LegalTech has become very popular in recent years. Introduction to LinkedIn "LegalTech" and you will see how many specialists there are in this field. But sometimes this is not entirely true.
For example, back in the 80s, marketplaces for lawyers were actively being invented. Was it LegalTech? At that time, yes. Now we have made great strides forward, AI technologies are being introduced, specific problems of lawyers are being solved, and digital government is actively developing. With all this, I identified a number of problems.
- Most often only lawyers know the problems of lawyers. In my opinion, if you have a startup in the LegalTech field, you must have an experienced lawyer on your team. Most products turn out to be unnecessary, since lawyers cannot/do not want to use them in their work.
- It is difficult to find investors from outside the industry. It is difficult to convince how the product will scale and how regulatory changes will affect it. Another new law may make your product unnecessary or impossible to use.
- Not everything is LegalTech. Any technology is somehow connected with regulation. Often, some teams are tempted to call something LegalTech, which is something else. This is not a problem, but it can lead you down the wrong path.
LegalTech features
— new technology solution (I would not classify the marketplace for lawyers as LegalTech in the 21st century);
— expediency (the product creates a new solution or improves the previous one, but there is a request for this);
— feasibility (from a regulatory and technology perspective).
Of course, this is just my opinion as a lawyer, you can disagree with this.