It seem like a bad time to talk now about legaltech, but where you’ve seen an empathic lawyer? After the virus world will face new economy crisis. And it will harm uneffective businesses most. Legal sphere in this case still one of the most archaic.
Still less that 1% of legal services are provided online over the world. It means that when you order a contract, you have to pay not only for the text itself, but for the office, managers and international conferences for company partners. United States has a better situation, but still legaltech services is more like a drop in the ocean of legal services market.
Virus also have shown that visiting a lawyer is not only a waste of time but dangerous. Lawyers answered the situation by numerous webinars and online consultations. During quarantine some lawyers have spend in front of the camera more time than webcam models. But it still doesn’t work.
All businesses will reduce costs nearest time. And legal services fees should be one of the first. It means that market needs to give a proper answer to new needs. Last month VCs were nervously focused on medtech. And this is their time. But after pandemic situation goes down, people will see, that as long as government exists, you need legal services. And here’s a moment, when legaltech comes to stage.
Last month, while we hear that a lot of startups just return investment mentos and shut down, PatentBot continues selling campaign and receives new investment contacts. It happened when some Patent offices were shut down even for online applications.
Of course, we also feel the crisis, but there no way for us to stop.We feel that this is the right time for legaltech and we would like to share our vision with other legaltech projects. Hold on. Soon you’ll be on top. This is our time!