If, a few decades ago, the main example of legal entrepreneurship was law firms, today it is possible to identify several other initiatives aimed at meeting the needs and desires of professionals and clients in the area.
Not by chance, several opportunities are opening up for those who want to diversify their practice in the segment. Currently, there are already lawyers, graduates and students solving problems that, until yesterday, were part of their daily lives.
Therefore, continue reading this article to understand a little more about this new door in the legal market. Who knows, maybe you will get inspired and start your own business!
What is the profile of the professional entrepreneur?
The Law Course is also an immersion experience in the legal market. Those who choose the area live the dilemmas shared by professionals, so they know very well what their needs and desires are.
Indeed, if you have the entrepreneurial profile, you can take charge of creating value for those recipients. The main elements of this profile are as follows:
It has initiative
It takes the lead in the task of identifying a need and setting up a venture to meet the public.
It brings together the assets, technology and knowledge needed to set up a business, creating systems capable of generating value and attracting paying customers, as well as keeping good control over finances.
It explores new solutions or combines existing solutions to create a value proposition capable of meeting the needs and expectations of paying customers.
What are the possibilities for entrepreneurship?
Basically, for every difficulty, there is an opportunity to create a product or service that will ease the recipient's life.
However, the legal market presents certaintrends that can be taken advantage of by those who wish to enter the field. Check out three very current points:
Creating technological solutions to serve legal professionals, simplifying existing processes or offering options.
Today, there are already solutions to manage the office, produce reports, hire legal correspondents and capture procedural developments, for example.
Starting a startup
Start a company based on an innovative proposal, in which the business model allows for rapid replication and economies of scale. In many cases, start-ups operate with lawtech, but nothing prevents the core of the business from being another activity or product, as long as it is focused on the needs of the legal market.
Offering legal marketing
Produce strategies to attract paying clients to law firms. This is a viable solution because lawyers usually know very little about marketing and may be interested in the concrete results of increasing the number of contractors.
How can legal entrepreneurship be achieved?
Some entrepreneurship practices are especially useful when the goal is to work with the legal market. Below, see three tips to take the first steps in the segment:
Look for niches of opportunity
Often, the need or desire behind a product or service is shared only by a group of people. In Law, this is quite common because there is a certain variation between the activities of those who work with civil, criminal, administrative, labour and social security processes, as well as new areas.
Make strategic partnerships
Another relevant point is to understand that the entrepreneur does not need to centralise all activities. To reach a solution, it is important to work together with partners who can add knowledge, structure, technology and, in certain cases, investment to the business.
A third tip is to establish processes that, with the help of technology, are automated because, as the business gains space, the structure must support growth, preserving the capacity to meet demand.
Therefore, by identifying an opportunity for legal entrepreneurship, the professional will have good conditions to be successful and achieve more and more scale in the market.
To deepen your knowledge of Law and Business, contact our team and check out our options for extension and postgraduate courses!