5 Lessons from CodeX – Building a Legal Startup

5 Legal Tech experts weigh in on what it takes to build a successful legal startup:

1. To build a successful legal startup you need 4 things:
a. A minimum viable product (something they can test out)
b. A great team
c. Some sales
d. To solve a real problem (niche products and small problem solvers are hard to sell)

2. Selling to lawyers is similar to other industries:
a. Show them how the product adds value
b. Show them how to use it (self service products doesn’t work with lawyers)
d. Let data drive your sales decisions
d. Get a buy-in from an influencer at the firm to get the whole firm to buy the product

3. Market to lawyers through email:
a. Use content to get them to sign up
b. Use agile emails that focus on efficiency and effectiveness

4. To raise money, show your potential:
a. If investors don’t believe in your team, you don’t stand a chance
b. Show some sales
c. Show the size of your market
d. You need a partnership between a legal and tech expert in the company

5. Hire the right team:
a. If you’re hiring and expert, talk to an expert in that field and get informed – you need to know what to look for
b. You don’t need to be a lawyer to sell to a lawyer – non-lawyers can sell legal products
c. Make sure your goals are aligned

Want more information, visit CodeX.

No affiliation with CodeX. See my full disclaimer here.