Non-face-to-face Electronic Contracts, Lawyer Matching, Law Firm Task Management, etc.
[Asia Economy Reporter Kim Cheol-hyun] As the 'Legal-Tech' market, newly created by the combination of law and IT technology, is becoming active recently, startups supporting easy access to legal services for everyone are gaining attention.
Modusign, a provider of electronic contract platforms, is a representative Legal-Tech startup that helps digitalization. Operating a non-face-to-face electronic contract service, since its launch in 2015, it has secured more than 65,000 customers including domestic and global companies such as Kakao, Yanolja, Korea Johnson & Johnson Medical, and Market Kurly. When using Modusign, contract conclusion is completed within 5 minutes, and documents can be mutually verified without spatial or temporal restrictions. It is also excellent in security, having acquired the global security certification 'ISO 27001' for the first time among domestic electronic contract specialized services. In fact, all electronic documents signed on Modusign have the same legal effect as paper documents based on the Electronic Signature Act and others.
Law & Company introduced the lawyer matching platform 'Lotoc', a service where clients can search keywords to check lists and careers of specialized lawyers in the relevant field and find suitable lawyers. As of last September, about 3,400 lawyers have joined Lotoc. The lawyer market is considered one of the fields with serious information asymmetry problems. It is said that Lotoc can be an alternative to prevent legal broker issues and preferential treatment of former officials caused by lack of information. It also provides legal consultation services. Clients can get help in choosing lawyers through consultation reviews, and lawyers can post content to showcase their expertise. The fee range is also disclosed approximately to minimize clients suffering from opaque information.
Legal-Tech services that help lawyers focus on their work also attract attention. 'Cloudro', launched by Humax IT to support systematic management of law firm tasks, is a representative example. Cloudro is a system that allows checking work progress, procedures, and lists all at once. It simplifies all tasks conducted in law firms, including lawyers' client consultations, timesheet management, and billing. All email exchanges between lawyers and clients are stored in the Cloudro database, and the content of attached files is also searchable, enabling efficient management of vast law firm document data. It is also easy to use. As a cloud-based software service, users can access the website and create individual law firm accounts without installing any program.
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