This note examines new legal technology companies that are innovating transactional legal products, but not legal services. Legal Tech Innovation Companies (LTICs) represent an innovative leap in how companies that are not law firms provide legal products directly to a consumer. Although these companies are not yet disrupting the core of the legal marketplace, they are meaningfully lowering cost and increasing efficiency through both simplification and speed.
This note describes the type of legal consumers for whom LTICs are creating demand for their legal products and discusses several LTICs in greater detail. It further addresses policy considerations for the transactional legal product and creation of demand. Lastly, this note concludes with some projections for the legal profession in this burgeoning environment of legal technology innovation.
Kristen E. Killian,
The Long Tail and Demand Creation in the Legal Marketplace,
11 Hastings Bus. L.J. 157
Available at: https://repository.uchastings.edu/hastings_business_law_journal/vol11/iss1/7