The world is full of competition and as a matter of fact, the level of it is too crucial to survive and thus the importance of being perfectly legal and logical has always been the best catch to make a difference among the ‘big fishes’. Mind Merchants is such a name that has already standing ahead with its legal & technology services and consultation strategy that caters to corporate legal departments of some of the leading companies in India and around the world. It focuses on providing a combination of legal services and advanced technology solutions to manage risk, ensure regulatory compliance, avoid penalties, and meet customer obligations.
Inaugurating Mind Merchants
Dilpreet Singh Sidhu has served as the Chief Executive Officer of Mind Merchants since 2009 and chaired as its Board of Directors. He is one of the co-founders of Mind Merchants’ corporate affiliate, Lawrbit Lextech India Pvt. Ltd, a technology offshoot that provides industry-leading compliance management technology.
Dilpreet is known for his approachability, team philosophy and a laser-sharp understanding of the corporate legal market. He was pivotal in getting strategic partnerships for Mind Merchants with some of the global leads in technology and consulting. He expanded the company from a startup to a well-known name in the industry. In his erstwhile quest for the future of the legal services and technology industry, Dilpreet has come a long way.
Before starting Mind Merchants, Dilpreet was a practicing attorney in corporate, commercial, and intellectual property law. He has a diverse transactional experience involving significant mergers and acquisitions, global joint ventures, and other international transactions. During early days of his career, he contributed to master’s level research projects involving bank guarantees, money laundering, and other white collar crimes, as well as annual corporate meetings, and unfair labor practices.
Prerequisite Services
“We are built on the principles of SMART LAW as opposed to BIG LAW” declares Dilpreet. With emerging innovations in how legal services are procured and rendered, Smart Law is the necessity of the hour. He adds, “Our business model ensures that once the processes are streamlined, and technology has been implemented, the client has the option to bring the process back into their organization.”
More specifically, Mind Merchants (MM) has created a global library of legal compliances in partnership with over 50 tier-one law firms globally. This is one of the most extensive compliance libraries in the market contesting to be amongst the top three global leaders. There is a technology-enabled access to this library and is built like a marketplace where on-boarded service providers can implement an Enterprise Compliance Management System for their customers. The technology is launched in the name of LAWRBIT and described as an International Compliance Network.
Marching towards Future
Legal technology along with AI and Machine learning components is emerging prominently. With high-paced overall modernization, the corporate legal departments are facing an urgent need to cope up with increased demand. This leads to a more compliant and risk-averse way and in a much quicker yet at a much lower cost than ever. Technology adoption and process improvement are specific answers to most of these challenges. As far as the market potential is concerned, the scenario as mentioned earlier is not limited to any particular sector, and this is for all corporates in all industry verticals.
MM aspires to develop and deliver end to end products and solutions which apply to all corporate legal departments globally. Dilpreet shares, “We have a one window solution approach (prime and partner) to all of our projects. While most of the technology is developed in-house or through SME’s, we still partner with some of the global leaders in technology to always stay ahead in the learning curve and offer more comprehensive options to customers. We aim to be the market leader in IT-enabled Legal Services and Consulting sector by 2021.”
Being the Usher
Law and Technology are both significant forces and go hand to hand in shaping the future of humanity and society. This needs to be acknowledged, expressed and implemented in each of these unique ideas.
Innovation is where the business opportunities of today and tomorrow lie but no one succeeds in business alone, and those who try will lose to a great team every time, thus it is important to build a great company to bolster the success. As one builds one’s team, hire for character and values. One can always train someone on skills, but one can’t make someone’s values fit into one’s own company after the fact.
Acknowledging the Importance of Healthy Work Environment
Mind Merchants believes an employee-friendly workplace culture is the key to a company’s success and winning workplace culture doesn’t happen by chance, nor it can be forced. According to the management of the company, workplace cultures should include clear lines of communication, a defined organizational goal, wise hiring, work-life balance, competitive pay and benefits. And lastly, not to forget – fun that includes multiple team events throughout the year.
It promotes opinions, equal opportunity distribution and offers choice in many aspects of a team member’s approach to duties and responsibilities. They are seeing this becoming successful as more and more ex-team members return to rejoin us with higher vigour and an enhanced perspective on the subject matter.
Setting the Milestones
Mind Merchants works closely with global leaders from the technology and consulting world across all verticals. While talking about the success, Dilpreet adds, “We feel accomplished when top law colleges in India bestow us with the responsibility of providing professional exposure to graduate students. Our training programs for graduate students are designed to build the fundamentals and cater to the industry needs. Last year, we were recognized as the ‘Company of the Month’ by CIO Review and also featured in their list of ’20 Most Promising Risk Management Solution Providers 2017’. We call it a success when we are invited to global legal and technology events with the purpose of sharing the latest market trends.”
