TLS0070 Introduction to Legal Technology

Lecture 9 Legal startups University of Turku Law School 2015-03-03 Anna Ronkainen @ronkaine anna.ronkainen@onomatics.com

A short startup glossary (a.k.a. bullshit bingo)

What is a startup? -  not just any new company -  not just any small company -  “a startup is an organization formed to search

for a repeatable and scalable business model” (Steve Blank)

-  focus on growth and scalability -  startup endeavours to become a growth

company (Eurostat/OECD definition: at least 10 employees which grows by >20% for at least three years in a row; this definition doesn’t consider turnover or revenue at all!?)

Disruptive innovation -  theory from “The Innovator’s Dilemma” by

Clayton Christensen (1997) -  contrast to sustaining innovation: the mode of

innovation usually done by incumbents -  newcomers create a new market by offering

something that is in some respects worse but overall a better (and improving) match for the customer’s needs

Product-related concepts -  pitch -  proof of concept (PoC) - minimum viable product (MVP) -  traction -  pivot

Funding -  bootstrapping -  (bank loans etc.) -  FFF: friends, family, fools -  crowdfunding -  angel investors -  venture capital funds -  public funding (in Finland: Tekes, Finnvera etc.)

Funding rounds: pre-seed, seed, (sprout,), A, B, C, D... rounds

Exit -  IPO -  buyout -  acqui-hire -  becoming a non-growth company -  bankruptcy Oft-quoted statistic: 9 out of 10 startups fail!

Legal startups in Finland

Starting close to home: TrademarkNow Inc. (formerly Onomatics Inc.)

-  founded in 2012 -  4 co-founders -  first product launch Oct 2012, rebranded as

TrademarkNow Mar 2013 -  venture funding total €3M -  ~25 employees -  offices in Helsinki, NYC, Luxembourg,

Kilkenny

TrademarkNow co-founders Mikael Kolehmainen, Co-founder and CEO -  International TM Attorney with significant trademark law domain

expertise, with a license in New York. An experienced and successful angel investor and third-generation entrepreneur. Previous tech company experience in a variety of roles.

Matti Kokkola, Co-founder and CTO -  Built and led successful tech teams in the US and Europe. Seasoned

technology leader with experience from building and operating business critical big data systems.

Anna Ronkainen, Co-founder and Chief Scientist -  Artificial intelligence and law scholar doing research at the intersection

of IP law, cognition and vague norms, with over 15 years of experience in linguistic software development including many successes in project and product management.

Heikki Vesalainen, Co-founder and Chief Architect -  Designer of numerous successful machine-learning and artificial

intelligence solutions. A sought-after web tech guru.

TrademarkNow founders’ backstories - Mikael worked as a trademark lawyer for 8

years, got the idea for and took the initiative to founding the company starting in 2010

- Matti and Heikki founded the software consulting company Mermit together (with others) as sophomores back in 1999

- Anna started looking into AI & law in 1999, working on modelling trademark similarity since 2002

TrademarkNow product and business model - AI-based risk analysis for trademark search

and watching -  currently targeting in-house counsel and

marketing agencies (and law firms) -  annual subscription or pay-as-you-go pricing

TrademarkNow misc hype -  admitted into the Tekes Young Innovative

Companies programme in 2013 - Wired UK: one of 10 hottest startups in

Helsinki (Sep 2014) -  Talouselämä: one of 20 most promising

startups in Finland (Feb 2015)

And the others by age, starting with... Fondia -  company founded originally in 1988,

operating in current form since 2004 -  ~100 employees, including ~60 lawyers -  8 offices (in Finland, Sweden, Estonia)

Fondia product and business model -  ”outsource your legal department” for

companies -  traditional human-powered lawyering

supported and supplanted by tech -  services (partly) based on standardized

monthly subscription fees

Fondia misc hype -  FT Innovative Lawyers winner in corporate

strategy category 2013 - multiple-time Best Places to Work™ winner

in law firm category

Sopima -  founded in 2009 -  founded by Jaan Apajalahti and Jukka Kosonen

(both with an IT background) -  development outsourced to Softability -  €1.4M in venture funding -  low revenue -> applied for bankruptcy in 2011 -  Softability rescued the company from

bankruptcy in 2012 -  kept quiet 2012–14 but dev work restarted,

new release in Sept 2014

Sopima product -  contract management (see lecture 5)

Verkkolakimies - DIY prenuptial agreement service -  started originally in ~2013 as a side project

by the IP law researcher Herkko Hietanen

Lakivälitys -  online marketplace for finding a lawyer -  Turku represent! Founded by 3 local law

students: Ville Kaituri, Samuli Rantanen, Niko Markkanen

-  Boost Turku accelerator alumn

Legal startups in general

Data and overall structure from David Perla’s Reinvent Law presentation, additional data from AngelList and miscellaneous sources, individual companies listed in no particular order

Lawyer matching, B2C (consumer focus) -  Lawdingo -  Lawkick -  LawyerMatch -  Arrest SOS -  Bluetree -  Avvo -  AttorneyFee -  FairDocument -  Visuu -  Congo -  FairDocument

-  LawGives -  LawyerUp -  Virtual Law Direct -  SoftLaw -  LawTrades -  Shpoonkle -  Visuu -  Lakivälitys -  ЮРИСТиЯ -  BernieSez -  LegalUP

Lawyer matching, B2B (business client focus) -  Upcounsel -  DealSheet -  Priori Legal -  Plain Legal -  LawPal -  JusticeBid -  Habeas -  LawyerFair -  EasyLaw.in

Targeting startups: -  Pushtostart -  Speedy Counsel -  Lawditor -  SmartUp -  deJuristen

Lawyer networks Referral networks - wireLawyer -  LegalReach -  Lawpolis -  EsqSocial -  esq.me - RateMyBarrister

Virtual staffing (B2B) - Hire an Esquire -  LegalKin - DH

Legal research -  Fastcase -  Tabulaw - Casetext -  Jurify -  Push Legal -  BriefMine -  Justia.com - DroidLaw

Legal research Prediction and visualization (general) -  Judicata - Ravel Law -  Tyche -  EasyDataMaps - Knomos - Wildcat - Kelsen - Ross

Legal research Docket retrieval and briefs - Chapter 11 Dockets - Caseflex - Docket Alarm

Litigation e-discovery software/solutions - Disco - HaystackHQ -  Logikcull - Modus -  EasyESI

- Cicayda -  Indexed I/O - WitnessTree - Heureka Software - VaultSwap

Litigation Case management and other tools Case management -  Filevine - Allegory - Caselinq Other -  eDepoze - AssistMyCase -  Top Class Actions

Trial/jury support -  Jury Box - VerdictAdvantage -  Litigator Technology - Voltaire

Online dispute resolution - Modria - waytosettle -  zipCourt - w3arb -  SwiftJudgment -  JusticeBox -  Truveli - Arbiclaims

Legal services platform - RocketLawyer -  LegalZoom - Docracy - Clerky -  Paperlex - Avtal24

(Agreement24)

Document automation and assembly General -  BusinessIntegrity -  Hotdocs -  eBrevia -  Brightleaf -  Caserails -  Counselytics -  Contractually -  Sopima -  Linte

-  Legalix -  Agreemint Specialty assembly -  Venturedocs -  Iubenda -  Snapterms -  PactSafe

Document automation and intelligence -  Pramata -  Seal - DiligenceEngine - Anvesa -  LegalSifter

- Counselytics - DocNav - Docasaurus - Dragonfile - Wizdocs

Job and resumé/CV sites -  inlaw.me - Resumé Launchpad - MyLegalCoverage -  Plum Law Jobs

Public document databases and data analysis - Matterhorn -  Intelligize - Midatadin

Subject matter solutions Immigration -  Clearpath -  LexSpot -  AdviseHub -  VisaEase -  SimpleCitizen Divorce -  Wevorce -  Legal Passage -  coparently -  ParentWare Prenups -  Verkkolakimies

Mergers & acquisitions -  Legal Simplicity Banktruptcy -  Pay My Trustee -  NextChapter Construction -  ClaimKit End of life -  Planned Departure -  Sikker Arv Youth -  Teen Legal Helpline

Subject matter solutions: Intellectual property: Patents -  LexMachina - Clear Access IP -  IPstreet -  ipInstruments -  Patentory - AI Patents -  Juristat

-  Legal Chrome -  Practice Insight - Nventi -  Patdek Software -  PatentServ -  Patent Vector

Subject matter solutions: Intellectual property Trademarks -  LegalForce/

Trademarkia -  TrademarkDirect -  Markify -  TrademarkNow

IP Marketplace -  IP Nexus IP asset identification -  Traklight Counterfeit detection -  Counterfeit.

Technology DRM -  Ghost

Law practice management software -  Prosperoware -  Lawyerfy - Align Matters - MyCase - Recordlogix -  FirmZen -  ERM Legal Solutions

- Clio -  LegalTrek -  Lexicata - Attorney’s Back

Office - HoudiniEsq

Law firm middle office Document mgmt -  LucanDOCS -  experdocs -  Concis.ly Knowledge mgmt -  matterBase

Marketing -  Lawfty -  One400 -  ClearView Social -  AK Consulting Communications -  Blackletter -  RION Corp. -  Advocado

Legal information, advice, Q&A, forms -  Legify -  corporize.com -  PlainSite -  Legalate -  lawful.ly -  Pastelaw -  Peppercorn

- Captain Contrat -  LegalInc -  Law Mixer -  Legaliboo - Atebion -  LegalZen - Qontra

Signatures (e-, audio/video, mobile) -  Shake -  Tapdox - ContractCloud -  inkdit -  Irksol -  Stampery -  eSign Genie

Billing: Tracking & managing legal expenses; time and entry -  SimpleLegal - Viewabill -  Last50 -  Sky Analytics - Rocket Matter - Clocktimizer

Misc practice tools E-filing -  ClixLEX SaaS info mgmt -  Lynx workflow Criminal record -  Legal Crunch Free legal -  Lawdeal -  Positive Impact

Lawsuit crowdfunding -  CrowdLaw -  Casefunder Legal argument collab -  Mootus Legal writing collab -  Lexiqual -  DraftLaw

Legal education tools/apps -  The Law School App -  Lawyer Up - Quimbee - MyCourthouse - ApexCLE - Hotshot

NewLaw law firms etc. - Riverview Law - Co-operative Legal

Services -  Fondia - Quicklegal -  Legal Hero

And then some: -  https://angel.co/companies?

markets[]=Legal&markets[]=Legal+Tech -  for more information, use AngelList or just

search for the company on Google

Check out http://turkuictweek.fi/ for free tech and startup events in Turku this week!

Questions?