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Introduction to Legal Technology, lecture 9 (2015)

Anna Ronkainen
Anna Ronkainen
Anna Ronkainen(this space intentionally left blank) at F:ma Naanebax, ex-TrademarkNow

Slides for lecture 9 of the course Introduction to Legal Technology at the University of Turku Law School, presented Mar 3 2015. This lecture is about legal startups, containing an overview of the most central startup-related concepts in general, a detailed presentation of all legal startups in Finland and a categorized listing of a representative selection of legal startups across the world.

Introduction to Legal Technology, lecture 9 (2015)

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TLS0070 Introduction to
Legal Technology
Lecture 9
Legal startups
University of Turku Law School 2015-03-03
Anna Ronkainen @ronkaine
anna.ronkainen@onomatics.com
A short startup glossary
(a.k.a. bullshit bingo)
What is a startup?
-  not just any new company
-  not just any small company
-  “a startup is an organization formed to search
for a repeatable and scalable business
model” (Steve Blank)
-  focus on growth and scalability
-  startup endeavours to become a growth
company (Eurostat/OECD definition: at least 10
employees which grows by >20% for at least
three years in a row; this definition doesn’t
consider turnover or revenue at all!?)
Disruptive innovation
-  theory from “The Innovator’s Dilemma” by
Clayton Christensen (1997)
-  contrast to sustaining innovation: the mode of
innovation usually done by incumbents
-  newcomers create a new market by offering
something that is in some
respects worse but overall
a better (and improving)
match for the customer’s
needs
Product-related concepts
-  pitch
-  proof of concept (PoC)
-  minimum viable product (MVP)
-  traction
-  pivot
Funding
-  bootstrapping
-  (bank loans etc.)
-  FFF: friends, family, fools
-  crowdfunding
-  angel investors
-  venture capital funds
-  public funding (in Finland: Tekes, Finnvera etc.)
Funding rounds: pre-seed, seed, (sprout,), A, B, C,
D... rounds
Ad

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Introduction to Legal Technology, lecture 9 (2015)

  • 1. TLS0070 Introduction to Legal Technology Lecture 9 Legal startups University of Turku Law School 2015-03-03 Anna Ronkainen @ronkaine anna.ronkainen@onomatics.com
  • 2. A short startup glossary (a.k.a. bullshit bingo)
  • 3. What is a startup? -  not just any new company -  not just any small company -  “a startup is an organization formed to search for a repeatable and scalable business model” (Steve Blank) -  focus on growth and scalability -  startup endeavours to become a growth company (Eurostat/OECD definition: at least 10 employees which grows by >20% for at least three years in a row; this definition doesn’t consider turnover or revenue at all!?)
  • 4. Disruptive innovation -  theory from “The Innovator’s Dilemma” by Clayton Christensen (1997) -  contrast to sustaining innovation: the mode of innovation usually done by incumbents -  newcomers create a new market by offering something that is in some respects worse but overall a better (and improving) match for the customer’s needs
  • 5. Product-related concepts -  pitch -  proof of concept (PoC) -  minimum viable product (MVP) -  traction -  pivot
  • 6. Funding -  bootstrapping -  (bank loans etc.) -  FFF: friends, family, fools -  crowdfunding -  angel investors -  venture capital funds -  public funding (in Finland: Tekes, Finnvera etc.) Funding rounds: pre-seed, seed, (sprout,), A, B, C, D... rounds
  • 7. Exit -  IPO -  buyout -  acqui-hire -  becoming a non-growth company -  bankruptcy Oft-quoted statistic: 9 out of 10 startups fail!
  • 10. Starting close to home: TrademarkNow Inc. (formerly Onomatics Inc.) -  founded in 2012 -  4 co-founders -  first product launch Oct 2012, rebranded as TrademarkNow Mar 2013 -  venture funding total €3M -  ~25 employees -  offices in Helsinki, NYC, Luxembourg, Kilkenny
  • 11. TrademarkNow co-founders Mikael Kolehmainen, Co-founder and CEO -  International TM Attorney with significant trademark law domain expertise, with a license in New York. An experienced and successful angel investor and third-generation entrepreneur. Previous tech company experience in a variety of roles. Matti Kokkola, Co-founder and CTO -  Built and led successful tech teams in the US and Europe. Seasoned technology leader with experience from building and operating business critical big data systems. Anna Ronkainen, Co-founder and Chief Scientist -  Artificial intelligence and law scholar doing research at the intersection of IP law, cognition and vague norms, with over 15 years of experience in linguistic software development including many successes in project and product management. Heikki Vesalainen, Co-founder and Chief Architect -  Designer of numerous successful machine-learning and artificial intelligence solutions. A sought-after web tech guru.
  • 12. TrademarkNow founders’ backstories -  Mikael worked as a trademark lawyer for 8 years, got the idea for and took the initiative to founding the company starting in 2010 -  Matti and Heikki founded the software consulting company Mermit together (with others) as sophomores back in 1999 -  Anna started looking into AI & law in 1999, working on modelling trademark similarity since 2002
  • 13. TrademarkNow product and business model -  AI-based risk analysis for trademark search and watching -  currently targeting in-house counsel and marketing agencies (and law firms) -  annual subscription or pay-as-you-go pricing
  • 14. TrademarkNow misc hype -  admitted into the Tekes Young Innovative Companies programme in 2013 -  Wired UK: one of 10 hottest startups in Helsinki (Sep 2014) -  Talouselämä: one of 20 most promising startups in Finland (Feb 2015)
  • 16. And the others by age, starting with... Fondia -  company founded originally in 1988, operating in current form since 2004 -  ~100 employees, including ~60 lawyers -  8 offices (in Finland, Sweden, Estonia)
  • 17. Fondia product and business model -  ”outsource your legal department” for companies -  traditional human-powered lawyering supported and supplanted by tech -  services (partly) based on standardized monthly subscription fees
  • 18. Fondia misc hype -  FT Innovative Lawyers winner in corporate strategy category 2013 -  multiple-time Best Places to Work™ winner in law firm category
  • 20. Sopima -  founded in 2009 -  founded by Jaan Apajalahti and Jukka Kosonen (both with an IT background) -  development outsourced to Softability -  €1.4M in venture funding -  low revenue -> applied for bankruptcy in 2011 -  Softability rescued the company from bankruptcy in 2012 -  kept quiet 2012–14 but dev work restarted, new release in Sept 2014
  • 21. Sopima product -  contract management (see lecture 5)
  • 23. Verkkolakimies -  DIY prenuptial agreement service -  started originally in ~2013 as a side project by the IP law researcher Herkko Hietanen
  • 25. Lakivälitys -  online marketplace for finding a lawyer -  Turku represent! Founded by 3 local law students: Ville Kaituri, Samuli Rantanen, Niko Markkanen -  Boost Turku accelerator alumn
  • 26. Legal startups in general Data and overall structure from David Perla’s Reinvent Law presentation, additional data from AngelList and miscellaneous sources, individual companies listed in no particular order
  • 27. Lawyer matching, B2C (consumer focus) -  Lawdingo -  Lawkick -  LawyerMatch -  Arrest SOS -  Bluetree -  Avvo -  AttorneyFee -  FairDocument -  Visuu -  Congo -  FairDocument -  LawGives -  LawyerUp -  Virtual Law Direct -  SoftLaw -  LawTrades -  Shpoonkle -  Visuu -  Lakivälitys -  ЮРИСТиЯ -  BernieSez -  LegalUP
  • 28. Lawyer matching, B2B (business client focus) -  Upcounsel -  DealSheet -  Priori Legal -  Plain Legal -  LawPal -  JusticeBid -  Habeas -  LawyerFair -  EasyLaw.in Targeting startups: -  Pushtostart -  Speedy Counsel -  Lawditor -  SmartUp -  deJuristen
  • 29. Lawyer networks Referral networks -  wireLawyer -  LegalReach -  Lawpolis -  EsqSocial -  esq.me -  RateMyBarrister
  • 30. Virtual staffing (B2B) -  Hire an Esquire -  LegalKin -  DH
  • 31. Legal research -  Fastcase -  Tabulaw -  Casetext -  Jurify -  Push Legal -  BriefMine -  Justia.com -  DroidLaw
  • 32. Legal research Prediction and visualization (general) -  Judicata -  Ravel Law -  Tyche -  EasyDataMaps -  Knomos -  Wildcat -  Kelsen -  Ross
  • 33. Legal research Docket retrieval and briefs -  Chapter 11 Dockets -  Caseflex -  Docket Alarm
  • 34. Litigation e-discovery software/solutions -  Disco -  HaystackHQ -  Logikcull -  Modus -  EasyESI -  Cicayda -  Indexed I/O -  WitnessTree -  Heureka Software -  VaultSwap
  • 35. Litigation Case management and other tools Case management -  Filevine -  Allegory -  Caselinq Other -  eDepoze -  AssistMyCase -  Top Class Actions Trial/jury support -  Jury Box -  VerdictAdvantage -  Litigator Technology -  Voltaire
  • 36. Online dispute resolution -  Modria -  waytosettle -  zipCourt -  w3arb -  SwiftJudgment -  JusticeBox -  Truveli -  Arbiclaims
  • 37. Legal services platform -  RocketLawyer -  LegalZoom -  Docracy -  Clerky -  Paperlex -  Avtal24 (Agreement24)
  • 38. Document automation and assembly General -  BusinessIntegrity -  Hotdocs -  eBrevia -  Brightleaf -  Caserails -  Counselytics -  Contractually -  Sopima -  Linte -  Legalix -  Agreemint Specialty assembly -  Venturedocs -  Iubenda -  Snapterms -  PactSafe
  • 39. Document automation and intelligence -  Pramata -  Seal -  DiligenceEngine -  Anvesa -  LegalSifter -  Counselytics -  DocNav -  Docasaurus -  Dragonfile -  Wizdocs
  • 40. Job and resumé/CV sites -  inlaw.me -  Resumé Launchpad -  MyLegalCoverage -  Plum Law Jobs
  • 41. Public document databases and data analysis -  Matterhorn -  Intelligize -  Midatadin
  • 42. Subject matter solutions Immigration -  Clearpath -  LexSpot -  AdviseHub -  VisaEase -  SimpleCitizen Divorce -  Wevorce -  Legal Passage -  coparently -  ParentWare Prenups -  Verkkolakimies Mergers & acquisitions -  Legal Simplicity Banktruptcy -  Pay My Trustee -  NextChapter Construction -  ClaimKit End of life -  Planned Departure -  Sikker Arv Youth -  Teen Legal Helpline
  • 43. Subject matter solutions: Intellectual property: Patents -  LexMachina -  Clear Access IP -  IPstreet -  ipInstruments -  Patentory -  AI Patents -  Juristat -  Legal Chrome -  Practice Insight -  Nventi -  Patdek Software -  PatentServ -  Patent Vector
  • 44. Subject matter solutions: Intellectual property Trademarks -  LegalForce/ Trademarkia -  TrademarkDirect -  Markify -  TrademarkNow IP Marketplace -  IP Nexus IP asset identification -  Traklight Counterfeit detection -  Counterfeit. Technology DRM -  Ghost
  • 45. Law practice management software -  Prosperoware -  Lawyerfy -  Align Matters -  MyCase -  Recordlogix -  FirmZen -  ERM Legal Solutions -  Clio -  LegalTrek -  Lexicata -  Attorney’s Back Office -  HoudiniEsq
  • 46. Law firm middle office Document mgmt -  LucanDOCS -  experdocs -  Concis.ly Knowledge mgmt -  matterBase Marketing -  Lawfty -  One400 -  ClearView Social -  AK Consulting Communications -  Blackletter -  RION Corp. -  Advocado
  • 47. Legal information, advice, Q&A, forms -  Legify -  corporize.com -  PlainSite -  Legalate -  lawful.ly -  Pastelaw -  Peppercorn -  Captain Contrat -  LegalInc -  Law Mixer -  Legaliboo -  Atebion -  LegalZen -  Qontra
  • 48. Signatures (e-, audio/video, mobile) -  Shake -  Tapdox -  ContractCloud -  inkdit -  Irksol -  Stampery -  eSign Genie
  • 49. Billing: Tracking & managing legal expenses; time and entry -  SimpleLegal -  Viewabill -  Last50 -  Sky Analytics -  Rocket Matter -  Clocktimizer
  • 50. Misc practice tools E-filing -  ClixLEX SaaS info mgmt -  Lynx workflow Criminal record -  Legal Crunch Free legal -  Lawdeal -  Positive Impact Lawsuit crowdfunding -  CrowdLaw -  Casefunder Legal argument collab -  Mootus Legal writing collab -  Lexiqual -  DraftLaw
  • 51. Legal education tools/apps -  The Law School App -  Lawyer Up -  Quimbee -  MyCourthouse -  ApexCLE -  Hotshot
  • 52. NewLaw law firms etc. -  Riverview Law -  Co-operative Legal Services -  Fondia -  Quicklegal -  Legal Hero
  • 53. And then some: -  https://angel.co/companies? markets[]=Legal&markets[]=Legal+Tech -  for more information, use AngelList or just search for the company on Google Check out http://turkuictweek.fi/ for free tech and startup events in Turku this week!