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6 REASONS THE LEGAL INDUSTRY IS RIPE FOR STARTUP INVASION
Most people want to avoid lawyers. They are in the same class as cops; you do not want one until you need one. In the startup world, there are plenty of articles written about how lawyers ruin startups or stall innovation and deals. But there is a growing awakening that, while lawyers themselves may be perceived as obstacles, the legal profession and industry represent opportunity. This sector, which historically has been ignored by entrepreneurs and investors, is beginning to experience a startup invasion.
Here are six key facts that make the legal industry ripe for disruption and innovation.
1. The US legal industry is roughly a $300 billion market. This includes the traditional lawyer-to-client transactions, the expert tools that lawyers rely on, and the technology lawyers use to provide their services. What this amount does not include is the under-reported and untapped demand by middle-income individuals and families for more accessible legal help. It also does not include the billion-dollar legal education market. Most of this money is caught up in antiquated and stale processes and mechanisms that represent a significant target for innovation and transformation.
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