.

Legal entrepreneurship and innovation have a significant impact on the organization and
business models of legal service providers. This also requires an adaptation in the knowledge
and skills of lawyers in training. As entrepreneurs continue to set their sights on the law, it
will be interesting to see the rate in which the legal industry will adapt and embrace change.