LegalTech – a term that was unheard of just a few years ago, is now taking the legal industry by storm. While technology has found its application and appreciation in every profession, lawyers have been a little late to this party. Law, traditionally, has been a field that requires you to burn the midnight oil, whether you are engaged in its study or practice. However, what if someone were to claim that they can ease your burden; lessen the grunt work; help you frame legally sound arguments and find the perfect case law to support it; obliterate the need to go through voluminous books to understand the law; help you serve your clients faster; and more? LegalTech makes use of technology to do just that! The next TV show would not be based on a trial lawyer like Saul Goodman, or a corporate lawyer like Harvey Specter, but on a nerd who is planning to disrupt how the law works!
THE INCREASING NUMBER OF LEGALTECHS IN INDIA
India is witnessing an unprecedented rise in the number of LegalTech startups. As per a report by IIM Ahmedabad’s CIIE.CO, LegalTech startups in India have received over USD 55 million in investment, as on March 2022. India, with over 650 LegalTech startups, ranks second in the world. The report also highlights that the sector has seen an inflow of Series A and B growth stage funding only in the previous couple of years, with no noteworthy exits yet.
These numbers might seem staggering at first glance, but India’s USD 1.3 billion legal services market is minuscule as compared to the USD 437 billion market of the USA. A report by Omidyar Network India predicts an annual market growth rate of 35% over the next few years. To those with an entrepreneurial lens, this presents a massive opportunity to bring the next big thing in the startup space. The explosion of new businesses in the LegalTech space is certain. Those who will succeed and those who will succumb to failure, the key differentiators between them will be the practical utility of the product or service offered, whether they can identify and reach the right users, and the kind of brand they are able to build.
BUILDING A LEGALTECH BRAND – WHAT AMMO DO YOU NEED?
Just like in any other sector, in LegalTech too, merely offering a product or service is unlikely to take your business to heights. The solution you offer has to be right and reach the right people. But how is “right” defined here – and who determines this “rightness”?
A solution that identifies and solves a problem
Before jumping into the market, it is important to identify the problem you intend to solve. A product or a service that does not make anyone’s life easier is simply not going to sell. Having an in-depth insight into the problem, its causes and reasons why previous solutions have failed, is going to help you build the right solution. The list of problems that require an effective solution is endless, but focusing on a singular problem and running with it will make your product specialised. Determine if you’d want to simplify organisational legal operations like Legistify; or make IP watch and portfolio management efficient like MikeLegal; or perhaps help clients reach lawyers in a click like MyAdvo and LawRato; or would you like to focus on legal ed-tech instead like LawSikho? What’s equally important is telling your customers that you understand their issue and are here with an effective and efficient solution.
Simplicity and elegance
Let’s be honest, lawyers aren’t the most tech-savvy lot out there! It is vital to keep the tech aspect of your solution simple. A product that elegantly solves one problem will win over a complicated one that intends to solve multiple problems. Not only your solution needs to be simple, but it needs to be marketed so, too. Your potential customers need to know they’re not signing up for a tech-issue to solve a legal one! To penetrate a somewhat tech-wary industry, building your brand around simplicity is crucial.
Reach out to the right customers
A right product can fail at the hands of the wrong people. It is not enough to have a solution that solves a problem – it is as important for that solution to reach the people who face the problem. To do so, you need to identify the right users for your product and reach out to them before you lose the race to someone else. Reaching out can, however, be futile if not accompanied by the correct messaging or if it’s not done via the correct platforms.
Differentiate yourself from the rest
In today’s market, there is no dearth of alternatives and competitors. A single problem can be solved by different solutions, offered by different people. So how do you ensure that you stand out; that your solution is the one that customers reach for? To achieve this, what’s required is a sound differentiation strategy. Figure out what’s the USP of your product and how you would communicate this to your potential clients. How and why are you better than your competitors? What do you have to offer that they can’t?
Social media and networking
Everyone is riding the social media wave, and so should you! Be it raising awareness about your product, or building a brand image, implementing a sound marketing strategy or networking with the right people – social media is a one-stop solution with endless possibilities. Less expensive and cumbersome than traditional media platforms, social media offers a unique way to sell your product and reach the right audience. However, it is essential to curate a social media strategy based on the vision and goals of your business, as well as the product that you offer.
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Confused about how to start implementing the above? Feel free to reach out to us to discuss more about preparing and executing a marketing and branding strategy that aligns with your goals! If you have specific queries about any of the above strategies, we’re here to help you out.
Disclaimer: The brands mentioned in the articles are only for reference purposes, and are not any form of placement/promotion/recommendation.
WeYou Partners editorial team comprises of brand specialists in the legal sector with a unique blend of industry knowledge coupled with effective and proven street-smart solutions.