Private Investment in US Legal Services
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Transcript of Private Investment in US Legal Services
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Private Investment in US Legal Services
Richard S. Granat, J.D.
President, SmartLegalForms, Inc. and
DirectLaw, Inc.
Co-Chair, eLawyering Task Force, ABA/LPM.
New Business Models
© Copyright, 2013 Richard S. Granat
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The New “Client”
75 million clients: The Millennials- 1978•$45 billion latent market
© Copyright, 2013, Richard S. Granat
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WHAT DO
CLIENTSWANT?
© Copyright, 2013, Richard S. Granat
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CLIENTS WANT
FIXEDPRICES
© Copyright, 2013, Richard S. Granat
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CLIENTS WANT
SPEED© Copyright, 2013, Richard S. Granat
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CLIENTSWANT
TRANSPARENCY
© Copyright, 2010, Richard S. Granat
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CLIENTSWANT
CONVENIENCE
© Copyright, 2010, Richard S. Granat
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CLIENTS WANT
BETTERTECHNOLOGY
© Copyright, 2010, Richard S. Granat
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CLIENTSWANT ONLINE AND FACE TO FACE
© Copyright, 2013, Richard S. Granat
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• Online• Fixed Fee• UnBundled
Legal Advice Companies Q & A Platforms. e.g. QuoraProblem: Limited Margins
© Copyright, 2013, Richard S. Granat
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Problem: Limited Service – Not Whole Solution –
Document Automation Companies
© Copyright, 2013, Richard S. Granat
WhichDraft
PaperLex
Docun
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Component ManufacturerDoesn’t Serve End-Users
Out- Sourcing Companies
© Copyright, 2013, Richard S. Granat
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The New Gatekeepers – ReintermediationProblem: On-Line Only
© Copyright, 2013, Richard S. Granat
VirtualLawDirect
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My VisionStrong On-Line Legal Services Delivery
Unbundled Legal ServicesUniform Quality
Strong Community PresenceNationwide Brand
Accessible Law Offices
© Copyright, 2013, Richard S. Granat
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What Do You Need to Create a Nation-Wide
Law FirmThat is Both Online and Off-line?• First Rate Technology• Modern Management Methods• Competent Lawyers / Training• Branding- Nationwide Advertising• Capital To Get All of the Above.
© Copyright, 2012, Richard S. Granat
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(a) A lawyer or law firm shall not share legal fees with a nonlawyer…(4) (b) A lawyer shall not form a partnership with a nonlawyer if any of the activities of the partnership consist of the practice of law.
© Copyright, 2012, Richard S. Granat
Rule 5.4
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© Copyright, 2013, Richard S. Granat
Two- Tier Structure:
Law Firm That Sits On Top of A Management Company
HOW
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© Copyright, 2013, Richard S. Granat
Problems With Model
• Pricing Model – How Do You Price – Transparency
• Limit on Return
• Limit on Life of Law Firm – Need Succession Plan• • Exit For Investors
Issues
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© Copyright, 2013, Richard S. Granat
Axiom Law
• Not a Law Firm – Organized as a C Corporation.
• Sounds like a law firm.
• Only Works for Companies that Have an In-House General Counsel – otherwise UPL Violation.
• • Axiom is really a Placement, Outsourcing, and
Project Management Company
Issues
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60% of Solos Don’t Have a Web Site.‘Brochure ware’ sitesNo Advanced TechnologyTiny, Undercapitalized OperationsUneven Quality
60% of Solos Don’t Have a Web Site.‘Brochure ware’ sitesNo Advanced TechnologyTiny, Undercapitalized OperationsUneven Quality
User generated contentClient PortalsFree AdviceCollaborationNon-Law Firm ProvidersFree Legal FormsOut Sourcing
User generated contentClient PortalsFree AdviceCollaborationNon-Law Firm ProvidersFree Legal FormsOut Sourcing
MostSolos and
Small Law
Firms
MostSolos and
Small Law
Firms
Early Adopt
ers
Early Adopt
ers
Web 1.0
Web 2.0
Web 3.0
Web 4.0
©NakedEyes http://www.flickr.com/photos/55456073@N00/301678287/
New Generation Law FirmsInternet is the Platform for DeliveryNationwide BrandsOnline and OfflineOnline Delivery of Legal Services.
New Generation Law FirmsInternet is the Platform for DeliveryNationwide BrandsOnline and OfflineOnline Delivery of Legal Services.
NOW
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Innovate or Let’s De-Regulate