Vol. 16 | What are the top trends in legaltech for 2022?

Hi there,

The Indian Parliament enters the winter session. What are some key bills that the Indian government will discuss? Next, An exercise equipment brand finds itself in a fix following the passing away of a fictional character.

Finally, what are some trends shaping legaltech in 2022? All this, and much more, when you scroll below 👇

  1. Winter Session of the Indian Parliament
  2. Can Peloton Exercise Its Rights?
  3. How To Build Relationships With A Problem-Solving Mindset?
  4. Product Feature
  5. 3 LegalTech Trends To Watch Out For In 2022
  6. Other Stories Making Headlines In Legal And Beyond

BRACE YOURSELVES, WINTER IS HERE

The 2021 Winter Session of the Indian Parliament is currently underway. The Indian government has plans to table a total of 26 bills covering issues ranging from agriculture to cryptocurrency.

Here’s a list of key bills featuring during the session:

  1. Cryptocurrency and Regulation of Official Digital Currency Bill, 2021: The bill seeks to create a framework for the digital currency to be issued by the Reserve Bank of India.
  2. The Insolvency and Bankruptcy (Second Amendment) Bill, 2021: This bill aims to strengthen and streamline the existing Insolvency and Bankruptcy Code, 2016.
  3. The Emigration Bill, 2021: The bill will replace the Emigration Act, 1983, to establish a “robust, transparent and comprehensive” emigration management framework that facilitates safe and orderly migration.
  4. The Banking Laws (Amendment) Bill, 2021: Seeks amendments to Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980 and incidental amendments to Banking Regulation Act, 1949.
  5. The Pension Fund Regulatory and Development Authority (Amendment) Bill, 2021: The bill aims to amend Pension Fund Regulatory and Development Authority Act.

CAN PELOTON EXERCISE ITS RIGHTS?

Can the death of a fictional character impact the reputation of a real-world company?

Peloton, an exercise equipment company, found the answer to this question following the HBO premiere of “Sex and the City” reboot titled “And Just Like That.”

At the end of the episode, Mr. Big dies from a heart attack shortly after working out on a Peloton bike. The reel event led to the company’s stock nosediving by almost 10%!

THE AFTERMATH

Not long after, the company put out a statement distancing the product from the character’s death, citing contributing factors such as Mr. Big’s extravagant lifestyle and a previous cardiac arrest.

The company also mentioned that they had earlier agreed to the product placement but were not aware how it would be utilized in the show.

DOES PELOTON HAVE A CASE?

According to experts, under the nominative fair use clause, Peloton has a case as it’s protected trademark has been degraded due to tarnished customer goodwill. This is evident from the company’s stock value plummeting shortly after.

Moreover, Peloton had no idea how HBO and the show would portray its stationary bike and instructor, further adding more substance to their litigation.

WHAT REALLY HAPPENED?

Instead of going to court, Peloton took the incident on a lighter note and decided to capitalize on it.

The company put out a short-lived ad featuring Chris Noth and a voice-over by Ryan Reynolds, highlighting the benefits of cycling.


HOW TO BUILD RELATIONSHIPS WITH A PROBLEM-SOLVING MINDSET

spotdraft legalmatters interview with cory lamz banner image

In the latest episode of #LegalMatters, Cory Lamz, VP Legal - Buoy Health, shares his two cents on how to align the legal function with the needs of the business by bringing a solution-oriented mindset to work…

👉 Read the Interview here


3 LEGALTECH TRENDS TO WATCHOUT FOR IN 2022


UPLOAD AND AFFIX STAMPS

We know that you need to affix a stamp paper for some of the contracts before they can go out for execution. We now have a workflow on SpotDraft that will allow you to add a stamp paper very easily.

In the contract information card, you will now see an option to upload stamps while the contract is in the redlining stage. If a stamp has been uploaded for a contract it would get automatically affixed as the first page when it moves into the awaiting signature state.

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NEW AND IMPROVED SEARCH!

Being able to use multiple filters when searching for contracts on SpotDraft was one of the most frequent pieces of feedback we have received.

With our new search feature, sifting through contracts is now a breeze. You can  apply multiple filters to your search, such as two or more counterparties, business users, contract types, and much more! You can also view what filters are applied in the selection pane.

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OTHER STORIES MAKING HEADLINES IN LEGAL AND BEYOND


With that, we end the last edition of SpotDigest for 2021. We’ll catch you in the new year, until then take care and stay well!

Cheers,

Kevin Fernandes