Legal, IT, Telecommunication

What to consider before founding a legal tech startup

I recently came across an article by Nehal Madhani founder and CEO of Plain Legal, a software-as-a-service company aimed at streamlining the management of IP filings  by helping companies and lawyers with the creation and docketing of intellectual property filings, by identifying, tracking, and managing IP filings.

Madhani shares his experiences and lessons learned for those considering founding a legal technology startup. He explains that lawyers have greater expectations and needs compared to the general public. “There’s a startup concept known as MVP (minimum viable product), which is the concept that the product that has just enough functionality to release and keep iterating. In the legal industry, this has a higher threshold.”

He continues, “Beyond security and confidentiality, lawyers adopting legal technology are trusting you with their client’s confidential data. They’re also responsible for any malpractice if something goes wrong, so lawyers expect (and often need) a higher level of quality from the software. My advice is start with a discrete problem or task that you can solve, so you can provide the quality lawyers need to adopt.”

In other words, before you launch that legal technology startup, you must know the market, its needs, and to have a laser-sharp focus short of which your startup is here now but gone tomorrow.

Credits to Nicole Black via Bloomberg Law

 

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