legal tech startups
DESCRIPTION
This is a presentation on legal technology startups that I gave to Michigan State University law students with the Reinvent Law Program in 2013.TRANSCRIPT
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Legal Technology Startups
Are still just startups
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Some General Startup Issues
Founders: compatible and comprehensive Market: Goldilocks – juuuuust right Barriers to entry Inefficiencies, ripe for disruption
those who pay must see benefit Focus on customers, not competition
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Random Points
Google's competitors lost as much as Google won (Excite, Alta Vista, Yahoo!, etc.)
With all factors at 80% good – only ~10% succeed.
Startups are a LOT of work, and not fun fun fun (unless you're following your passion).
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Search
A solution to many (legal) problems: case law, patents, legal services; statutes?
Information specification (e.g. author, geographical region, date, cost, etc.)
Single ranked list: from macro to micro Text search: inverted index, tf/idf, vectors Automated classification
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Access
U.S. “Justice Gap”: poor 80% unmet needs Latent Market: underserved Comparison with, say, Belgium CA Bar: “expand, support, and improve” Technology: leverages orders of magnitude
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Conclusion
Lots of current and future changes Legal Technologists: tech-savvy lawyers,
law-aware techies Not just evolution, but design Goals: increased efficiency, accuracy,
accessibility, fairness