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Legal tech seen as new trend in untapped industry
Legal technology is gaining popularity in Indonesia as start-ups come up with solutions for a market where they see huge potential.
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Legal services are moving online and into smartphone apps in what is seen as a largely untapped market. (Shutterstock/File)
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egal services were once perceived as expensive and complicated to come by. Now, there is a growing number of apps to simplify the process in a burgeoning industry called legal technology, and industry players see ample room for further growth.
Indonesian Regtech and Legaltech Association (IRLA) chairman Marshall Priadi said the industry had begun to bloom in Indonesia over the last couple of years, as legal tech was a supporting system for larger digital economy segments like fintech and e-commerce.
“In the next five years, I believe, this industry will be trending. It will have even more solutions for different segments,” he told The Jakarta Post on Friday.
In Indonesia, Marshall said, most legal tech firms focused on small and medium enterprises (SMEs), while elsewhere, legal tech was already catering to corporate needs, such as by providing due diligence software and offering contract management using machine-learning technology.
The CEO of legal tech start-up Legalku, Muhamad “Phil” Philosophi, believes that in the next two or three years, legal tech can expand to offer business-to-business (B2B) solutions for fintech and e-commerce firms by helping small and medium merchants become legal entities.
“Once SMEs have settled their funding issues, they will want to scale up and register as legal entities. So, there is a big opportunity in the SME [segment],” he told the Post in an interview on July 12, adding that Legalku was in discussions for B2B collaboration with several unicorns, or privately held start-ups valued at more than $1 billion.
Read also: 'Going digital' means win-win for SMEs, e-commerce platforms
