AI & Law: Guidelines For Doing A Startup In LegalTech

Here are the key factors you need to know for starting your LegalTech startup

by Dr. Lance B. Eliot

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Key briefing points about this article:

• Many attorneys harbor a dream to do a startup business based on a LegalTech idea they have
• An entrepreneurial-minded lawyer needs to think ahead and prepare for the rough journey
• The good news is that the VC/PE funding for LegalTech startups still seems to be doing well
• The “bad news” is that there are lots of LegalTech flops and failures, so be forewarned
• Abide by the included list of 20 key factors for your startup and you’ll have a better chance

Introduction

Many lawyers harken to startup their own business that would bring the next legal-world shattering latest-and-greatest LegalTech product to the marketplace.

Many software developers have a likewise ambition.

Oftentimes, those entrepreneurial lawyers seeking such a quest are not especially tech-savvy, but they do know the legal…