Legal Tech Collective

What does it take for an aspiring legal tech company to work with a firm like Slaughter and May? Emma and I had great feedback for our presentation on “Working with customers” at the Collaborate Cohort Day last week. We covered some topics that might be of interest to other legal tech founders including: Understanding the various audiences - innovation teams, lawyers and in-house legal teams - What is important to them - How they can help you as a legal tech vendor - How you can support them (to be able to work with you) How to introduce your product - Understand the problem you are solving - Personal and bespoke engagement plans - Building credibility - Documenting as you go The difference between proof of concept, trials and pilots - What is the right choice for a solution and the firm - The difference between showing, proving and realizing value If you're trying to navigate some of these areas, feel free to send me a DM or book a meeting directly from my profile. I promise I'll look happier in real life than in the photo below. I’m Alex, Founder of Legal Tech Collective. We help: 👫→ ⚖️ Smart people with great ideas build companies that transform the legal industry 💡→ 📈 Companies to validate product ideas, acquire their first clients, and grow through the first millions in revenue #legaltech #legaltechnology #startup

Thank you note to my Mentor! Over the past month, I've had the opportunity to have mentoring sessions with Alex Baker, and I want to express my gratitude to Alex for these sessions. Here are two key reasons why: – Alex is incredibly knowledgeable, not only about the startup industry but also about Legal Tech in particular. Every piece of advice he gives is grounded in his extensive experience in the industry, solving similar problems, and connecting with the people you aspire to meet. – Alex is exceptionally open and approachable. This makes our sessions not only insightful but also enjoyable. I highly recommend anyone building a Legal Tech company to speak with Alex. Additionally, I'd like to thank LawtechUK and Lauren for connecting me with Alex and making our mentoring sessions possible.

The last 7 days have felt like London’s own Legal Tech Week. I met with 40 startups and so many incredible people it’s hard to shout out to everyone. Legal tech from Australia 🇦🇺 Singapore 🇸🇬 Japan 🇯🇵 UK 🇬🇧 US 🇺🇸 Canada 🇨🇦 and across Europe 🇪🇺 came into town supported by government initiatives, legal tech conferences and London Tech Week. So many exciting companies are launching and planning to grow here in the UK and I’m so happy to help connect people to the support they need. Thank you to everyone who made the journey from far and wide and I can’t wait to see where all of these exciting conversations will lead. London’s ”Legal Tech Month” is fast approaching with LegalGeek and Legal Innovators UK in October / November. Hopefully we’ll have an Indian summer given that the UK's summer hasn't bothered to show up over the last 2 weeks. For now, I've retreated to the countryside for a few days of focus time following all the excitement.

London is on 🔥 with legal tech this week! I have met so many cool people already and we haven't even made it to LegalTechTalk yet! If you're in town and will be at LONDON TECH WEEK 2024 or Legal Tech Talk tomorrow, send me a message so we can find time to meet. I can't make it on Friday so will only be at LTT on Thursday. I’m Alex, founder of Legal Tech Collective. We help: 👫→ ⚖️ Smart people with great ideas build companies that transform the legal industry 💡→ 📈 Companies to validate product ideas, acquire their first clients, and grow through the first millions in revenue #legaltech #legaltechnology #startup

Is AI helping non-AI legal tech? AI presents a real opportunity for lawyers although I think the value most lawyers are currently getting from AI doesn't match the hype. One group of people it is helping is those selling legal tech software, in a number of ways: 1. AI has awoken lawyers to the opportunity of technology. 2. As with any new tech, there are early adopters but those that aren't want to start with something more proven. 3. In order to take full advantage of AI in the future, you need good data. Traditionally something lawyers haven't been great at. I've met with numerous established legal tech solutions over the last few weeks who are reaping the benefits. Is your legal tech riding the wAIve? I’m Alex, founder of Legal Tech Collective. We help: 👫→ ⚖️ Smart people with great ideas build companies that transform the legal industry 💡→ 📈 Companies to validate product ideas, acquire their first clients, and grow through the first millions in revenue DM me or book a brief meeting directly from my profile page. #legaltech #legaltechnology #startup

Making your legal tech contract negotiation as seamless as possible Negotiating contracts with lawyers who reduce risk for a living can be painful, particularly when your in the early days of building your legal tech business. I'm not a lawyer, so it's kind of ironic that I'm sharing support the closing process with a founder audience that is made up of 98% lawyers. 1. Get a good, commercially savvy lawyer who is experienced in technology, preferably in legal tech to draft your contract. 2. Make sure your champion is truly bought in. This will be invaluable in helping you to navigate any blockers in the contract (and more broadly in the procurement process). 3. Introduce your contract and supporting documents in an email. Explain how your contract works and why it's structured in this way. Make it easy for those having to review the document (all the stakeholders involved) to say "that makes sense". 4. Have a section for "Special terms" - save yourself (and the lawyer reviewing your contract) the time of marking up every page of a 25 page document. Instead help them to focus on the material changes that need to be made. 5. Despite the image below, please use a digital signature. It's 2024. 6. Systematically record every material change requested so that you can review and update your contract terms accordingly, and where it makes sense to do so. Anything I've missed? Unsure how to implement any of these elements or need a quick fix to get some contracts over the line? Lets find time to speak - send me a DM or book a meeting directly from my profile. I’m Alex, founder of Legal Tech Collective. We help: 👫→ ⚖️ Smart people with great ideas build companies that transform the legal industry 💡→ 📈 Companies to validate product ideas, acquire their first clients, and grow through the first millions in revenue #legaltech #legaltechnology #startup 

Could the legal tech market be worth $250 billion? According to Ed Walters it could. Here's the "back of a napkin" maths: 🇺🇸 U.S. legal services market is valued at $453 billion ~20% of people get help with their legal problems so true market value could be estimated at $1 trillion 🌍 Assume that the rest of world is another $1.5 trillion - thats now $2.5 trillion 💵 If 10% of the market is served by tech then the legal tech market value could be estimated at $250 billion Gartner also recently published their findings, stating that the market had potential to reach $50 billion by 2027. Which is more accurate? Regardless of the number you align to, there is no doubt that legal tech is 🔥 right now. For those solving real problems with solutions that provide tangible value AND a well defined strategy for taking a product to market, it's a great time to be in the industry. If you're growing your legal tech business - lets find time to meet. I’m Alex, founder of Legal Tech Collective. We help: 👫→ ⚖️ Smart people with great ideas build companies that transform the legal industry 💡→ 📈 Companies to validate product ideas, acquire their first clients, and grow through the first millions in revenue #legaltech #legaltechnology #startup

Legal tech companies based outside the UK - this is for you. The UK Department for Business and Trade are supporting non-domestic startups with entry into the British market with introductions to local law firms and in-house legal teams. This is all part of LONDON TECH WEEK 2024 and LegalTechTalk events taking place in June. If you're interested and would like to find out more, please feel free to send me a DM and I can put you in touch. UK based startups looking to expand abroad? There is also support for you coming up later in the year. I’m Alex, founder of Legal Tech Collective. We help: 👫→ ⚖️ Smart people with great ideas build companies that transform the legal industry 💡→ 📈 Companies to validate product ideas, acquire their first clients, and grow through the first millions in revenue #legaltech #legaltechnology #startup

This is my final post in the series of getting to MVP. We have talked about creating a problem statement validating the problem with the market and doing sufficient market research to define your ICP and USP (links in comments). Whilst we are not product designers here at LTC there is one final point that is important when building your MVP. Often the word minimum is overlooked. As a startup at early stage, it is not about building the all singing all dancing solution with every bell and whistle that is required to win multiple segments of the market. You have limited resource is at your disposal. Determining what exactly is the MINIMUM viable product is crucial to simplifying your customer acquisition efforts. Functionality that does not get used because it provides limited value only adds to initial development, and subsequent ongoing maintenance costs. And it dilutes the message that you are trying to deliver when communicating the problem that you solve and the unique way that you solve it. Less is more at early stage. Are you ready to take your legal tech MVP to market? Let's find time to connect - DM me or book a brief meeting directly from my profile page. I’m Alex, founder of Legal Tech Collective. We help: 👫→ ⚖️ Smart people with great ideas build companies that transform the legal industry 💡→ 📈 Companies to validate product ideas, acquire their first clients, and grow through the first millions in revenue #legaltech #legaltechnology #startup