Legal Tech and Big Dollars

Legal Tech and Big Dollars- $1.2 Billion invested in 2019 so far

We follow legal tech investment at LawSpaceMatch.com, and we are amazed at annual dollar investments in legal tech.  Thanks to Bob Ambrogi, a Massachusetts lawyer, writer and media consultant, who has shown the research for us. 

What is legal tech investment?  Investement in services and platforms used by lawyers and law firms.  With over $1 billion, yes billion, spent just through third quarter 2019, legal tech services such as contract management, email security, contract review and automation are becoming plentiful and refined for lawyers around the globe.  You probably know the big four: Clio, Onit, Icertis and DISCO - with cumlative investment amount of approximately $649M in 2019.

We are watching some other legal tech firms too: Notarize https://www.notarize.com/  (spending $36 Million); and Tessian https://www.tessian.com/  (spending $42 million for email security). 

Not only do these investments advance law firm growth but it must spur the global economy.

Here is Mr. Ambrogi's full blog   https://www.lawsitesblog.com/2019/09/at-1-1-billion-2019-is-a-record-year-for-legal-tech-investments-and-its-only-september.html   - check out the research of these 41 companies. 

Mr. Ambrogi points out these numbers may be low as it does not include current deals, mergers and acquisitions. 

3 Tips to Choose the Right Lawyer to Rent Your Empty LawSpace

A quick Google search will bring up dozens of articles on choosing the right attorney or finding the right space to rent, but how do you find the right lawyer to rent your empty office space? What should you look for? And how do you get your LawSpace in front of the top tenants? Where do you start?

 

Tip 1 - Iron out the Details

 

To find the right tenant, you first need to know what you’re offering and your exact expectations from lawyer sharing your office space.  Be prepared - clarity now will eliminate confusion and frustration later.   

 

What is important to you? Think about these things:

  • What are the terms of the lease? Monthly or annual rent term?
  • How much will you charge?
  • Do you want to share printing, interent and utility costs?
  • Will there be any shared space, like a conference room, receptionist, and office for support staff?
  • And as lawyer you know not to forget the written sublease or lease.

 

Tip 2 - Who is Your Ideal Match?

 

Sharing space with someone can be difficult.  Lawyers want the right “match” with another law firm or attorney who provides a substantially similar practice vibe.  Take your time and get to know the lawyer tenant to be.   And, be familiar with your decision making process.  You don’t want to lose a great tenant by not moving fast enough.  However, jumping in with a sublease does not justify the reduction in overall law firm costs with the wrong tenant.

 

Define what ‘ideal tenant’ means to you.  After getting inquiries for lawyers wanting to rent space, see if they are the right fit.  What are you looking for in a space sharing arrangement in your law office?

  • Are you interested in networking?
  • Are you looking to get more referrals?
  • Will their practice area benefit your law firm practice areas?
  • Do you prefer to rent to an attorney in the same field to encourage collaboration?
  • Have your checked the State Bar for bar complaints?
  • Do you expect them to keep a neat law office desk? Do you have a cluttered work space?

Determine what qualities are important to you for your future LawSpace mate, and take note when meeting applicants.

 

Tip 3 - Take Notes and Compare

When meeting with potential renters, ask about and record their preferences and personality.   Is it a good match?  Don’t rely on memory - make sure you write down your thoughts so that you can compare the data later.   Does your receptionist or legal secretary need to weigh in too?

Things to consider:

  • How long have they been practicing?
  • Where they are currently located with their law practice?
  • Will they need the conference room often?
  • How often do they have client meetings?

Sharing amenities allows for reduction of overhead in your law firm. Finding a great match for a lawyer tenant is the goal.   Taking into account these tips hopefully will help.   Also, check out our blog about “ 3 Reasons Solo Practitioners take the opportunity to share law office space”. https://www.lawspacematch.com/posts/67

 

Interview with Larry Port of Rocket Matter.com - Elaine M. Russell attorney and founder of LawSpaceMatch.com

Tech and Legal - A Great Marriage For Saving Time and Money

Not only are in-house legal departments looking to technology solutions for assistance to become more efficient, but "small law" seeks technology solutions that work.  Anything that maximizes efficiency and reduces the time lawyers spend on administrative work allows us more time to focus on the substantive legal work.  Now that is value added.

Check out the podcast interview by Larry Port of  Rocket Matter  with founder and attorney, Elaine M. Russell.

https://www.rocketmatter.com/podcast/ep-79-elaine-russell-lawspacematch/

Everything from billing software to task/case management solutions,  law firms need to improve efficiency.  Companies providing technology to manage legal matters from start to finish are on the rise.  And law firms are taking note.   For instance, almost one-half of solo practitioners use https://www.dropbox.com/business/landing-t61fl?_tk=sem_b_goog&_camp=142947702&_kw=drop%20box|e&_ad=310362391881|1t1|c&gclid=EAIaIQobChMIzOvj9vSM4wIVRbnACh2cAg9NEAAYASAAEgLZSvD_BwE  for storing legal data and files. 

Law firms and solo practitioners need every edge soak the most results from working each day.  The adminstrative tasks eat up many valuable hours of the day and tools range from complex to simple.  Most lawyers do not use the full scope of options in any software management system.   Lawyers simply don't have the time to learn about all the "bells and whistles".

LawSpaceMatch founder, Elaine M. Russell made it simple for connecting lawyers needing to rent space from each other. At http://www.LawSpaceMatch.com, this legal niche platform was created by lawyers to assist lawyers across the nation save time when renting an empty law office to another lawyer.  By connecting lawyers seeking LawSpace with law firms needing to rent an office, time and money is saved.   It's an easy and inexpensive way to rent a law office to a lawyer in transition.    

 

 

Hedwig Village Law Firm has law offices for Rent - Houston, Texas

New LawSpace for rent at 940 Corbindale Road, Houston, Texas 77024.  Hedwig Village Law Firm is leasing extra law office space for partner, associate and staff.  Lovely stand alone building, perfect for small practice or mediator.   Square feet ranges from 150 to 1800 square feet.    Easy parking with open lot.  Lawyers seeking a place to practice in Houston should not pass this LawSpace up. 

Practice law with lawyers skilled in broad range of diverse specialties. Experienced lttornesy in commercial litigation, corporate governance and ownership, construction, real estate and master planned communities.

Phone system, printer, scanner, copies and electricity included. Conference room and receptionist.  Attorney looking to join an established firm could land here for a great LawSpace.

Contact Casey Lambright at 1.713.840.1515  for more details.

Houston LawSpace for rent

Spacious law office with support space available in Houston, Texas.  Practice law sharing space with 3 solo estate planning attorneys.  Exterior office with conference room, break room and covered deck for parking.  Lease month to month in a high rise at 3555 Timmons Lande, Suite 1020.  Check out more details with a zip code search 77027.

Contact Amanda Cassidy at 713.621.7057

 

 

 

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