Some smart leaders opt for strategic investments, which I think makes sense. Of course, the challenge is deciding what to invest in. A new law provider like LegalVision or a legal tech startup? It`s not easy. We thought there was an opportunity for someone to do it. But what happened was that we quickly realized that while there is a market for online legal documents, it is a small market in almost every jurisdiction. It really is a micro-enterprise. It wasn`t really thought out, to be honest. Since we started more as an online technology company for legal documents and then moved to this model, it has evolved organically. However, the way traditional law firms are run has never interested me much. I see us as a high-quality service for small and medium-sized businesses.
The fact that it is legal services is neither here nor there. “Our team is using technology to get legal work done faster and share the benefits of greater efficiency – including competitive fees and responsive delivery – with our clients,” the co-founders explain. The legal industry is far from immune to the forces of disruption, and the founders of the $7.8 million firm LegalVision aim to ride the waves of these changes by offering new legal services to SMEs. The firm`s 60-person team has carved out a niche for itself by providing legal education and information to start-ups and start-ups, expanding their client base by creating informative content for individuals in these businesses. Following our expansion into England and Wales earlier this year, our vision is to build an international network of local law firms and provide our model of cost-effective, accessible and high-quality legal services to businesses. I think that`s a major challenge. I think if you`re thinking about making a subscription offer, and you`re going to be smaller and you don`t intend to get too big, you`re going to have to make it more niche. I think you have to focus on something.
It`s not easy. “Our model is not unlimited legal aid, as if nothing had happened. Everything you need, we take care of you. “We have had a very strong relationship with G+T for many years. In the corporate sector, our offerings complement each other – we focus on managed services (with the aim of supporting in-house teams in BAU-style legal work) and G+T obviously focuses on projects in the “bet the farm / one-off” style. Many client companies clearly need both services, so there are often opportunities for both entities to refer to work. I think the reality is that small and medium-sized business owners don`t care about your legal technology, they don`t care about the fact that you`ve structured things differently, that you`re doing the job differently. It does not affect them. What they are interested in is whether you can provide the solution to their needs. I didn`t think the opportunity to build a large, meaningful business was there for online legal documents, at least not in a small jurisdiction.
What we`ve found is that a lot of small and medium-sized businesses have come in touch and said, “Look, I don`t really want to use this document. I want a lawyer to help me. “Over the next 12 months, we plan to invest more in our growth and innovation to improve access to affordable, high-quality legal services in Australia. That is a very interesting question. I think the way to look at it is at the workforce level. By far, the biggest transformative movement in the legal services industry over the next 10 years will be the continued influence of capital. Traditionally, law firms are owned and controlled by employees (partners). Production has always been based on labor (hence the hourly rate). Across the industry, from new rights providers to legal technology players to litigation funders, capital is now taking a stake in the industry. Two years after our founding, we founded LegalVision as a registered law firm.
This has allowed us to offer legal services to our clients with a fixed fee directly rather than through independent providers. I would like to grow much faster. You might say it more difficult with legal services or technology services. Where we are, technology-driven services are, right? Scaling a software-only product is easier than scaling a technology service because half of your offering comes from people. After all, we want to grow by 30% compared to the previous year over the next five to ten years. There is an opportunity to build a long-term business in this area with billions in revenue, in technology-driven legal services focused on the SME market. I am very convinced of that. Over the next year, the plan will focus on broader investments in trends that will shape the legal industry and clients` day-to-day work. Ultimately, Australia and New Zealand boil down to two crucial issues. We want to sell as many subscriptions as possible. So let`s focus on that. It is essential to minimize the churn rate for subscriptions.
It is very important to minimize the churn rate. The second big challenge for us is to evolve our legal team and our ability to deliver this fantastic service alongside revenue growth. This will be a major challenge in the coming years. If you want to see how Rally`s software covers everything you need to offer legal subscription services, you can read more here. “Over the past year, each lawyer has spent 1/20 of their month creating content. We hired a full-time legal content manager and set up an incoming customer service team to handle the large number of requests,” the founders explain. 2. The B2B legal services ecosystem of clients, established law firms (traditional or large legal business model), new law providers, tech startups, and providers is complex and fast-paced. How do you assess how established law firms generally manage their positions and services? We offer our clients unlimited commercial legal services at an affordable weekly rate, eliminating any cost uncertainty. Companies now have access to a legal team whenever they need to, instead of having to pay by the hour or find different companies for different jobs. Business owners can access thousands of articles and questions and answers on legal issues, with the LegalVision team able to offer free initial consultations within two hours of a prospect`s request.
The way they combine technology, legal services, and an aggressive growth mentality is truly unique, which seems to be at least one of their secret weapons.
