EJ: I can think of how I might approach this. If I were in that position, I might try to
go out and get large clients first then see if I could subcontract that work to some
lawyers I knew. How did you approach validating this idea. Was was most important
to validate: that lawyers would want to be entrepreneurial, or that clients would use a
service like this?
Raad: Because it's a marketplace, you're validating both of those needs. When you look
at it from the side of an independent lawyer joining the platform, you want to validate
if they can actually leverage this for a source of income. Are there real dollars that can
be passed from this platform?
There's been plenty of companies before that just did lead gen that would charge
lawyers a subscription and sell them contact forms, then they would pay per contact
and take it offline. I didn't want to build that kind of business. That's been done by the
late ‘90s, early ‘00s directory websites.
We started off in a pretty manual way. We used Square readers as a way to pass money
back and forth before we built out a more automated payment platform.
On the supply side, will they earn enough to stay on the platform? The demand side
was the harder one. We pivoted through it a couple of times. We originally started
selling to everyday people with all sorts of legal needs. Then we narrowed it down to
small businesses and early-stage tech companies.
Now we've found product market fit with scaling pre-IPO tech companies with an in-
house legal team. For that, it was validating if they would use something like
Lawtrades instead of a traditional BigLaw firm that’s been around for a 100+ years
where they have deep connections and relationships. Will they actually try out
That's been a little bit of an uphill battle, but after Covid- most companies were forced
to cut their legal budgets in half and hire remote workers. The pandemic actually
helped accelerate our growth because it forced companies into considering us as a
viable option. Since then, the growth has been snowballing.