The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

How to modernize the legal industry

A detailed account of a Fastlane process...

Intax

Bronze Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
161%
Nov 27, 2016
180
290
26
Munich, Germany
Hello my dear fastlane forum,

for the past two years I've been working with three IT geeks on a startup to drastically improve the legal industry (FYI in Germany it sucks for clients). Our goal is to make client offers more transparent, cheaper and help lawyers to work more efficient through automation.

Thanks to funding from the German government we are able to work full-time on our venture. At the moment we are not making any revenue yet but we are working together with a handful of law firms as test users.

Most of my days I spend my time cold calling and think about how to get new clients. Here are three lessons to help you improve your cold calling in B2B.

1. It's worth it to put in the time to consider who is the most likely to buy your product rather than wasting time cold calling just anyone. This will save you time and energy.

2. Write a good cold calling script, present it in your call and improve it constantly. Actors do it. TV hosts do it. Politicians do it. And so should you.

3. Track your stats. Yes it takes time. Yes it's annoying. No, it's not a waste of time. Cold calling is an emotional game. Your jugement is usually flawed. So knowing your stats helps you to objectively judge your performance. This lays the foundation to improve your cold calling.

In certain areas cold calling works really well. Make use of it.
But I have to admit there is a downside to it. Cold calling is hard. It drags on your emotions. You interrupt people. You get rejected harshly. You develop the feeling that you are doing something bad.
But remember that you are not. You are in a service of the person on the other line.
You want to help them to improve their life, help them see a problem or solution more clearly and help them to solve their problem. This viewpoint doesn't make cold calling easy. But a hell of a lot easier.

Thank you for taking the time to read about my journey and lessons. I'm looking forward to reading about your thoughts, ideas and feedback.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

FastNAwesome

Gold Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
117%
May 23, 2011
1,116
1,301
Best of luck with your business!

Have you considered networking? It's what always worked best for me.
From asking anyone you know if they know someone who could be interested.
To attending events or making an event yourself.

So even from those who don't buy, when you meet in person, maybe you'd get some feedback,
so that you can improve your pitch or offer.
 

Kirk84

Bronze Contributor
FASTLANE INSIDER
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
226%
Jun 9, 2020
113
255
Munich, Germany
Hi Intax, that is a very interesting niche! I wish you all the best.

Our goal is to make client offers more transparent, cheaper and help lawyers to work more efficient through automation.

I got German state funding, a long time ago, too. In my personal experience after many years of B2B sales, customers are much more interested in RAISING REVENUE opposed to just lowering costs. So, always show your prospects, how then can make more money, not just save money.

At the moment we are not making any revenue yet but we are working together with a handful of law firms as test users.

You need to validate your market ASAP. Until no one has (repeatedly) paid for your product/service, you do not have reached product market fit. I lost roughly 3 years working full time on a product that nobody needed. Don‘t make the same mistake. Push for a sale with your test users. If they’re not willing to do so, this means you‘re further away from product market fit.
 

Intax

Bronze Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
161%
Nov 27, 2016
180
290
26
Munich, Germany
Best of luck with your business!

Have you considered networking? It's what always worked best for me.
From asking anyone you know if they know someone who could be interested.
To attending events or making an event yourself.

So even from those who don't buy, when you meet in person, maybe you'd get some feedback,
so that you can improve your pitch or offer.
Thanks for your message and your advice. Yeah we did networking events but still experimented with some. We went to some congresses/fairs and exhibited there. The results were okay but we don't have enough experience yet to evaluate it as a sales channel. Sadly there aren't so many events like this but we usually try every one that we can.

Generally it's a good opportunity to meet lawyers and understand them better but currently I think the most important thing for us is to make sales and understand our customers better. Our funding pays our salaries until June. Afterwards we have to have an monthly revenue of 20k or an investment (preferably the revenue ;))

Right now we also have the first two paying customers who pay us between 95 and 1995€ a month. Some more are in the pipeline and let's see how many I can convert.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Intax

Bronze Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
161%
Nov 27, 2016
180
290
26
Munich, Germany
Hi Intax, that is a very interesting niche! I wish you all the best.



I got German state funding, a long time ago, too. In my personal experience after many years of B2B sales, customers are much more interested in RAISING REVENUE opposed to just lowering costs. So, always show your prospects, how then can make more money, not just save money.



You need to validate your market ASAP. Until no one has (repeatedly) paid for your product/service, you do not have reached product market fit. I lost roughly 3 years working full time on a product that nobody needed. Don‘t make the same mistake. Push for a sale with your test users. If they’re not willing to do so, this means you‘re further away from product market fit.
Thanks for your advices. I highly agree on both of them.

When lawyers wants to handle hundreds or thousands of clients with us (which he couldn't handle without us) then they are also willing to pay more money. So currently I'm trying to close one of them and trying to find more of these lawyers.

I 100% agree with your point about paying customers. We also wasted so much time with lawyers that were interested but never willing to pay. So our current approach is to sent the clear offer upfront and only when they agree then we start working. Like this we are wasting less time on false leads. We still have a problem of pre-qualifing our leads before the demo calls but let's see how we can improve that.
 

Intax

Bronze Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
161%
Nov 27, 2016
180
290
26
Munich, Germany
Half a year is over. Here's a little update.

1. Our software improved greatly and we now have some workarounds that act like interfaces to existing software for law firms (huge step)
2. We finally have our first two paying clients and many more in the pipeline (our pricing packages are a monthly fee between 100 und 2000)
3. Our software is used by lawyers and clients regularly
4. We are exchanging and negotiating with other law firm software to collaborate more (at first a full interface and afterwards deeper connections with their software and on the business side) - could be a huge opportunity
5. We incorporated which was a really annoying and time intense

Biggest issue is still sales: our monthly revenue goal (MRR) for June is 20k. This is needed to keep our venture going.
We missed the subgoal for December (5k) and are currently at a minimum MRR of 500.

I think the following reason is the cause why we didn't reach our goal:

1. I was letting myself be distracted by my most important work: getting and closing leads.
-> now I'm trying to block 4 hours a day for getting and closing deals and as soon as they are closed I hand them over. This already improved our results.
 

Intax

Bronze Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
161%
Nov 27, 2016
180
290
26
Munich, Germany
Monthly revenue is now around 2500 with 6 customers. Everything is progressing but slower than it could be.

We made the goal for end of June a bit more realistic with 12500 monthly revenue.

Next goals are march with 4500 and April with 7000 MRR. I’ll keep you posted.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

WillHurtDontCare

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
305%
May 28, 2017
1,986
6,051
32
USA
glad to see that you're doing well @Intax

Get $12,500 in May and get $16K in June!
 

Intax

Bronze Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
161%
Nov 27, 2016
180
290
26
Munich, Germany
glad to see that you're doing well @Intax

Get $12,500 in May and get $16K in June!
Hey @WillHurtDontCare,

thanks for your motivating message. I appreciate it :)

Actually it made me think of an idea that could help us reach this higher revenue goal. I'm gonna implement a referral system which we don't have yet. This can definitely increase the leads we get. I'm gonna think a bit more how we can reach this higher revenue goal. Thanks for the challenge and stay in touch!
 

Black_Dragon43

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
337%
Apr 28, 2017
2,071
6,976
‍☠️ Eastern Europe
Hello my dear fastlane forum,

for the past two years I've been working with three IT geeks on a startup to drastically improve the legal industry (FYI in Germany it sucks for clients). Our goal is to make client offers more transparent, cheaper and help lawyers to work more efficient through automation.

Thanks to funding from the German government we are able to work full-time on our venture. At the moment we are not making any revenue yet but we are working together with a handful of law firms as test users.

Most of my days I spend my time cold calling and think about how to get new clients. Here are three lessons to help you improve your cold calling in B2B.

1. It's worth it to put in the time to consider who is the most likely to buy your product rather than wasting time cold calling just anyone. This will save you time and energy.

2. Write a good cold calling script, present it in your call and improve it constantly. Actors do it. TV hosts do it. Politicians do it. And so should you.

3. Track your stats. Yes it takes time. Yes it's annoying. No, it's not a waste of time. Cold calling is an emotional game. Your jugement is usually flawed. So knowing your stats helps you to objectively judge your performance. This lays the foundation to improve your cold calling.

In certain areas cold calling works really well. Make use of it.
But I have to admit there is a downside to it. Cold calling is hard. It drags on your emotions. You interrupt people. You get rejected harshly. You develop the feeling that you are doing something bad.
But remember that you are not. You are in a service of the person on the other line.
You want to help them to improve their life, help them see a problem or solution more clearly and help them to solve their problem. This viewpoint doesn't make cold calling easy. But a hell of a lot easier.

Thank you for taking the time to read about my journey and lessons. I'm looking forward to reading about your thoughts, ideas and feedback.
Nice initiative.

The problem with the legal industry, much like the medical industry, is one of mentality.

Lawyers (& doctors) succeed and maintain their status through the asymmetry between their knowledge and the knowledge of the client. If the lawyer knows more, the client has no choice but to listen to them.

To this purpose, both lawyers and doctors have invented their own language, not to simplify things, but to do the exact opposite: to complicate things so much that the client cannot solve the mess without them.

The problem for both lawyers and doctors is that the internet has made access to information really easy. Today I can read the law I’m interested in myself, with a few clicks of a button. 50 years ago, this was impossible.

Now the average person or company approaching a lawyer is a lot better informed than in the past. The asymmetry of information is vanishing, and with it goes the status of lawyers and doctors.

And guess what, they do not want to give up their status, because they’ve been trained by previous lawyers that the client must listen to them and they are the experts.

So the biggest thing that needs to happen before the industry can change is that lawyers themselves must let go of their egos, and understand that results aren’t obtained because of their genius - they are obtained because of the collaboration between the lawyer and his expertise, and the client and their knowledge of their own business + desires.

This is very very difficult to do. It’s like going to a doctor and telling them that a surgery isn’t right for you. Their instinct will be to tell you “well, you think you’re a doctor?! You think you have my experience? How dare you question my judgement?”
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Stargazer

Gold Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
184%
Mar 8, 2018
806
1,481
England
Some kid from London created an AI lawyer that dealt with parking tickets a few years ago for free.

It was going to make history this month by defending a client in an actual US courtroom.

The defendent would be wearing airpods and the phone with the app installed would be next to him and switched on listening to the prosecutor and 'whispering' to the defendant what to say.

The US Bar Association and lawyers in whatever state threatened to jail the AI company owner so he cancelled the experiment a couple of days ago. Something to do with the phone is technically recording the proceedings or some such thing but really they are trying to do a King Canute and stop the tide.


The founder of the company is now 23 and has just got £25 million in investment.

Modernising any industry usually entails disrupting it.

Don't know if stories like this get you thinking?

Dan
 

Intax

Bronze Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
161%
Nov 27, 2016
180
290
26
Munich, Germany
So the biggest thing that needs to happen before the industry can change is that lawyers themselves must let go of their egos, and understand that results aren’t obtained because of their genius - they are obtained because of the collaboration between the lawyer and his expertise, and the client and their knowledge of their own business + desires.

I agree a lot with this part. Lawyers in Germany are most of the time arrogant and think they are way smarter. Luckily for me, some lawyers see that the world is changing, that they need to change, and that it can be a beneficial thing for them if they make use of changing times to get an advantage over other lawyers/law firms. IMO it’s mostly their resistance to change, ego, and closed mindedness that keeps them from flourishing.
 

srodrigo

Gold Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
129%
Sep 11, 2018
792
1,024
I'm not sure about Germany, but lawyers in the UK are a rip off. If, as a customer, I could get an AI (or just normal software) tool that can give me a contract for a lawyer to just review and stamp, my costs would be just a fraction. I don't know whether there is something like this out there already, but I doubt it since there are dozens of firms with prohibitive prices.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Black_Dragon43

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
337%
Apr 28, 2017
2,071
6,976
‍☠️ Eastern Europe
I'm not sure about Germany, but lawyers in the UK are a rip off. If, as a customer, I could get an AI (or just normal software) tool that can give me a contract for a lawyer to just review and stamp, my costs would be just a fraction. I don't know whether there is something like this out there already, but I doubt it since there are dozens of firms with prohibitive prices.
For most contracts you don’t need a lawyer. There are a ton of templates online, just find one that seems to be what you need, then read through it, add the conditions you want, remove conditions you don’t want and you have your contract.

Some clauses from there may not be enforceable in court. It doesn’t matter, because most of your clients won’t know that. The contract is there more to discourage bad actors… sort of like having a security guard in front of your house who is an old man. That guy isn’t there to protect you if a proper team of robbers wants to get in. He’s there to discourage them from trying and moving on to a weaker target.

Now if you have a more complex contract like a licensing agreement or a distribution agreement - basically anything that’s not just a service agreement or NDA - sure it would be a good idea to get a lawyer to look it over. I’ve been making contracts for myself for a long time. Once you do it a couple of times you get the hang of it. And many times, you’ll actually do it a lot better than a lawyer will because you understand your own business better.
 

Intax

Bronze Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
161%
Nov 27, 2016
180
290
26
Munich, Germany
A little update on my end. Our MRR is now 2600€. So sales didn’t progress at all the way we wanted. A handful of prospects are in the pipeline who seem to be quite interested but the sales cycle time is generally longer than I expected (everyone has to speak with their business partner, then we have to go through the case and present a solution for their case and in the worst case we also have to talk to a law firm software to build a connection).

Also, my cold outreach approach was less effective on mid-sized law firms and in our sales coaching, I learned that my sales message is still way too broad. I was always pitching our whole software with examples but now I pitch a specific use case to a specific audience. The first trials with this approach led to better results.

I also want to generally get more lead generation systems out because almost all of our leads are coming from cold outreach. This means that if I’m busy with other tasks then no new leads come into our pipeline.

If you have any tips on how to improve my sales or help me to get leads automatically then I’m all ears :)
Thanks and have a great day.
 

Intax

Bronze Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
161%
Nov 27, 2016
180
290
26
Munich, Germany
Hey dear forum members,

a little update on my end. March is over and we now have an MRR of 2830. So we had some growth but way slower than expected. The cooperation with another big software provider is going well and the negotiation is in the final stages. If the rollout is as successful as we expect we should gain an additional MRR of 5 - 10k which would be great.

In the last month, I had a lot of discussions with my co-founder about my mindset. He experienced me as mostly negative and wished for me to have a clearer vision for our company. This led to many discussions over the past months which were hard for me. He made good points but his way of communicating just made me feel bad and didn’t help me to make the necessary changes. Now after our countless Feedback talks, I found a way of improving it and he works equally on his communication skills.

This improvement of mindset from feeling anxious to feeling empowered is already helping me to improve my work and also the working relationship with him. I’ll think this will also show itself in improved sales results in the coming months.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Intax

Bronze Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
161%
Nov 27, 2016
180
290
26
Munich, Germany
Hey everyone,

sales are progressing super slowly. We are now at an MRR of 3600 (12 customers). The cooperation with the other law firm software is going well and therefore there should be a big revenue increase from September on if the product launch goes well.
We did some challenging talks with a mentor and our hypothesis is that the core reason why sales don’t progress as fast as we like is that we don’t understand our customers and their daily life well enough. With a better understanding of them, we will know what exactly makes them buy and can replicate our sales more easily. With this improvement, our sales conversations and lead generation

should improve tremendously. So our current focus is to understand our customers as deeply as possible. In the next weeks, we are visiting them and doing some user shadowing. This will hopefully give us insights into their lives so we can help them better and also sell them better ^^.

Our scholarship ran out this month so we have to live off savings for a while. We set ourselves a new deadline of 3 months to get financially stable otherwise we’ll try to get some external funding in. Our current revenue is used to pay our working students and other expenses.
 

WillHurtDontCare

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
305%
May 28, 2017
1,986
6,051
32
USA
We set ourselves a new deadline of 3 months to get financially stable otherwise we’ll try to get some external funding in.

What if you could achieve financial stability in less time? Say 2 months.

Of your 12 clients, which one has the biggest budget? I had a lawyer project back in April that I billed $20,000 for (with roughly $2-3K) in expenses. That project might spin off into a smaller recurring project, with roughly $6K revenue per month for 6 months. It's possible that you could focus on doing consulting work for just one of them and make more revenue.

Remember, your goal isn't to keep making your existing software better - your goal is to understand their most pressing problems and help them solve it. You might find out that if you killed your existing product entirely, you might be able to charge 10x more and have your client get 100x more value from it.

Going to shadow them at the office is a fantastic idea and you should do that as much as you feasibly can. That's a great way to learn about what they're up to day to day, and you might be able to help them with things that they didn't even think to ask about.
 

Intax

Bronze Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
161%
Nov 27, 2016
180
290
26
Munich, Germany
What if you could achieve financial stability in less time? Say 2 months.

Of your 12 clients, which one has the biggest budget? I had a lawyer project back in April that I billed $20,000 for (with roughly $2-3K) in expenses. That project might spin off into a smaller recurring project, with roughly $6K revenue per month for 6 months. It's possible that you could focus on doing consulting work for just one of them and make more revenue.

Remember, your goal isn't to keep making your existing software better - your goal is to understand their most pressing problems and help them solve it. You might find out that if you killed your existing product entirely, you might be able to charge 10x more and have your client get 100x more value from it.

Going to shadow them at the office is a fantastic idea and you should do that as much as you feasibly can. That's a great way to learn about what they're up to day to day, and you might be able to help them with things that they didn't even think to ask about.

Thanks for your input! We are definitely watching out for that in the user shadowing. Maybe we‘ll find a problem that is much more important to them.

I think our problem currently consists of two things. The first one is that for most of our customers we don’t solve problems that are super pressing. So their motivation is limited. The second problem is that for our twelve customers, we currently solve 4 - 6 different use cases. This is good in a way because that means that our software is applicable to different cases but also makes it hard to focus and scale.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Hurks2048

New Contributor
User Power
Value/Post Ratio
63%
Apr 15, 2023
19
12
But I have to admit there is a downside to it. Cold calling is hard. It drags on your emotions. You interrupt people. You get rejected harshly. You develop the feeling that you are doing something bad.
But remember that you are not. You are in a service of the person on the other line.
You want to help them to improve their life, help them see a problem or solution more clearly and help them to solve their problem. This viewpoint doesn't make cold calling easy. But a hell of a lot easier.
Can definitely confirm!
I remember it was that mindset that got me through those first few doors when I was doing D2D work for my window cleaning business.

It kind of reminds me of what Olivia talks about in Charisma Myth, where she talks about how far displaying a little warmth and compassion can go in terms of building rapport and relationships. Especially with the arise of social media, feeling isolated and lonely is becoming increasingly common. I think you'll find that 99% of people would be delighted if they learnt that you were willing to help them solve a problem of theirs.

So in that way, entrepreneurship is a lot like being charismatic; it's just a value game.

Good luck with your venture Intax!
 

Intax

Bronze Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
161%
Nov 27, 2016
180
290
26
Munich, Germany
Can definitely confirm!
I remember it was that mindset that got me through those first few doors when I was doing D2D work for my window cleaning business.

It kind of reminds me of what Olivia talks about in Charisma Myth, where she talks about how far displaying a little warmth and compassion can go in terms of building rapport and relationships. Especially with the arise of social media, feeling isolated and lonely is becoming increasingly common. I think you'll find that 99% of people would be delighted if they learnt that you were willing to help them solve a problem of theirs.

So in that way, entrepreneurship is a lot like being charismatic; it's just a value game.

Good luck with your venture Intax!
Thanks for sharing your experience!

I agree that rapport plays a huge impact in any cold outreach. Something that improved my cold calling was building in good questions about their problem. When a conversation(preferably about their problem) was created then the cold calling worked much better than my normal pitch.

What would you say helped you most in your cold outreach activity to increase conversation?
 

Hurks2048

New Contributor
User Power
Value/Post Ratio
63%
Apr 15, 2023
19
12
What would you say helped you most in your cold outreach activity to increase conversation?
I've found that with older customers (elderly men/women), talking to them about their property (their garden, their windows, etc) as well as about themselves has been pretty effective (elderly people especially love to share stories).

But honestly, one of the biggest determiners of cold calling (D2D work in my case) has been my confidence. Door-to-door sales (and I presume cold calling as well) can almost feel like a crime with the way you're interrupting people during their day-to-day living. I've found that realizing that you're just genuinely trying to help them solve one of their problems allows you to emanate more warmth, which in turn helps give confidence.

If I'm being real with you Intax, I've only done door-knocking on around 17 houses so far, with only several actually engaging in conversation, thus my experience and knowledge in this area is pretty limited. This is just a pattern I've noticed so far.

Amazing work!
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Caminsky

Bronze Contributor
Speedway Pass
User Power
Value/Post Ratio
133%
Dec 27, 2022
100
133
Texas
What is your service, and how is it modernizing the industry? Not trying to be rude, but as an attorney, I've seen a lot of products that claim to do this. One or two are actually useful, most are a waste of money, and some are concerning due to the ability for third parties to access client information.

As for the "lawyers are useless" comments, some certainly are. If you want to DIY your legal work with something you found on Google, go for it. I've personally seen it backfire hard, but to be honest, some shitty attorneys probably do it too. At this point, all contracts are pretty much plagiarized from others, but the key is knowing what you're talking about and understanding how to mitigate risk properly.

A good business attorney helps the client avoid legal issues on the front end and adequately respond to them when they arise. Again, there are plenty of bad attorneys out there, and I personally think it's too easy to become an attorney (at least in the US). That said, everyone hates lawyers until they need one. It comes with the turf.
 

Intax

Bronze Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
161%
Nov 27, 2016
180
290
26
Munich, Germany
What is your service, and how is it modernizing the industry? Not trying to be rude, but as an attorney, I've seen a lot of products that claim to do this. One or two are actually useful, most are a waste of money, and some are concerning due to the ability for third parties to access client information.

As for the "lawyers are useless" comments, some certainly are. If you want to DIY your legal work with something you found on Google, go for it. I've personally seen it backfire hard, but to be honest, some shitty attorneys probably do it too. At this point, all contracts are pretty much plagiarized from others, but the key is knowing what you're talking about and understanding how to mitigate risk properly.

A good business attorney helps the client avoid legal issues on the front end and adequately respond to them when they arise. Again, there are plenty of bad attorneys out there, and I personally think it's too easy to become an attorney (at least in the US). That said, everyone hates lawyers until they need one. It comes with the turf.
Thanks for your question. We help law firms to handle more clients with process automation. We built a no-code automation software which is a form generator, contract generator, flow chart, and client portal in one software. This software also has connections to other law firm software. Due to these functionalities, we help our clients to handle parts of standardized cases with sometimes half the effort or less. Mostly we are used for mass client cases.
 

Intax

Bronze Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
161%
Nov 27, 2016
180
290
26
Munich, Germany
Hey everyone,

Long time no hear. We are progressing still slowly but we are progressing. Sadly we haven’t cracked the code for rapid growth yet. Our revenue is now >7k MRR with <20 customers. Right now we are rebuilding our website and see if we can do some marketing campaigns. We are still doing cold calling campaigns which work okay but don’t let us move at warp speed. Our problem is basically that we haven’t found a great way of generating leads yet and are only medium good at converting the leads. The biggest problem lies though in the lead generation part.

We have 3 bigger competitors in the market and one of them is super successful in gaining an audience and keeping the attention of the market. They do a podcast and are pretty active on social media. I want to understand better what they are doing right and how our startup can also gain more attention.

Understanding our customers better is helping us a lot and we are still working on this. It just hasn’t brought that boost to our sales that I expected and wished for.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Intax

Bronze Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
161%
Nov 27, 2016
180
290
26
Munich, Germany
A little update from my side. For us things have changed a lot. One of our co-founders was f*cked up about how slow everything is progressing and wanted to leave the company. This led to a lot of changes in how we run things and how we interact with each other. It was very painful but in retrospect very healing.

We changed our focus away from trying to push a product into the market that doesn’t work that well to finding a product that works better. Luckily with our no-code workflow solution, we can easily create different products relatively fast.

Our main goal is to find a product that hits a big market need and is partly executable with our current software. We are testing the first product ideas by checking the demand before we create the real product. Like this, we don’t waste development power on creating something that no one or only a few want.

Our first cold outreach campaigns led to a 2% demo booking rate. I’m not happy with this number. We want to have a 5-10% return on a cold outreach campaign to demo calls to say that there’s a valid market need for our product idea.

We set ourselves a deadline of 3-6 months until we have to find a product idea that works otherwise we’ll reconsider if we want to continue the startup. This doesn’t sound that rosy or fluffy but that’s the way things go sometimes.
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top