While there are many incubators and accelerators across other industries, there are a handful of them in LegalTech. Having experienced working in a LegalTech incubator within a law firm as well as at a post-accelerator co-working space, A&O Fuse and Barclays Eagle Labs respectively, here are my thoughts on some of the opportunities and benefits that can be harnessed.
Clients want to be engaged
My favourite aspect of working as part of an incubator within a law firm was the unlimited access to our users, that is, lawyers and their clients. I was surprised by how enthusiastic clients, typically banks, were to test our product as it was developed. I have found that increasingly clients are asking lawyers to use our product on deals and sometimes even procure it themselves.
Lawyers are your friends
I spent most of my time involving lawyers in developing our product and ensuring that it reflects the nuances of their work. I think sharing an office has helped us see each other as extensions to each others’ teams – they can introduce us to their clients or we can brainstorm ideas over coffee.
More than just collaboration
I have also really enjoyed the exposure to other LegalTech companies. We celebrate milestones together as well as discussing our challenges and sharing ideas, networks and referrals to overcome them. However, as with every opportunity, it is what you make of it.
If you wish to find out more about my experience working in a LegalTech incubator or are thinking of starting in or moving into LegalTech, please get in touch!