How to plan the best business model for your legaltech
Shayesteh, Martín-Corral, and Pimentel guide how to plan the best business model for legaltech taking into account some elements and factors
During the webinar offered by The Impact Lawyers this week on "Tips to succeed with your legaltech", the speakers addressed a key issue in the world of legaltech: the business model.
By itself, technology does not ensure the economic viability of the product or project, so Abdi Shayesteh, CEO and founder of AltaClaro; David Martín-Corral, entrepreneur and founder of Zensey App, and Angelica Pimentel, entrepreneur and creator of POiN, advise on the elements and factors to take into account when planning a business model for legaltech.
Shayesteh points out that not only legaltechs have to use technology, but the product itself has to be saleable. According to Shayesteh, the legal sector is at the beginning of technology adaptation. Lawyers are starting to integrate technology into their workflow.
Martín-Corral emphasises the trinomial "problem-solution-technology." Technology adaptation has to be done progressively, step by step. The human mentality will adapt to the changing landscape, but if it changes very quickly, this adaptation is more difficult. The important thing is to identify the pains, where the difficulties lie, and from there begin to look for solutions and develop a viable product.
One of the solutions is to understand human behaviour and look for solutions to launch a product.
Pimentel, along the same lines as David, considers that it is important to understand human beings and their behaviour when launching a product within legaltech. He also agrees with Abdi's account of the clients' pain.
His three guidelines are as follows:
- Know the pains.
- Find the value propositions that make a product different from others.
- Make the business model simple to make it measurable, and that in technology terms is very important.