"Co-Development" with law firms is a trap! Don't fall for it #legaltech founders!
How do you "co-develop" when the law firm is constantly changing it's mind about what is needed due to nebulous power structures and inconsistent practices in the organization?
"Co-development" with two major law firms nearly killed @Athennian in our early days. We walked from the deals. It was 95% of our "contracted" revenue at the time. It was very scary. We survived because of the decision to walk.
Here are some tips to build products that need feedback from law firms 👇👇
#1 - Cash up front. Agree to a price on a commercial contract and get 50% cash up front. If they don't agree, either (a) they are not a good first customer, or (b) you don't have strong PM fit.
#2 - Beware of the "innovative" partner or associate. They have lots of enthusiasm for new products, but don't hold power. Follow the 3 high, 3 wide rule.
#3 Find the knowledge management lawyers and ask them how effective the firm is at rolling out new technology and changing workflows. These are the soldiers on the front lines. You want to find firms that have experience rolling out tech and getting adoption.
#4 - Avoid localization. Many lawyers view the world through the lens of their particular jurisdiction. Every button and workflow should align to the laws/procedures of XYZ jurisdiction in their mind. Unless that jurisdiction supports a multi-billion dollar TAM, this is a trap.
#5 - View their feedback as an iceberg of total requirements to get adoption. Their feedback is the tip, the vast of majority of capabilities required to get adoption are not communicated b/c they are unknown to the firm consciously.
You can follow @adriancamaragil.
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