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Legal Tech Startups: Product Or Investing, Or Both

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Legal Tech Startups: Product Or Investing, Or Both aka ‘The Orange Rag’ Legal Tech Startup Directory when deciding to work with a startup – be that buying their Legal tech startups: product or investing, or both. Firms that are ahead in the game are simply identifying a problem (be it their own or the client’s); Do you want extra finding the tech that fits the problem; putting in place the people and processes needed (not necessarily in that order); and then froth with that? the rest is a bit like throwing spaghetti up against a wall. At the end of the directory are comments and tips from leading It says an awful lot about the legal tech startup market that innovation heads to investors as to how law firms and startups businesses which have been involved in the scene since 2010 can work together better. or before are gobsmacked that the sector is now being described Yes, it’s sort of frothy. No, the pricing isn’t right in many as ‘frothy’ or ‘overhyped’. cases. Yes, it’s going to get more crowded with the additional What was once for startups a painful, slow and conservative VC funding entering the space. No, we’re not yet catching up market to interact with is, well, it is still a painful, slow and with FinTech, not even close and probably never will. conservative market to interact with. In our new startup directory, At the end of the day, the real question for law firms, you just have to look at the ‘challenges’ listed to see that legal sector backers, and tech developers is, does or will the product conservatism and reluctance to change are still very much alive ultimately add to a law firm’s bottom line? If not, hold and well. the froth. But where once law firms stuck their fingers in their ears and whistled Dixie in the presence of blue-faced innovators, many are now listening hard. In the directory (which, by the Lawyer Comparison & way, we will continuously update and add to), we ask each startup to identify key market opportunities, and many identify Online Legal Resource the significant shift in attitude among law firms and increased appetite for change. Company Name: Access Solicitor It is a complete myth perpetrated not least by legal Description: Lawyer comparison website: “Just Eat for lawyers”. magazine column inches and panicking partners that all law Founded: 2013. firms are engaging with and excited by new technology. In a Founders: Warren Smith CEO; Divyang Mistry, finance director. recent know-how session in New York attended by Legal IT Managers/senior execs: As above. Insider, in a room of 80 chief knowledge officers and IT directors Growth Strategy: Work with industry stakeholders (Legal from major law firms, less than 10 said they are experimenting Services Board, Legal Services Consumer Panel and with new tech. Competition and Markets Authority) to improve access to In the UK, one IT director recently told us: “We want data in the legal services sector; continue forming third party to work with AI just so we can say we are doing it.” The herd data partnerships, engage with lawyers and customers to mentality means there are currently a few doers, a few followers, develop site. and the majority wondering where the hell this is all this is going. Investment: Access Solicitor has raised several hundred But it would be a massive mistake to assume that many thousand pounds from private angel investors. of the best resourced or innovative law firms are not making Target clients: Mass market law firms/ clients in all areas of progress in the way they experiment with and incubate legal practice. new ideas - and that is already beginning to cascade down. Key challenges: Insufficient transparency of relevant data. Allen & Overy recently announced it is to open tech hub Key market opportunities/developments: Launch of Law Fuse in its City office; Baker McKenzie is adopting design Superstore. Conclusion of CMA’s legal market review thinking to work on an ad hoc ‘no fear of failure’ basis with recommending increased market transparency and clients; and Dentons, on top of the work its doing through facilitation of public access. investment arm NextLaw Labs, recently partnered with What you probably didn’t know: Access Solicitor originally Startupbootcamp and will invest in 20 startups through launched as an online video site. the programme. That is to say nothing for the work that the likes of Company Name: F-LEX LexisNexis and Thomson Reuters are doing in the legal tech Description: Provides pre-vetted law students to law firms and startup space, including, in the case of the former, a Silicon in-house counsel with as little as two hours’ notice. Valley-based accelerator that will no doubt form the basis of Founded: Early 2016. future collaboration or acquisitions. Founders: Mary Bonsor, lawyer and CEO; James Moore, The startup directory gives an insight into the scale of technologist; Jimmy Vestbirk, Legal Geek founder. change taking place and where the investment is happening, Managers/senior execs: As above. but it also speaks to the immaturity of the market. The majority Growth strategy: Currently in London, F-LEX will be of startups have literally no idea what a growth strategy really is. moving to other cities in the UK throughout 2017. Here’s a clue: it’s not getting more clients. Investment: Raised investment through Seed Investment Therein lies another problem: for a hugely conservative Enterprise Scheme on launch. Investment has been from a profession there are no guaranteed metrics for firms to rely on range of angel investors who are prominent lawyers, legal Page 1 (302) April 2017 aka ‘The Orange Rag’ Legal Tech Startup Directory innovators and ex-managing partners. appetite for investors to fund legal tech businesses during Target clients: Any legal department who needs paralegal the last few years, much like the early days of FinTech. assistance, whether that is a law firm, in house counsel or start up. What you probably didn’t know: Although the majority Key challenges: Technology becoming too advanced and of customers are in-house legal teams and SMEs who need legal not needing paralegals to do the more junior jobs. services, an increasing number of large global firms are referring Key market opportunities/developments: Lawyers, who clients to Lexoo for work they couldn’t take on competitively are renowned for being risk adverse, beginning to open themselves. up to the idea that technology may assist the legal sphere to increase efficiency and productivity. Company Name: LexStep.com What you probably didn’t know: The name F-LEX was Description: Helps lawyers explore new career opportunities thought up by an estate agent who is a friend of one of and connect with the world’s leading legal employers through the founders. its online platform. Founded: Autumn 2015. Company Name: LawBid Founders: Alexander Isaacs and Michael Hagai, former Description: Online legal matchmaking system that makes associates at Linklaters and Allen & Overy respectively. it quicker and easier for clients to find the right solicitor. Managers/senior execs: As above plus head of UK Founded: August 2016. marketplace operations, Vinay Varma, a former corporate Founder: Kid Harwood, director. and capital markets lawyer and ex-legal search consultant Managers/senior execs: As above. who joined January 2017. Growth strategy: Offer choice, transparency and simplicity Growth Strategy: Continue building brand and reputation not available elsewhere; facilitate platform not only for for providing the best possible user experience for both clients to find a solicitor but solicitors to actively secure new lawyer members and employers. instructions and communicate with clients. Investment: Self-funded. Investment: Self-funded. Target clients: a) top-tier commercial law firms and in- Target clients: Solicitors and the public. house legal employers (b) top-tier practising lawyers. Key challenges: Broadening solicitor mindsets to acquire Key challenges: Changing the legal recruitment industry and client instructions in a new way. traditional mindsets. Employer bureaucracy is a barrier to Key market opportunities/developments: An increasing number innovation at some firms. From the lawyer side, unwinding of sites and systems making their mark on the legal sector. the “fiction” disseminated by headhunters to justify their What you probably didn’t know: Gives registered solicitors position and value. the opportunity to offer their services pro bono and provide Key market opportunities/developments: Gen Y and legal aid where applicable. millennial lawyers increasingly moving on from the firm they train at. Attraction among top UK lawyers of US law firms in Company name: Lexoo London. Wider market acceptance of flexible working. Description: Curated legal marketplace, helping businesses What you probably didn’t know: All LexStep members have source transparent, fixed fee quotes from independent lawyers access to support and advice from an all-lawyer LexStep team. within two business days. Founded: Early 2014. Company Name: Pekama Founders: Daniel van Binsbergen. Joined by CTO Chris Description: Professional network of over 400 intellectual O’Sullivan shortly after first round of investment. property experts to help find, locate and instruct an IP expert Managers/senior execs: As above. including preferred terms and using proprietary technology. Growth strategy: Initially marketed to startups but now Founded: 2014. predominantly focussed on mid-sized and larger businesses and Founders: Zeev Fisher. in-house legal teams. Managers/senior execs: As above + Dmitry Demidenko, Investment: Has raised over $1.7m including $1.3m in Dan Woodford, Timo Karakashev. November 2015, in a funding round led by Forward Partners. Growth strategy: Direct subscriptions through digital and Prominent investors include Jonathan McKay (chairman of direct marketing campaigns. Referral programme. Just Giving); Duncan Jennings (founder of Vouchercodes); Tim Investment: Cambridge Angels. Jackson (partner at Lean Investments); Robin Grant (co-founder Target clients: IP and legal firms.
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