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I 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
by joshuaheard 9y ago
I 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 lawyers in the U.S. (ABA), so I am curious what this number represents.
- maxxxxx 9y agoIf each of the lawyers makes 100k per year you already have a $100 billion industry.
- joshuaheard 9y agoHow much of that do they spend on software?
- PatentTroll 9y agoAs little as possible. Software is a cost center to law firms.
- crypto5 9y agoIt is a lawyer's fees industry's size, not a legal software industry's size..
- maxxxxx 9y agoFair enough. I have no idea how industry sizes are calculated. I always think they are made up numbers anyway. In any case, an industry where 1.3 million highly paid people work should be a worthwhile market to pursue.