đ Idea Riff: Document Management for Lawyers
Disclaimer: This is not investment advice. It is for educational purposes only. You and only you are responsible for any action you take after reading my reports/content.
Today while going through the YC startup directory, I came across this site called Version Story.
The tool essentially helps lawyers manage versions of important documents. They also claim that this tool can be useful to people in corporate finance, research etc.Â
I think this is a great idea for 2 reasons:
Legal writing is time consuming and often redundant due to inefficiencies.
Lawyers charge a bomb, so you can charge a bomb for saving their time.
If legal writing is not really your cup of tea, then you can always try the other 2 domains mentioned.Â
As far as growth is concerned, Iâll think about 3 angles for this product:
Remove more redundancy for lawyers through content & automations.
Create tools thatâll help specifically lawyers to track their productivity.
Create signalling around diversity in the legal profession.
I would personally go for creating tools that help lawyers.
For example, something like a tool to track approved billable hours and lost billable hours. It would be even better if you can aggregate the data youâve got and use it to tell your users how they rank among their industry peers.
They should sign up to get this tool and the delivery medium could be a Chrome Extension or a desktop/Mac app.
You can also take the 1st angle if that fits your vision.
Here is an example; create a list of standard templates for common legal documents.
Iâm thinking - create a page where the lawyer has to enter specifics into a simple form after which they can download a legal document like an NDA with those fields.
Enter name, company name, date etc => Get a document with those variables ready for download.
On the SEO side of things, youâll have to rank for keywords like âfree standard NDA templateâ etc. There might be about 20-25 common documents like this.
To access the tool, you should ask your users to sign up.
I wanted to do a full report on this but didnât since there is very little search traffic for this service/product.Â
But I believe the opportunity is there for the taking if you can use some innovative growth strategies. The demand is definitely there for a productivity tool in the legal domain.
Do you think I should do a report on this? Let me know by replying to this email with a âyesâ.Â
If I get more than 25 responses then I will do a report on this idea.