The 7 'Traps' That Cause Legal Tech Companies to Fail
A look at the marketing, product development and financing pitfalls that commonly dooms a legal tech business.
December 21, 2020 at 12:00 PM
1 minute read
Building a successful legal tech company is no easy feat. The sector's consumers are notoriously reluctant to adopt technology that could potentially streamline processes and hurt the billable hour revenue model. But to be sure, the unique entrepreneurship pains of legal tech hasn't gone unnoticed. Law firms, the Big Four and even college-backed legal tech accelerators have activated in recent years to help entrepreneurs develop their legal tech companies at various growth stages. Despite growing support to nurture the sector, there are still persistent business hurdles legal tech companies face. Above, Legaltech News highlights seven of the most common challenges facing legal tech companies.
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