first you get the money(with sales), then you get the power (with investors)
TRANSCRIPT
Darwin Talk
“It is not the strongest of the species that survive, nor the most intelligent,
but the one most responsive to change.” -Charles Darwin
First you get the money (with Sales)
Then you get the power (with VCs)
In legal tech, first you get the money with sales,
then you get the power with VCs (if you even want it), then you get
respect for legal tech and it CHANGES the legal
industry.
MONEY
SALES
Lawyers are Skeptics
Lawyers Average
Source: Herding Cats: The Lawyer Personality Revealed, Dr. Larry RIchard
You say NO for a Living and Risk Aversion Serves You Well with Clients
90th Percentile
50h Percentile
You gotta start somewhere!
5 Reasons to Sell First1.It sucks, but you learn a lot 2.Build a real business3.Build brand credibility4.Revenue is non-dilutive
investment5.Funding prospects are grim for
legal tech ”startups”
POWER
Are your goals aligned?
Investment in Legal Tech
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
$49 $20 $6 $2 $20 $10
$183
$4 $32 $2 $10 $15$75 $85
$22 $20$73 $86
$5 $0 $10 $2
Source: Crunchbase
$731 Million since 2010, only $17 Million in the last 4 quarters
RESPECT
Law Firms Risking Obsolescence
“Firms needed to overcome resistance to change and even shake up the
partnership structure if they are to thrive. Comparing the situation to the Eastman Kodak Company’s refusal to face major
changes in the photography industry, the report found that the legal industry was
ignoring recent transformations in its marketplace, at its peril.”
-NY Times DealBook citing annual report from the
Center for the Study of the Legal Profession at the
Georgetown University Law Center
