startup desk

LexisNexis' Legal Tech Accelerator program has announced that a third group of legal tech startups have graduated from its program. And like other classes, these graduates aren't leaving empty-handed.

Participants said the program helps legal tech startup graduates access LexisNexis' troves of data and industry contacts, providing invaluable support for growing companies.

Josh Becker, who founded the LexisNexis' Legal Tech Accelerator, said he understands firsthand the growing pains a legal tech company faces. Becker was CEO at legal tech startup Lex Machina, which was acquired by LexisNexis in 2015.

“We knew from our experience [that] it's very hard to get the data necessary [and] the documents necessary to test these new services,” said Becker.

The accelerator was created as a central hub to provide selected startups access to LexisNexis's data and industry contacts, and help them develop general and legal tech-specific business skills.

Startups selected are usually entities that have determined their company's mission but haven't raised significant amounts of money, Becker explained.

“This is a program that we started two years ago, and we started with the motivation of first giving back to the legal tech community, having come up working at a startup for seven years in this space,” Becker said.

Those selected find benefits can vary depending on their company's needs, he added. Companies farther along can find honing a fundraising pitch most beneficial, while younger companies may need more guidance partnership building, assisted by LexisNexis' leverage in the industry.

While access to data and business training are important features of the program, graduates noted access to legal tech stakeholders during the program was also beneficial.

Tunji Williams, who heads due diligence platform dealWIP Inc. and graduated from the program's second class, said the program gave his startup “extra credibility” and helped propel his fundraising efforts.

Likewise Ian Schick, a recent graduate of the program and CEO of Specifio, said learning from other legal tech companies provided him with valuable knowledge.

“Experts came spilling out expertise and knowledge, and we and cohort members tried to absorb as much as we could,” Schick added. “Hearing how they were able to succeed, that for me has been huge. As time goes on we will continue to leverage the relationships we've gained from this program.”

Sometimes the relationships started through the accelerator can continue in the long term.

Williams of dealWIP said his company counts Owen Byrd, GC and chief evangelist at Lex Machina and an accelerator leader, as a member of his company's board, a sign that accelerator leaders enjoy seeing their graduates through their company's life cycle. 

“It makes me very happy like a proud family that they can go on their own and when they come back say how helpful it is,” Becker said.