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Legaltech startup conference: Difference between revisions
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Consider the humble word processor. There are ''billions'' of users of word processing software. There are, to all intents, two viable word-processing applications in the world, and one of them is free. If word perfect can't make a fist of it, how is [[Lexrifyly]]? | Consider the humble word processor. There are ''billions'' of users of word processing software. There are, to all intents, two viable word-processing applications in the world, and one of them is free. If word perfect can't make a fist of it, how is [[Lexrifyly]]? | ||
It strikes us there are two explanations for this bafflingly rich microcosm; neither of them predict a stable equilibrium. | It strikes us there are two explanations for this bafflingly rich microcosm; neither of them predict a stable equilibrium for the foreseeable, let alone into the hereafter. | ||
===Consolidation=== | |||
One is that the sector is simply overdue for the consolidation that will push it into the mainstream. These are all good little ideas but, un-knitted, they are too tepid to get anywhere. Once the power of affiliation dawns on them — the founders of 15 basically interchangeable [[contract automation]] tools were to swallow their pride and amalgamate, pooling resources, expertise and clients, then an apex predator might emerge to thin out the gene pool. One or two vendors are starting to do this | One is that the sector is simply overdue for the consolidation that will push it into the mainstream. These are all good little ideas but, un-knitted, they are too tepid to get anywhere. Once the power of affiliation dawns on them — the founders of 15 basically interchangeable [[contract automation]] tools were to swallow their pride and amalgamate, pooling resources, expertise and clients, then an apex predator might emerge to thin out the gene pool. One or two vendors are starting to do this | ||
This, we think, is the optimistic view: all this excitement; all these inflated expectations will eventually settle down and a stable, smart set of tools will emerge. | This, we think, is the optimistic view: all this excitement; all these inflated expectations will eventually settle down and a stable, smart set of tools will emerge. | ||
The other view is pessimistic: there is a reason for for the the variety. As we have posted elsewhere [[tedium is particular, not generic]]. And, also, consider two very well-funded, sophisticated market participants who are ''perfectly positioned'' clean up in this sector, but who, despite twenty years of opportunity, haven’t: Microsoft and Google. You have to wonder whether they know something these three hundred legaltech gurus don’t. Fools rush in where angels fear to tread. | ===Lawtech doesn't scale=== | ||
The other view is pessimistic: there is a reason for for the the variety. As we have posted elsewhere [[tedium is particular, not generic]]. And, also, consider two very well-funded, sophisticated market participants who are ''perfectly positioned'' clean up in this sector, but who, despite twenty years of opportunity, haven’t: Microsoft and Google. You have to wonder whether they know something these three hundred legaltech gurus don’t.<ref></ref> Fools rush in where angels fear to tread. | |||
On this view, these little firms owe their continued survival to the single, unique problem they solve for their limited range of clients. Many have one or two clients each. It stands to reason that you orient your product and develop it according to the expectations of your anchor tenant. This same unique use case may be a barrier to acquiring that second client, whose unique conundrum does not quite match. | On this view, these little firms owe their continued survival to the single, unique problem they solve for their limited range of clients. Many have one or two clients each. It stands to reason that you orient your product and develop it according to the expectations of your anchor tenant. This same unique use case may be a barrier to acquiring that second client, whose unique conundrum does not quite match. | ||