Hong Kong was our starting base because it is a dynamic city with tremendous opportunities. Also, the city has a strong and exceptional talent pool, and an innovation-friendly environment, which made it a perfect spot for us to launch.
Legal services industry has traditionally been perceived as expensive, inaccessible and complex. At a time when legal departments are asked to “do more for less”, clients are now looking for all-encompassing support. KorumLegal’s solutions are inclusive, providing client-centric and value-driven solutions. Its specialist consultants boast experience from reputable international firms, in-house legal teams of Fortune 500 companies and fast-growing startups.
KorumLegal was founded with the aim of providing a wide range of fresh, innovative and cost efficient legal solutions across Asia. Its services include on-demand specialist legal consultants, managed legal services, legal operations, legal process management and LegalTech consulting, including implementation.
Innovative legal solutions growth in Asia
Identifying Asia as a competitive hub for entrepreneurship and with the startup community growing exponentially, Hong Kong was a natural choice for KorumLegal’s operational headquarters. “Hong Kong was our starting base because it’s a dynamic city with tremendous opportunities,” Titus Rahiri, KorumLegal’s Founder and CEO, observed. “Also, the city has a strong and exceptional talent pool, and an innovation-friendly environment, which made it a perfect spot for us to launch.”
KorumLegal focuses on the delivery of legal solutions across three main areas: People, Process + Technology and Managed Legal Services (MLS). First, through People solutions, clients optimise its platform of experienced legal consultants. They work on-demand both in the office or virtually, as required by the clients’ business needs. Based on market insights, the People solution leads to savings of 55 percent per hour when compared to mid-sized law firms. Second, using Process + Technology solutions, clients develop and improve their legal operations capabilities through process audits, workflow and supply chain optimisation, and LegalTech procurement and implementation. Generally, clients that invest in these solutions witness increased efficiencies of 15 to 50 percent. Third, through MLS, clients contract out all or part of their legal function to be managed by a team of legal and project management specialists. Managed virtually, this is a high impact solution with savings of 25 percent or more per project compared to in-house legal staff — and much more when compared to law firms.
Rahiri believes that technology is the key enabler to growth but people are still at the heart of the business. “We see technology as a key pillar to our business as it matures and starts solving some of our clients’ major operational issues,” he stated. “But it must still be approached with people at the core. With our full-service offering, we can tailor legal solutions incorporating people and technology to reach a wide range of clients. This obviously includes startups with
smaller budgets.”
At the moment, KorumLegal has 13 staff members and more than 200 legal consultants on its platform in Asia and beyond. Looking ahead, Rahiri believes that the legal industry will be completely different in a decade with NewLaw models becoming an integral part of the legal ecosystem. He believes that data analytics, AI, blockchain and the gig economy will be keys to the future of law.
