3 ms·

There is something super exciting happening in legaltech

2 points by debarshri 5y ago

raxxorrax 5y ago
"Consolidations" like this are rarely good for the customer. You can define less choice as making your life easier of course. It must have been really terrible until now if the author finds that exciting.
- debarshri 5y ago
  I would argue that in enterprise it is a good thing. In direct to consumer business it is not, because consumer does not have much power. But in the enterprise, the consumer has lot of cash and they can dictate lot of the rules. In legaltech in general, the landscape is still very fragmented that result in painful acquisition, sales, procurement cycles. From my perspective, consolidation is exciting because for the first time there camps have been built - one vendor platform vs marketplace kind of setup. Now, we have to wait and watch what strategy works the best and which camp executes better.
  - raxxorrax 5y ago
    Of course, although I still argue that convenience is often mistaken for efficiency. You grow dependent and it won't be too cheap without any competition, at some point the manufacturer decides without input from the industry. Depends who diverse these customers are. If there is a lot of plurality, there is less mutual dependence and the position of the customer weakens.
    - debarshri 5y ago
      I agree with you. I think there is always a thin balancing act between, a vendor that wants to grow but not be perceived as monopoly. Create convenience while creating inefficiencies (which is opportunity for the vendor's). The relationship has to be symbiotic and not predatory. It is very hard to achieve.
readonthegoapp 5y ago
The subtitle seems to be missing a word. I feel like legal has been shrinking and dying for at least ten years Except maybe for what seems like Legal's growing importance in lobbying and generally suppressing democracy and the popular will. But does that translate into dollars? I was in legal vertical a bunch of years ago -- it was about as boring as you would imagine ...I guess I would acknowledge that consolidation of software procurement in legal is 'super exciting' if only because nothing much seems to happen in legal. Tho there do seem to be startups that keep popping up to help establish and run new companies, which has a legal aspect. Like stripe atlas and competitors.
ssss11 5y ago
It’s a good time for legal technology that’s for sure - the industry is so far behind others in adopting new tech (very risk averse). We should see a lot of these new tools become mainstream in a lot of firms shortly which should improve products and services to their clients, and their own internal workings.

2 points by debarshri 5y ago

"Consolidations" like this are rarely good for the customer. You can define less choice as making your life easier of course. It must have been really terrible until now if the author finds that exciting.

debarshri 5y ago
I would argue that in enterprise it is a good thing. In direct to consumer business it is not, because consumer does not have much power. But in the enterprise, the consumer has lot of cash and they can dictate lot of the rules. In legaltech in general, the landscape is still very fragmented that result in painful acquisition, sales, procurement cycles. From my perspective, consolidation is exciting because for the first time there camps have been built - one vendor platform vs marketplace kind of setup. Now, we have to wait and watch what strategy works the best and which camp executes better.
- raxxorrax 5y ago
  Of course, although I still argue that convenience is often mistaken for efficiency. You grow dependent and it won't be too cheap without any competition, at some point the manufacturer decides without input from the industry. Depends who diverse these customers are. If there is a lot of plurality, there is less mutual dependence and the position of the customer weakens.
  - debarshri 5y ago
    I agree with you. I think there is always a thin balancing act between, a vendor that wants to grow but not be perceived as monopoly. Create convenience while creating inefficiencies (which is opportunity for the vendor's). The relationship has to be symbiotic and not predatory. It is very hard to achieve.

readonthegoapp 5y ago

The subtitle seems to be missing a word. I feel like legal has been shrinking and dying for at least ten years Except maybe for what seems like Legal's growing importance in lobbying and generally suppressing democracy and the popular will. But does that translate into dollars? I was in legal vertical a bunch of years ago -- it was about as boring as you would imagine ...I guess I would acknowledge that consolidation of software procurement in legal is 'super exciting' if only because nothing much seems to happen in legal. Tho there do seem to be startups that keep popping up to help establish and run new companies, which has a legal aspect. Like stripe atlas and competitors.

ssss11 5y ago

It’s a good time for legal technology that’s for sure - the industry is so far behind others in adopting new tech (very risk averse). We should see a lot of these new tools become mainstream in a lot of firms shortly which should improve products and services to their clients, and their own internal workings.