Private Investment in US Legal Services
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A Presentation at Reinvent Law Silicon Valley 2012 on Private Investment in the Legal Services Industry. An overview of companies operating in the legal services industry, how companies are getting around Professional Rule 5.4 which prohibits non-lawyer investment in law firms, and a warning that the US legal market is going to fall behind the UK legal market where law firms have access to capital and modern management methods. The US should consider deregulating the legal profession similar to the deregulation scheme in the United Kingdom to unleash innovation forces that can result in providing greater access to the legal system by moderate and income people.
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Private Investment in US Legal Services
- 1. Private Investment in US Legal Services New Business Models Richard S. Granat, J.D. President, SmartLegalForms, Inc. and DirectLaw, Inc. Co-Chair, eLawyering Task Force, ABA/LPM. © Copyright, 2013 Richard S. Granat
- 2. The New “Client” 75 million clients: The Millennials- 1978 •$45 billion latent market © Copyright, 2013, Richard S. Granat
- 3. WHAT DO CLIENTS WANT? © Copyright, 2013, Richard S. Granat
- 4. CLIENTS WANT FIXED PRICES © Copyright, 2013, Richard S. Granat
- 5. CLIENTS WANT SPEED © Copyright, 2013, Richard S. Granat
- 6. CLIENTS WANT TRANSPARENCY © Copyright, 2010, Richard S. Granat
- 7. CLIENTS WANT CONVENIENCE © Copyright, 2010, Richard S. Granat
- 8. CLIENTS WANT BETTER TECHNOLOGY © Copyright, 2010, Richard S. Granat
- 9. CLIENTS WANT ONLINE AND FACE TO FACE © Copyright, 2013, Richard S. Granat
- 10. Legal Advice Companies Q & A Platforms. e.g. Quora Problem: Limited Margins • Online • Fixed Fee • UnBundled © Copyright, 2013, Richard S. Granat
- 11. Document Automation Companies Problem: Limited Service – Not Whole Solution – Do c un r Lex ape W P hi ch D ra ft © Copyright, 2013, Richard S. Granat
- 12. Out- Sourcing Companies Component Manufacturer Doesn’t Serve End-Users © Copyright, 2013, Richard S. Granat
- 13. The New Gatekeepers – Reintermediation Problem: On-Line Only ect w Dir lLa Virtua © Copyright, 2013, Richard S. Granat
- 14. My Vision Strong On-Line Legal Services Delivery Unbundled Legal Services Uniform Quality Strong Community Presence Nationwide Brand Accessible Law Offices © Copyright, 2013, Richard S. Granat
- 15. What Do You Need to Create a Nation-Wide Law FirmThat is Both Online and Off-line? • First Rate Technology • Modern Management Methods • Competent Lawyers / Training • Branding- Nationwide Advertising • Capital To Get All of the Above. © Copyright, 2012, Richard S. Granat
- 16. Rule 5.4 (a) A lawyer or law firm shall not share legal fees with a nonlawyer… (4) (b) A lawyer shall not form a partnership with a nonlawyer if any of the activities of the partnership consist of the practice of law. © Copyright, 2012, Richard S. Granat
- 17. HOW Two- Tier Structure: Law Firm That Sits On Top of A Management Company © Copyright, 2013, Richard S. Granat
- 18. Problems With Model Issues • Pricing Model – How Do You Price – Transparency • Limit on Return • Limit on Life of Law Firm – Need Succession Plan • • Exit For Investors © Copyright, 2013, Richard S. Granat
- 19. Axiom Law Issues • Not a Law Firm – Organized as a C Corporation. • Sounds like a law firm. • Only Works for Companies that Have an In-House General Counsel – otherwise UPL Violation. • • Axiom is really a Placement, Outsourcing, and Project Management Company © Copyright, 2013, Richard S. Granat
- 20. NOW Early Early Adopt Adopt Most Most ers ers Solos Solos Web and and 4.0 Small Small Web Law Law 3.0 Firms Firms Web 2.0 Web 1.0 New Generation Law Firms New Generation Law Firms Internet is the Platform for Internet is the Platform for Delivery Delivery Nationwide Brands Nationwide Brands 60% of Solos Don’t Have 60% of Solos Don’t Have User generated content User generated content Online and Offline Online and Offline a Web Site. a Web Site. Client Portals Client Portals Online Delivery of Legal Online Delivery of Legal ‘Brochure ware’ sites ‘Brochure ware’ sites Free Advice Free Advice Services. Services. No Advanced No Advanced Collaboration Collaboration Technology Technology Non-Law Firm Providers Non-Law Firm Providers Tiny, Undercapitalized Tiny, Undercapitalized Free Legal Forms Free Legal Forms Operations ©NakedEyes http://www.flickr.com/photos/55456073@N00/301678287/
- 21. Innovate or Let’s De- Regulate
Editor's Notes
- Companies which provide services or tools for lawyers to help them be more efficient. Make a lo of money from the legal systems by providing services to law firms and cororate counsel.
- Connect clients with lawyers- but not much is being done to help lawyers create new services offerings for consumers.
- My vision is a one or more nationwide law firms that have a strong brand promise and incorporates the values that clients really want- which really means affordable law. Many areas of practice require some ace to face interaction- bankruptcy immigration, and even in estate planning. Litigation criminal defense work etc.
- What can you do it the US to get capital into the legal system. The only way I know how to do it is with a two tier structure. Ironically Joel Hyatt pioneered the model 25 years ago when he jointed ventured withHR Block- but there were operational problems that lead to its demise.