Two years ago, legal blogger Robert Ambrogi reported that there were 412 companies identified as legal startups on AngelList, a popular fundraising platform. Today, the number has almost tripled to 1,104. Why?
According to Ambrogi, a lawyer who writes about legal technology and social media, there are two reasons for the explosion of legal startups. The first is that “the legal industry is both a significant market, in and of itself, and it’s ripe for innovation,” so it’s an attractive place to start a business. And the second is the low price of entry. “Virtually anybody with a good idea can launch a product,” says Ambrogi, who previously worked at Corporate Counsel’s parent company ALM Media.
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