This is awesome and I'm really happy to see venture dollars being spent on the legal industry. One of my gripes has always been that quality legal is traditionally expensive to obtain because the "quality" part in legal work tends to come from literally practicing law for a long time and knowledge about many things quite deeply. Over time law firms obviously grow in standing and therefore size, increasing costs. This…
Justin Kan Raises $10M for New Legal Startup
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Re: Justin Kan Raises $10M for New Legal Startup
#62I built a legal app years ago. One problem I had getting investors is that the legal market is so small. Microsoft dropped it as a vertical years ago. Corporate law is even a smaller segment of the legal industry. VC law is an even smaller segment of corporate law. How big is the market for this product? Edit: I see from their website they claim it is a "$96 billion industry". There are only 1.3 million active lawyer…
If each of the lawyers makes 100k per year you already have a $100 billion industry.
Re: Justin Kan Raises $10M for New Legal Startup
#63Re: Justin Kan Raises $10M for New Legal Startup
#64Re: Justin Kan Raises $10M for New Legal Startup
#65Earlier quoted context omitted.
reading between the lines, it looks like that's what's being attempted I'm guessing getting it adopted, you need to acquire large corporate clients who want to demand this sort of accountability from law firms they hire, more than acquiring the law firms as clients
Do lawyers usually send very detailed itemized bills?
Re: Justin Kan Raises $10M for New Legal Startup
#66Earlier quoted context omitted.
If each of the lawyers makes 100k per year you already have a $100 billion industry.
It is a lawyer's fees industry's size, not a legal software industry's size..
In any case, an industry where 1.3 million highly paid people work should be a worthwhile market to pursue.
Re: Justin Kan Raises $10M for New Legal Startup
#67> Kan promises more to come — including more details about the tech the company is building and how it will begin offering that technology to customers...
I like how the only specific details about the company is an alphabetical listing of every single person who invested in it, and then another couple paragraphs explaining to us why that list is somehow meaningful.
I wonder where people get the idea that "funding isn't a goal"...
Re: Justin Kan Raises $10M for New Legal Startup
#68Re: Justin Kan Raises $10M for New Legal Startup
#69Hello HN! We are excited to be building in the legal space. Raising money is a necessary step, but Atrium LTS' biggest accomplishment so far is the great team of experts we have assembled here. My cofounders are Augie Rakow (former partner at Orrick, where he worked on over 100 financings and represented Cruise through their acquisition to GM), BeBe Chueh (lawyer turned founder who sold her last company to LegalZoom)…
Are you still working on Whale? Also, what's going on with Zero-F? https://zero-f.co/ https://techcrunch.com/2017/03/06/just-kan-zero-f/
I was originally intending to incubate more companies but have decided to focus on Atrium LTS as I think it is a huge opportunity.
Re: Justin Kan Raises $10M for New Legal Startup
#70Earlier quoted context omitted.
> I can attest that there are many technology-related things that would make lawyers more efficient. I think that's true, but I also think that these "technology-related things" are things that do not exist. Take your example: Windows has not improved in any way that is relevant to lawyers since Windows 2000. What is the point of upgrading? I see many things in my practice where I could see technology making things m…
I can vouch for the fact that legal technology as a category does not address the needs of lawyers. And which is obvious to most practicing attorneys. As an example: > "spend less time [billing] on research" is not, and never will be, an effective value proposition; and which would be obvious to anyone in anything but the most niche putt-putt fields of practice. Rayiner is of course authority enough on this subject q…