It’s the one about the tech-illiterate Biglaw associate (I know, you’ve heard that one) who walks away from her promising career at one of the most prestigious law firms in the country . . . to invent a new category of software. . . for litigating! A magical software program that makes you better as a litigator and is so cool that you wish you thought of it yourself.
For this next profile in legal entrepreneurship, I’m excited to introduce Alma Asay, creator of Allegory. You may not have heard of Allegory yet, but pretty soon, it will be a household name for every litigator who wants to be at the top of their game.
Alma’s story has a special place in my heart because she is living my dream: bringing her success in Biglaw to the whole legal community through the wonders of technology. I met Alma earlier this year in Palo Alto, where she was embracing her inner Silicon Valley and I was speaking at Stanford Law’s awesome CodeX FutureLaw conference. We chatted over cocktails about the legal industry, law firm shenanigans, and life after Biglaw for those of us who didn’t run away screaming. I loved her stories of adventures in legal startup, and her product. Hopefully, you will too.
(Did I mention I get paid by the click? I’m kidding, but really, keep reading . . . this is a good one).
As we have chronicled in these pages, technology is transforming all facets of the legal profession. It’s changing the way that litigators conduct discovery and try cases (and the way that judges decide those cases). It’s changing the way that transactional attorneys do deals.
And it’s changing the way that lawyers get hired. One new startup, Lateral.ly, provides an example of how technology could make a difference.
The business of law continues to evolve post-Great Recession. Law firms are dealing with clients who are trimming legal budgets, shunning expensive hourly billing rates and subsidized training of associates, and opting for smaller and more cost-sensitive legal options.
These trends have had a ripple effect. The job market for lawyers—while showing signs of improvement in small pockets—remains depressed, resulting in intense critiques of legal education, downward-trending law school applications, and law schools adapting or closing. Presumably, law students and new lawyers notice these trends and are strategizing accordingly, thinking commercially and entrepreneurially about their careers, and seeking the best legal experience and ROI in a rough macro legal market.
Entrepreneurs recognize these trends and a few startups—UpCounsel, Lawdingo, Priori Legal, and LawTrades—are riding a robust tech (and derivative branding) wave to disrupt the increasingly vulnerable legal industry. Each (i) strives to provide a frictionless and transparent platform for cost-conscious clients to quickly acquire legal services, and (ii) offers lawyers an alternative avenue to monetize their degrees free of typical infrastructural and administrative burdens of solo or small practice. This new crop of startups has earned the label “the Uber of law.” What is their value proposition for lawyers? Are they truly Uber-like providers of legal services, or is that just opportunistic branding? Should lawyers care?
Ed. note: Please welcome Above the Law’s guest conversationalist, Zach Abramowitz, of blogcasting platform ReplyAll. You can see some of his other conversations and musings here.
Before leaving Biglaw for good, I considered doing what I felt like was the next best thing to launching my own startup: working at a firm whose clients were primarily startups. The pitch from recruiters was always the same: startups and venture capital clients are much better to work with than their “big company” and private equity counterparts.
But I wasn’t buying it. Biglaw is Biglaw. It doesn’t matter if your client is Alcoa or three co-founders with the hottest new dating app (it uses an algorithm to tell you who at the nightclub wants you to buy them a drink); clients will be demanding, and legal work is legal work.
But more and more of my former colleagues who have made the jump have been telling me that there’s truth to the claim that “startups are more fun.” So, to get some clarity on this issue, I decided to invite Ed Zimmerman, the founder of the tech group at Lowenstein Sandler and a columnist at the WSJ Accelerators Blog, to join me for a conversation on this topic. Since on-campus interviews are right around the corner, I thought this topic would be nicely timed.
And since we’re creating the conversation using ReplyAll, make sure to keep checking back on our conversation as it develops over the course of the week…
Since Lat tweeted this past weekend about my UpCounsel profile, I thought I would share some thoughts about my experience with the service to date. First off, compared to leaving a Biglaw partnership to open a new firm, trying out a new legal platform was easy. I first heard about UpCounsel from a former in-house client who had struck out on his own. He happens to now be back in-house, but at the time we discussed UpCounsel, he was very enthusiastic about his experience using the site. Since I happen to like trying out new things, signing up once I left Biglaw was an easy decision.
Notice how I did not join UpCounsel while a Biglaw partner. Such things are simply not done. For all of Biglaw’s talk about encouraging partners to be “entrepreneurial” or to “try new marketing ideas,” there is a lot of resistance to using “new ways” to reach potential new clients. Couple that inertia with a general distaste towards marketing individual lawyers at the expense of “firm branding” (aside from a select group of key current rainmakers), and platforms like UpCounsel face a Tough Mudder-level set of obstacles to overcome if they want to break into the Biglaw firm marketing rotation. But I don’t think UpCounsel and their “evolution of legal services”-oriented kin want to….
Ed note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Dan Lear explores the role of technology in the future of the legal industry.
“A lot of people have recently jumped in [to the legal tech/startup space] but the fact is that law isn’t any different than any other industry.” Josh Kubicki – Co-founder Lex Redux
In August 2011 Mark Andreessen, co-founder of Netscape and noted venture capitalist, wrote an essay in the Wall Street Journal entitled “Why Software is Eating the World.” In it Andreessen stated that software had already revolutionized many industries: bookselling (think Amazon vs. Borders), video rental (Netflix vs. Blockbuster), and music (iTunes, Spotify, and Pandora) and warned: “Companies in every industry need to assume that a software revolution is coming.” (Emphasis added.)
Fast forward less than three years and Lex Redux may be the sound of the software revolution arriving at the legal industry’s doorstep.
Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Sunny Choi of Ms. JD interviews lawyers who have found their passion by leaving the law.
Fact: The law isn’t for everyone. Fiction: You have to practice law if you’re a law school graduate.
Sometimes, you just have to leave the law completely and follow the road less traveled in order to find your true passion. I’ve interviewed two former attorneys who were brave enough to venture into the unknown and in the process, discover their passions outside of the law.
MEE-JUNG JANG (New York, NY)
1. What is your current occupation or line of work?
Ronan Farrow: a former Forbes 30 Under 30 honoree turned contest judge.
Since 2012, the list-loving folks at Forbes have been publishing “30 Under 30″ compilations for various fields of endeavor. The 2014 lists just came out, and they include, of course, a 30 Under 30 for law and public policy. We noted the news in yesterday’s Non-Sequiturs.
A list of notable legal eagles under 30 presents additional problems. Unlike, say, sports or the arts, where people over 30 might already be “over the hill,” law doesn’t lend itself to super-young prodigies. As Miguel Morales of Forbes points out in introducing the list, “It’s never easy for FORBES staffers to sniff out the 30 best and brightest Millennials making an impact on their fields. In law and public policy, where most people are barely out of law school by 30, let alone blazing trails in their fields, the task sometimes felt farcical.”
Whether it’s farcical or not, we know you want to see the list. Let’s have a peek, shall we?
Being general counsel is like being Tom Hagen in the Godfather — you’re a Consigliere.
– A “top lawyer at a New York City startup,” explaining the value of creative lawyering to getting a new business off the ground. Daniel Doktori of WilmerHale spoke to a number of GCs about when startups should hire a lawyer and how to make the most of their new counsel when they do. Just always remember that Tommy isn’t a wartime consigliere.
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: