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Where is legal software going ?

Where is legal software going ?. Robert Rice. History. To understand where something is going, you have to know where it been. History of legal software – small to mid market Sales paradigm. Economics of a software company. Widget model

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Where is legal software going ?

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  1. Where is legal software going? Robert Rice

  2. History • To understand where something is going, you have to know where it been. • History of legal software – small to mid market • Sales paradigm

  3. Economics of a software company • Widget model • Software is seen as an object that is purchased. It is expected to hold its value for many years – like a car or other equipment. If you want to enhance it, you buy “upgrades” • Service / Cash flow model • Software is seen as a flowing service. Is purchased at a monthly or yearly cost and enhancements are made over time

  4. Sales Models Widget Model Cash Flow Model

  5. Upgrades and Expectations • Software Upgrades • Used to sell future innovations • Lack of innovation lead to loss of desire to upgrade • Increase of expectations • Cheap apps for phones

  6. Relationships • Relationship between law firm and software vendor • Should not be combative • Win – Win partnership • If the software company goes out of business, the law firm has huge costs involved with future support and conversion

  7. What to look for in a software company • Solvency • Market Share • Innovation – staying ahead of market trends • Solid Business model – long term game plan • Good fit – relationship • Support network

  8. Generations of Software • Workstation & LAN software • 16 – bit • 32 – bit • MS SQL Server • Browser Software • Fully cloud • Hybrid model

  9. Trouble in Paradise • Expectations – HIGH • Feature sets – EXTENSIVE • Market – mostly saturated • Cost to switch “stickiness” - HIGH • Risk – HIGH • Price Tolerance - LOW

  10. Let’s Play a Game:

  11. Our Game • You are the CEO of a new software company selling legal administrative software to law firms. • What kinds of qualities should your software have?

  12. Your choices: • Complex or simple • Flashy or plain • Specific or Generic • Standards-based or custom • Expensive or cheap • Purchase or cash-flow model • Cloud or Local

  13. Choices Affect • Price • Target Market (number of potential consumers) • Attractiveness

  14. Market Studies • LexisNexis • Sage, US • Clio

  15. Lexis Nexis • Was exclusively in the information business • Saw that information is fungible – not sticky • Saw that the Internet itself offers cheap or free information • Got into the software business to create stickiness and to have a hedge against the erosion of their core business by free information

  16. Sage, US • Large international accounting-focused software company • Purchased a time & billing application, Timeslips, that was heavily represented in the small-to-mid legal market • Have struggled to keep the product relevant when not investing large sum to move product to platforms

  17. Clio • Newer entrant to the practice management arena • Cloud-based • Came in as a small firm/solo solution but have been steadily making improvements and trying to move upstream

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