AI & Law: Product Ideas For Startups In LegalTech

LegalTech startups must have a clearly stated solvable problem

by Dr. Lance B. Eliot

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Key briefing points about this article:

• This is a continuation of an earlier article about the twenty key factors for a LegalTech startup
• In this piece, the focus is on two of the foundational factors: (1) the problem, (2) the solution
• If a LegalTech founder cannot clearly state the problem and proposed solution things will falter
• An example used herein discusses a startup proposing a contract life cycle management system
• Use these insights to ensure that your LegalTech startup has sharply devised its vision

Introduction

In this series about what you need to know to be able to viably start a LegalTech firm, I previously outlined the twenty overarching factors that a savvy attorney-to-entrepreneur ought to carefully consider before making any ill-conceived leaps into a startup foray (see https://lance-eliot.medium.com/ai-law-guidelines-for-doing-a-startup-in-legaltech-859e5f057200).