Pay people and transaction frequency: 2016 China Emerging Legal Services Industry Forum

At the beginning of the year, I was still complaining that there was no forum for the legal technology industry in the US (such as Legal Technology Forum / Legal Tech Asia / ABA TechShow / Legal Tech NY). And the development of things is always beyond my imagination, not a few months, the Law Society and our Kay Law School jointly organized the “2016 China Emerging Legal Service Industry Summit Forum”, so that the domestic legal and technology industry enterprises together One.

In addition to what we usually call the ideological collision, the legal science and technology industry head of people have complained about the pain, lament the legal and technological industry venture difficult.

1.who will pay

No legal science and technology enterprise is the main purpose is to let the rule of law aura of the Quartet (this feeling is the most secondary purpose), the purpose must be to make money, so that their own investment In return. The so-called years without asking for anything, is nothing can not find a sustainable profit model Bale.

The economic model of the Internet economy is often dubbed the “wool in the dog, the pig to pay”, that users may not be a source of profit. Here I do not intend to stroke in the legal services market, who is the dog, who is the sheep, who is the pig, but which involves the possible pay a small number of groups:

  • A lawyer or a law firm as a provider of legal services;
  • As a user of the demand side;
  • Third party, including government, telecommunications companies, banks, etc ..

This is also the emerging legal services profitability of the three models. By lawyers or law firms to pay for legal services, in fact, is derived from their own needs to Watt Law Network, for example, most of its profits from the membership fees of lawyers. Lawyers through the payment of membership fees, access to more opportunities to display on the platform to gain more sources, this model is very similar to the magic of the North. In addition, such as the North Magic, Wanlu, Weike first such a database of major buyers is a law firm or bar association.

Users, as the demand side of legal services, should of course pay, especially in cases where lawyers generally resist free advice. However, the user is currently paying through the legal service platform is precisely the weakest. Whether it is matching transactions or professional solutions, legal services in the eyes of the user seems to be free, at least should not receive so much money. In my previous article, “What kind of legal service platform users need,” the article, the legal power of business lawyers in the recommendation there are two key issues to be addressed: (a) allow users the opportunity to be able to properly describe their legal problems encountered ; (B) recommend appropriate counsel according to the user’s description. But there is no easy way to do this, the former relies on user-friendly interaction design, while the latter depends on the precise portrait of the lawyer.

Third-party payment model has been practitioners, such as knowledgeable network is with the government, banking, telecommunications institutions to cooperate, so that users can access the legal services and low prices. Easy to pass also through cooperation with the Construction Bank, settled in the Construction Bank of mobile banking, hoping to import a large number of users. This third-party model may be the most Internet-spirited business model, with third parties either providing subsidies or importing traffic.

2. low and high frequency

At the meeting, Jiang Yong, lawyers and others continue to mention the legal services is a low-frequency and high value-added needs, and stressed that this is the difficulty of online legal services. But low-frequency and high value-added features are not exclusive to legal services, such as real estate, motor vehicle transactions also have the same characteristics, but real estate, motor vehicle trading platform level of development, the level of concern by the capital far better than the legal industry . Therefore, the low-frequency and high value-added should not become a legal science and technology industry, the excuse for hesitant.

The so-called legal services, low-frequency, for the user is indeed the case, most people have a lifetime to consciously access to legal services, the opportunity is not too much. But another point of view, lawyers also need legal services, the need to use professional databases to retrieve, but also need to promote their own platform to find matching needs. And this demand is for the high-frequency, every day there. Therefore, there will be a law lawyer network with lawyers on the legal platform for the demand for profits.

Lawyers on legal services needs far more than the professional database and platform, for some other auxiliary types of products also have a demand. For example, for business enterprises to automatically review the letter of intent to review the investment method to help Jane. The user can Jane France to help the Web site to upload investment offers to investors, the site will immediately on the terms of which to annotate the form of interpretation:

Although Jane Law can not do as professional lawyers to document the targeted review, but enough to the legal documents in a detailed explanation of the terms. This function is actually an important part of the daily work of lawyers, lawyers can use the service to save their cost of employing lawyers assistant, and above the investment intention to carry out more targeted interpretation, in order to more efficient For the user service.

Another push, like itself can be user-oriented for some traffic accidents, labor disputes, marriage and family-based consulting work. Users according to the situation, fill in the face of the problem, push it will automatically generate legal advice. The area of concern is also the area in which lawyers are most likely to be consulted, and lawyers can also use the service and save time for their access to the law. Moreover, this is also the current direction of development, that is, cooperation with law firms to address the law firm for such advice consumes too much resources.

Lawyers themselves are familiar with the law, the legal class of new products will have a multiplier to use and improve their efficiency. Therefore, the lawyer itself on this emerging legal products have a high frequency of demand, but this high-frequency demand is not accompanied by high value-added.

3. competition

In recent years, Lei Jun on the “outlet and the pig,” the famous words have been known to women and children, and legal services industry has always failed to heaven, which I am afraid not to blame the lack of wind power, how many industries do not fly have been flying in the sky for a long time , And legal services may be precisely because of its heavy history and tradition led to their delay in the wind. History and tradition is difficult to give up, perhaps to change their aerodynamic structure, optimize their own mode is the only way to take on the moon.

In the future, competition in the emerging legal services industry will become increasingly fierce. Competition participants are not just from within the industry, there is a circle of people to participate. Once the emerging legal services industry profit model becomes clear, the capital will immediately coerced with extremely powerful technology reached the battle. The changes that come from outside the legal profession are likely to be decisive, and both Professor Saskin and Mr. Jiang Yong believe that technologies such as artificial intelligence and big data may change the legal services industry.

It is said that the legal services emerging industry is a valuation of more than 500 billion market, but before the discovery of mining tools, can only let the gold mine to continue to sleep, the traditional hand workshop model is far unable to cope with such a mass industrial development.

(Translated by Google Translation)

One thought on “Pay people and transaction frequency: 2016 China Emerging Legal Services Industry Forum

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