Early Stage Legal Technology
We are working hard to be successful in the legal innovation industry. We have gathered several of the lessons we’ve gained from operating and studying major successful companies. ClearWay Law has created a successful online platform company for legal services. As time goes on, I have learned more about internet performance techniques as well as how to address competitiveness and growing challenges.
The internet changed everything over the last two decades. As time went on, it was clear that lawyers were going to need to catch on. It is now 2020 and lawyers are starting to think about how to get clients using the internet.
Our company was well ahead of the curve here. We built one of the most powerful legal information sites in Canada. The business model was simple but took a lot of money and time to execute. Gaining top spots on Google requires writing thousands of blogs. Further, you need to get tons of backlinks in the media. The media only publish around 5% of the articles that are sent to them.
Knowledge Management | Legal Innovation Zone
At the end of all that work, you need to make sure that once someone comes onto your website, that they convert into a lead. Only once someone converts into a lead can it be sent to a law firm. Law firms are willing to pay good money for quality leads.
We saw that this business model was working well down in the USA, and we wanted to bring it to Canada. At some point, once we decide to scale across Canada and later into Australia and New Zealand, we will need to raise capital. If you are an angel investor or run an investment fund, let’s stay in touch as we grow our company. You can message our CEO on Linkedin.
An online platform for legal services connects people with a legal problem and a lawyer. This is done in a way much easier than before. People can quickly find the best lawyer for them. And unlike a law firm, an online business requires little money to run the business. There is no fancy office, office supplies, or art to line the walls. All the money goes into improving client service, branding, marketing, and technology.
Most legal innovation focuses on artificial intelligence and high-end technology services. But what about fixing the most simple of problems? According to the Legal Trend Report, 64% of people have a hard time connecting with the right lawyer. We are focusing on solving this problem.
Legal Education | The Future Of Law
ClearWay Law has got involved with organizations such as the Legal Innovation Zone in Toronto. We are working hard to use any resources they offer to carry out our mission of improving the legal industry. We use to be a law firm, so we know how hard things can be for lawyers. Lawyers are now our clients. We work hard to make sure they are connecting with clients that are serious about hiring a lawyer.
For the past many years we have been trying to pull, educate, and direct lawyers, innovators, and techies to the massive untapped market that is the legal industry. Most know that 60-80% of individuals going through the courts in separation do so without a lawyer. We are working to dominate the untapped market and thrive and conquer part of the $1 trillion market.
Our website provides primarily legal education. Further, each page has a form the potential client can call. Our intake team then speaks to the person and get’s their information. We then pick the lawyer based on geographical area, cost, and practice area of law. The client ends up finding the right lawyer. And of course, the lawyer potentially gains a new client.
Concept Validation | Legal Innovation
There are so many reasons why startups fail. Most of the time, it’s because the market didn’t want what the company was selling. Legal tech is a specific industry. The legal industry is highly regulated as well. The technology company might not be regulated by the law society, but their clients are. It’s important to know what the real rules are.
Ideas are fantastic but the problem is that you shouldn’t fall in love with your idea. You must be able to accept feedback.
You need to ask yourself what problem your issue solves. Is it a dollar issue? Are you saving your customers money? You need to understand your customers. Saying your customer is law firms is not good enough. What types of lawyers are you going after? You need to build this out and really know this inside out.
You need to know who the competition is. Don’t say you are unique. There is always some form of competition out there. You need to have deep thoughts and research about this.
Why are you the right person to bring the product? Why is right now the right time? Many companies come too early or too late.
A great way to do concept validation is to say something like:
“We believe that lawyers struggle with setting up technology. So we created a product that helps lawyers set up their IT. Their customer is lawyers who are setting up their own legal office for the first time. Our competition is expensive and confusing. We can help the lawyers set up much quicker and cheaper. We are the right ones because we have been in the industry for five years.”
It’s okay to pivot if you are not making the difference that you wanted to make. ClearWay Law did that ourselves. We couldn’t make the difference that we wanted as a law firm.
Signs Of A Good Problem
If you are not solving a real problem, people are not going to pay you for it. The pain point also needs to affect lots of different people. There needs to be a prominent issue. Something that someone needs only once in their life is not ideal. You want to find something that is regular to sell people.
It should also be time-consuming. It should take up a lot of time for your clients to do. Further, it should be stressful or boring for your clients to do. They would rather pay you than deal with it themself.
Also, if it’s complex like family law, a lot of people would rather hire a lawyer than deal with it themselves. You don’t need to solve all the issues, but you should solve multiples of the problems.
Always Ask Why
When you get to an answer, you should ask why again. You can call it to the five “why’s.” If you ran a red light, why?
Because I was late for work. Why were they late for work?
Because I don’t have an alarm clock.
And you can keep drilling down on the “why” to find the real problem. You need to get to the core of the problem.
You should do 50% on client development. Also, you should do 50% on product development.
Early on product development is not very important at all. It’s much more important to talk about customer development. If you don’t know your customer, you are probably building towards the wrong thing.
However, if you don’t end up building the product, the customers will never come to you.
Who is the stereotype of the person that would use your product or service? You want to get into their mindset. You want to include how are they feeling? What influences their decisions? The more information you have the better.
If you want to learn more about ClearWay Law, see our videos.
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