So DepoDirect is a virtual deposition management platform. And what we do at DepoDirect is we are leveraging AI speech to text technology and automation to reduce costs by up to 80%, and improve efficiency and the experience of the actual proceeding. So just to start out, I mean, to give it context as the purpose of a deposition it's important to really understand it's really two things.
It's to find out what a witness knows before you're going to trial, and to preserve that testimony. And to allow all the parties to learn the facts before you go to trial so that they can sort of put the pieces to the puzzle of their argument together, and make decisions based on that information.
And that information comes in the form of a transcript that is legally formatted and it has to be extremely accurate 99.9%. A witness of the video, as well, and exhibits that are stamped and annotated and collaborated with and shared in the proceeding. So, the main problems that we're tackling in the current paradigm of the litigation services industry or I call it the legacy workflow, is there's a massive shortage of stenographers.
So, they're retiring faster than new ones are coming in because they don't see it as a long-term career path. So that's driving up costs of that particular resource extremely high. You also have an inefficient workflow, so they're using this machine you see in this photo to basically furiously type away and then sort of interpret the information later on after the fact in 10 to 14 business days also causing extremely high costs.
And now with the new paradigm of remote work, we need legal-specific technology. And currently generic video conference it works pretty good, but there's a lot of legal nuance that's still left out of it. So the challenge really that we faced at DepoDirect when we first started is number one how do we preserve the record more efficiently than a legacy company?
How do we address the need for legal specific tools in the new normal of virtual proceedings? And how can we lower the cost of litigation and therefore increase the access to justice to people of lower socio economic status. And that's where DepoDirect comes in. So what we're doing is we're leveraging AI speech to text to do the bulk of the heavy lifting, right?
So we can get a live transcript, I'm abou to show you what that looks like in a quick 20-second demo here. You can see that we're placing all of the components of an in person deposition inside of one easy, intuitive interface. So you have the video on the left, which is recording the witness automatically.
You have the transcript in the middle, which is legally formatted, speaker delineated, Q&A format and you can actually play the testimony back to yourself, live without interrupting. And then you have the exhibit suite so all the evidence that's being shared is being memorialized in a secure way. And you can stamp it, you can annotate it, you can independently review it just as you would in person.
And all this is happening automatically from simply pressing on the record, right? So what's the consequence of all of this is the workflow reduction it's massively differentiated from the legacy workflow now. So on an assumption of a five hour deposition, with a 200 page transcript, you're gonna get that back from a legacy provider 10 to 14 business days the video, the exhibits, and all that stuff.
There's a lot of back and forth manual communications going on. And it's gonna cost you about $4,500 for all those amenities. With DepoDirect we're doing it in within 24 hours, you're gonna get all the deliverables delivered to you and an admin portal that is highly interactive collaborative with your legal team.
It's gonna be 68% cheaper in this particular example, and obviously much faster turnaround time. So, what that does is it allows us to lower the cost of discovery, right? So, plaintiffs who wouldn't normally be able to pursue a claim against somebody with maybe more influence or money than they do.
Now maybe they can or maybe they can defend themselves against a claim, and not be bullied around so much and so this helps to lower the barrier to justice in that way. And that's really in a nutshell.