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India’s leading law firm, Cyril Amarchand Mangaldas has announced the launch of the second cohort of India’s first LegalTech incubator ‘Prarambh’.
Launched in 2019 as part of Cyril Amarchand Mangaldas’s focus on innovation and technology, Prarambh is recognized for supporting domestic talents in developing quality LegalTech products and significantly enhancing interest in the adoption of technology amongst the legal fraternity.
Speaking on the launch, Cyril Shroff, Managing Partner of Cyril Amarchand Mangaldas, said, “Extraordinary times call for great innovation. For businesses, this year is a story to tell, partly because of how businesses have realized this need for transformation, especially with respect to use of technology. Riding on this learning in the second innings of Prarambh.”
“The first cohort of Prarambh concluded on a high note, and we believe the second edition of Prarambh will lay the foundation for the development of LegalTech solutions for India’s legal sector that is set for a huge technology-led transformation,” Shroff added.
The firm said that Prarambh Cohort 2 is designed as a 10-weeks virtual incubation program, with focus on mentoring existing startups in the LegalTech space, to develop solutions that align with the practical requirements of law firms, corporate legal departments, judiciary, and independent practitioners.
The applications are invited from startups that are in the ‘development and/or ready to scale stage’ for the 10-weeks virtual incubation program. 3-4 high potential startups will be selected basis a comprehensive evaluation process, and they will be mentored by a panel of leading international innovators, industry experts, and lawyers from Cyril Amarchand Mangaldas, according to a press release issued by the firm.
“Innovation is one of the cornerstones of CAM’s foundation and we believe it is key to success in the post-COVID world. With remote working emerging as the new normal, it has become integral for the legal industry along with other industries to take a step towards technological upgradation and innovation. After implementing methods that use artificial intelligence and machine learning, we are already halfway through and will only go forward from here,” Cyril added in his statement.
The focus of this cohort will be on building technology-driven business solutions that are relevant for the post-COVID world along with improving access to justice, law firm operations, litigation competencies, increase transactional efficiencies, access to government programs and reforms, and enable smooth functioning of a remote workforce.
Commenting on the launch, Mr. Rishabh Shroff, Partner, Cyril Amarchand Mangaldas, said, “As we move along in the COVID era, the workplaces are going to be increasingly digitally enabled, involving expanding scope and role of technology. COVID was a wake-up call for many law firms and corporations. With the courts themselves going online, the Indian legal sector is realizing the need to embrace technology to improve how law firms and corporate legal teams operate. With our detailed program, vision, and expertise, we hope to mentor these startups to become problem-solvers for the Industry. It makes us proud to be leading this revolution to transform the law industry for better.”
Legality, LegalMind, and JRTC Intern formed a part of Prarambh’ s first cohort that concluded on April 30, 2020. These startups were housed at CAM’s Delhi office.
Further adding to the statement, Ms. Komal Gupta, Head of Innovation, Cyril Amarchand Mangaldas, said, “Prarambh is a result of a noble vision and intention. We have spent significant hours in deliberating and planning a detailed incubation program for entrepreneurs that are working on long term sustainable and impactful ideas. The first cohort received a record of 51 applications. We are expecting a similar response in the second cohort with the increase in awareness and encouragement the domestic LegalTech market has received since the launch of Prarambh.”