Editor’s Note: Kenneth Gary’s name is synonymous with quality research and writing and one of the latest efforts he was involved with, Boom or Bust: The Legal Tech Go-To-Market Report, from the team at Baretz+Brunelle, is another example of his executional expertise and team leadership in action. The report shares first-of-its-kind research that reveals legal technology executives’ views on sales and marketing strategies and is a worthy read for any go-to-market strategist in the legal technology ecosystem.
Extract from report by Baretz+Brunelle
It’s 1889 in the legal profession and players in the legal tech industry have lined up their wagons at the Oklahoma border.
For enterprises in the emerging legal tech space, the conditions could hardly be more inviting. Stretching out before them is an impossibly bountiful landscape – one that is equally rich, unsettled and desperate for their presence. The market for legal services in the United States alone measured $437 billion in 2016. That’s a whole lot of land to rush, even if legal tech firms aren’t going to occupy every acre of it. Better yet, the territory is largely open. Given how young the legal tech field is, entrenched players are few and far between. And given the diversity of their product offerings, a relatively small number of legal tech companies are competing directly against each other.
Together, they stand at the edge of a profession that once walled them out, but now needs their help. Since the Great Recession of 2008, sustained pricing pressure from corporate clients and rapid technological leaps have combined to create the present environment in which law firms and corporate legal departments are not just open to technology-based solutions to problems formerly overcome by brute lawyer-hours, but actively inviting them in.
For legal tech firms, it’s all there for the taking.
Provided below with permission from the author and for your convenience is a copy of the report.2018 Baretz+Brunelle Legal Tech GTM Report