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Private Investment in US Legal Services               New Business Models                                           Richar...
The New “Client”  75 million clients: The Millennials- 1978  •$45 billion latent market    © Copyright, 2013, Richard S. G...
WHAT DOCLIENTS                                        WANT? © Copyright, 2013, Richard S. Granat
CLIENTS WANT       FIXED                                  PRICES© Copyright, 2013, Richard S. Granat
CLIENTS         WANT        SPEED© Copyright, 2013, Richard S. Granat
CLIENTS                                        WANTTRANSPARENCY © Copyright, 2010, Richard S. Granat
CLIENTS                                  WANTCONVENIENCE © Copyright, 2010, Richard S. Granat
CLIENTS             WANTBETTER      TECHNOLOGY© Copyright, 2010, Richard S. Granat
CLIENTS        WANT ONLINE        AND FACE TO FACE© Copyright, 2013, Richard S. Granat
Legal Advice CompaniesQ & A Platforms. e.g. QuoraProblem: Limited Margins                      • Online                   ...
Document Automation Companies               Problem: Limited Service –               Not Whole Solution –                 ...
Out- Sourcing Companies        Component Manufacturer        Doesn’t Serve End-Users    © Copyright, 2013, Richard S. Granat
The New Gatekeepers – Reintermediation        Problem: On-Line Only               ect         w Dir      lLaVirtua     © C...
My VisionStrong On-Line Legal Services Delivery      Unbundled Legal Services           Uniform Quality     Strong Communi...
What Do You Need to Create a Nation-WideLaw FirmThat is Both Online and Off-line?                         •      First Rat...
Rule 5.4(a) A lawyer or law firm shall not share legal feeswith a nonlawyer…(4) (b) A lawyer shall not form a partnership ...
HOW                                  Two- Tier Structure:                          Law Firm That Sits On                  ...
Problems With ModelIssues         • Pricing Model – How Do You Price –           Transparency         • Limit on Return   ...
Axiom LawIssues         • Not a Law Firm – Organized as a C Corporation.         • Sounds like a law firm.         • Only ...
NOW                           Early                               Early                              Adopt                ...
Innovate or Let’s De-Regulate
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Private Investment in US Legal Services

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A Presentation at Reinvent Law Silicon Valley 2012 on Private Investment in the Legal Services Industry. An overview of companies operating in the legal services industry, how companies are getting around Professional Rule 5.4 which prohibits non-lawyer investment in law firms, and a warning that the US legal market is going to fall behind the UK legal market where law firms have access to capital and modern management methods. The US should consider deregulating the legal profession similar to the deregulation scheme in the United Kingdom to unleash innovation forces that can result in providing greater access to the legal system by moderate and income people.

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Private Investment in US Legal Services

  1. 1. Private Investment in US Legal Services New Business Models Richard S. Granat, J.D. President, SmartLegalForms, Inc. and DirectLaw, Inc. Co-Chair, eLawyering Task Force, ABA/LPM. © Copyright, 2013 Richard S. Granat
  2. 2. The New “Client” 75 million clients: The Millennials- 1978 •$45 billion latent market © Copyright, 2013, Richard S. Granat
  3. 3. WHAT DOCLIENTS WANT? © Copyright, 2013, Richard S. Granat
  4. 4. CLIENTS WANT FIXED PRICES© Copyright, 2013, Richard S. Granat
  5. 5. CLIENTS WANT SPEED© Copyright, 2013, Richard S. Granat
  6. 6. CLIENTS WANTTRANSPARENCY © Copyright, 2010, Richard S. Granat
  7. 7. CLIENTS WANTCONVENIENCE © Copyright, 2010, Richard S. Granat
  8. 8. CLIENTS WANTBETTER TECHNOLOGY© Copyright, 2010, Richard S. Granat
  9. 9. CLIENTS WANT ONLINE AND FACE TO FACE© Copyright, 2013, Richard S. Granat
  10. 10. Legal Advice CompaniesQ & A Platforms. e.g. QuoraProblem: Limited Margins • Online • Fixed Fee • UnBundled © Copyright, 2013, Richard S. Granat
  11. 11. Document Automation Companies Problem: Limited Service – Not Whole Solution – Do c un r Lex apeW P hi ch D ra ft © Copyright, 2013, Richard S. Granat
  12. 12. Out- Sourcing Companies Component Manufacturer Doesn’t Serve End-Users © Copyright, 2013, Richard S. Granat
  13. 13. The New Gatekeepers – Reintermediation Problem: On-Line Only ect w Dir lLaVirtua © Copyright, 2013, Richard S. Granat
  14. 14. My VisionStrong On-Line Legal Services Delivery Unbundled Legal Services Uniform Quality Strong Community Presence Nationwide Brand Accessible Law Offices © Copyright, 2013, Richard S. Granat
  15. 15. What Do You Need to Create a Nation-WideLaw 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
  16. 16. Rule 5.4(a) A lawyer or law firm shall not share legal feeswith a nonlawyer…(4) (b) A lawyer shall not form a partnership with anonlawyer if any of the activities of the partnershipconsist of the practice of law. © Copyright, 2012, Richard S. Granat
  17. 17. HOW Two- Tier Structure: Law Firm That Sits On Top of A Management Company © Copyright, 2013, Richard S. Granat
  18. 18. Problems With ModelIssues • Pricing Model – How Do You Price – Transparency • Limit on Return • Limit on Life of Law Firm – Need Succession Plan • • Exit For Investors © Copyright, 2013, Richard S. Granat
  19. 19. Axiom LawIssues • 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 © Copyright, 2013, Richard S. Granat
  20. 20. NOW Early Early Adopt Adopt Most Most ers ers Solos Solos Web and and 4.0 Small Small Web Law Law 3.0 Firms Firms Web 2.0 Web 1.0 New Generation Law Firms New Generation Law Firms Internet is the Platform for Internet is the Platform for Delivery Delivery Nationwide Brands Nationwide Brands60% of Solos Don’t Have 60% of Solos Don’t Have User generated content User generated content Online and Offline Online and Offlinea Web Site. a Web Site. Client Portals Client Portals Online Delivery of Legal Online Delivery of Legal‘Brochure ware’ sites ‘Brochure ware’ sites Free Advice Free Advice Services. Services.No Advanced No Advanced Collaboration CollaborationTechnology Technology Non-Law Firm Providers Non-Law Firm ProvidersTiny, Undercapitalized Tiny, Undercapitalized Free Legal Forms Free Legal FormsOperations ©NakedEyes http://www.flickr.com/photos/55456073@N00/301678287/
  21. 21. Innovate or Let’s De-Regulate

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