Will Legal Tech Start-Ups Become a Legal Branch of France?
The volume of documents is staggering. A common complaint that start-up entrepreneurs have in North America and Europe is an endless bureaucratic red tape when it comes to starting a business. This is said in business schools, this is said in political discussions, and this is a common segment in any of the business networks. In many Asian countries, it may take up to 24 hours to start a business. But in a country like France, the number is skyrocketing. It is known that France makes the life of entrepreneurs difficult, especially in terms of the law. From documents to regulations, from taxes to compliance, start-ups have many legal filters to understand that, of course, it takes time from its innovations, market changes for the better and customer satisfaction.
One of the biggest trends in France now is startups working with other start-ups to understand the legal process, corporate laws, and complex state forms.
TechCrunch recently referred to Guacamol (legal documents), Fred De La Compta (accounting) and PayFit (payroll) as examples of start-ups who see a great opportunity not only to help their fellow start-ups but also to earn a lucrative life. One particular niche is Legal Tech.
Law firms have repeatedly been criticized for not actually solving problems, but rather perpetuating them. Legal tech start-ups have been booming over the years and have begun to destroy the legal industry that ordinary lawyers may not appreciate at all.
How does legal tech work?
Initially, the legal tech used technology and software to assist law firms in automating worldly tasks, such as document accounting or storage. They helped law firms to be more efficient, while simultaneously increasing the hours they paid, without worrying about tedious administrative and accounting duties.
Today, legal technology start-ups provided customers with immediate access to online software to avoid lawyers, work in markets and automate tasks. This led to competition and, of course, price decreasing. In fact, this is the very definition of industry and market violations.
To sum up
Seeds of a legal industry may have just been planted in France, but the history of this niche can be found in the markets of the United States and other European markets. As the government only grows larger, and the legal industry refrains from entering the 21st century, legal tech start-ups can be a boon to small businesses. Process-based tools can be a curse for the existence of law firms.