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Unlike sharks, killer whales hunt collaboratively.  Is this the right approach to the legal tech vertical?

Why aren’t more law firms investing in startups and/or launching corporate venture arms? Is corporate venture capital (CVC) a good fit for the legal industry? If not, is there a better model? And then, finally, what does all of this have to do with killer whales?

In this essay, I’m going to attempt to answer each of these questions. I will start by giving a brief introduction to CVC and then I will outline the current models of law firm venture investments, highlighting both strengths and shortcomings. In the second half of this essay, I’ll suggest an alternative model, a collaborative industry-wide approach which I have dubbed “Investing like Killer Whales.” This is the strategy we used when we syndicated an investment in AI-based contract benchmarking startup TermScout.  See Abramowitz, “As Promised, Our Second #Legaltech Investment Announcement This Week,” Zach of Legal Disruption, May 5, 2022 (describing collaborative syndicate approach and why worked well for TermScout).
Continue Reading Sharing my playbook for Legal Tech investment (324)

First-gen matrix for evaluating software options. Harvard Law School, circa 1985.

Oh, the Humanity!  We can choose to choose better.

My first serious experience choosing law-related technology was in early 1985. Personal computers had just been introduced in the Harvard Law School clinics (as part of Project Pericles) and we had to decide which software to use for word processing. (WordPerfect was around, but we somehow missed it.) So I typed up a chart on an electric typewriter and added lines by pencil. See above graphic.  We wanted to be sure our choice did things like automatically centering text.

Such charts are familiar to product choosers everywhere. Options on one axis; features or considerations on the other. Ideally incorporating some sense of the relative importance of the latter. (One defect of the above chart is that there’s a “How desirable?” column for each option. Perceived importance of factors may vary across decision-makers, but shouldn’t differ by option.)
Continue Reading The social life of legal tech choices (309)

An emerging role in legal tech companies that ties together sales, marketing, and customer success.

At Legal Evolution, we often return to the above “five stages of evolution” graphic as a reminder that the legal industry has entered a period of profound tumult and uncertainty.

The tumult is driven by the cost, quality, and service delivery advantages of systematized & packaged legal solutions, which has set off a gold rush in legal tech. See Post 255 (Zach Abramowitz tracking legal tech investment).  The uncertainty is driven by the need for new business models combined with the lack of established, sales channels that enable end-users to buy with confidence.  Cf Post 279 (Jae Um observing that legal vertical is composed of multiple markets that are both fluid and segmented in nonobvious ways).

Well, what about solutions—is anything on the horizon?
Continue Reading How Chief Revenue Officers are making legal tech better (284)

Photo by Florian Klauer via Unsplash

The pandemic upended the workplace as we know it.  What does the future of work hold for the legal industry? 

Recently, I left a great job.  I did it without another job lined up, in the middle of a global pandemic and record levels of unemployment.  Many people have been kind enough to ask what’s next and a few have asked why I would do such a thing.  After some internal debate, I decided to explain both on Legal Evolution.
Continue Reading Why and how I’m unbundling my career (224)

Godfather with his crew. From left to right: Jae Um, David Cambria, Casey Flaherty, Microsoft Trusted Advisor Forum, Sept 2018.

“If you set out to be an innovative company but don’t have or can’t create an A+ team of people, you’re just fantasizing. You really need great people.”

— Prof. Gary Pisano, Harvard Business School

Continue Reading Special Post: A+ team being assembled at Baker McKenzie (081)