Dan Jansen sat down with Dean Sonderegger, VP & General Manager of Legal Markets and Innovation at Wolters Kluwer Legal & Regulatory US, to talk about the pioneering business model and strategy that Dentons, Nextlaw Labs and Nextlaw Ventures have created in driving innovation in the legal industry.
In Dean’s article, Bringing The VC Into The Law Firm, Dan shares the beginnings of Nextlaw Labs and Nextlaw Ventures, how the world’s first legal tech VC portfolio was built, and touches upon the synergistic launch of Nextlaw Referral Network, as well the practical methods for achieving legal tech adoption within a large law firm environment like Dentons.
One of my favorite segments from the article is how Dan sums up the business model:
“…we call that our win-win-win model. It’s a win for the legal tech company, because they’re getting a team of high-profile lawyers to help them develop their product market fit and potentially compress the sale cycle from 18-24 months to 2-3 months. The lawyers benefit because they get a first look at a legal tech solution that they can shape to their practice and their business. And it’s a win for me as an investor, because when a high-profile law firm or company starts working with the startup in which Nextlaw Ventures has a stake, that startup’s worth rises.”
Read the full article here.