The platform can automate contracts and has a chatbot feature powered by artificial intelligence.
Leading Mongolian firm MDS & KhanLex has launched a legal technology platform—the first of its kind for the East Asian country.
The platform, called iGeree, automates contracts and has a chatbot feature powered by artificial intelligence. IGeree currently focuses on employment law matters but will be expanded to company law matters in the next few years.
MDS KhanLex partner Batbuyan Sodnomjamts said in a statement that iGeree can effectively function as a virtual law department for small and medium-sized companies in Mongolia, a developing country landlocked between Russia and China, where finding adequate and affordable lawyers is a “big challenge.”
Thirteen lawyers from MDS KhanLex, including three partners, helped build iGeree, together with another group of 13 data engineers, coders and designers from local tech companies Bodsoft and Anduud Lab and design firm B Studio. The MDS KhanLex lawyers will receive a percentage of the profits from iGeree for as long as they remain with the firm.
Mongolia is the latest Asian country to make its first major move into legaltech so far this year. In October, Nagashima Ohno & Tsunematsu became the first major Japanese firm to invest in legaltech—a $7 million investment over several years into startup MNTSQ. In June, the Singapore Academy of Law, a government body that promotes the city-state’s legal industry, launched Global Legal Innovation and Digital Entrepreneurship—the first legaltech-focused startup accelerator in Asia. And in February, Cyril Amarchand Mangaldas, India’s largest firm, launched the country’s first legaltech startup incubator, Prarambh.
